British Racing And Betfair Sign ₤ 40m Commercial Deal
British Racing and Betfair indication ₤ 40m industrial bet9ja's welcome offer
4 July 2012
Online wagering exchange Betfair has signed an bet9ja's welcome offer with British horse racing organisers, guaranteeing a minimum ₤ 40m of financing over the next five years.
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It will provide 10.75% of all incomes on the sport drawn from its UK clients.
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It follows meetings with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.
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In return, the sport has promised a minimum variety of fixtures each year and to increase betting opportunities.
The arrangement will change Betfair's existing yearly voluntary Horserace Betting Levy payments.
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Most major betting firms, consisting of Betfair, now run their online operations outside the UK and are responsible to pay tax and horserace levy just on company done within the nation - rather than on their overall global operations.
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However, previously Betfair has actually willingly paid the UK horse racing levy as though it were still British-based.
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The brand-new agreement will change this promotion code previous ad-hoc agreement and will work from the 51st Levy Scheme, which covers the 2012-13 racing season.
"We are happy that we have had the ability to reach a contract with Betfair, one which represents a landmark for both the racing and betting industries," stated Paul Bittar, primary executive of the BHA.
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"It brings many advantages, including substantial and increased guaranteed funding, along with significantly providing certainty for the sport in relation to Betfair's contribution."
the yohaig code Horserace Betting Levy, a significant source of moneying to the sport, has been gradually diminishing for many years with the moves offshore by betting firms.
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And Mr Bittar stated he hoped comparable arrangements to the Betfair one could now be concluded with other betting operators.
Betfair's and regulatory officer Martin Cruddace dubbed the deal "historical" and also called on other betting companies to "adopt comparable arrangements to help ensure a strong, healthy and vibrant horseracing market in this nation".
British Horseracing
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