British Racing And Betfair Sign ₤ 40m Commercial Deal

British Racing and Betfair sign ₤ 40m commercial offer
bet9ja.com

4 July 2012


Online wagering exchange Betfair has signed a handle British horse racing organisers, assuring a minimum ₤ 40m of funding over the next five years.
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It will give 10.75% of all incomes on the sport drawn from its UK consumers.
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It comes after conferences with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group.
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In return, the sport has actually promised a minimum variety of fixtures per year and to maximise betting opportunities.
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The contract will change Betfair's present annual voluntary Horserace Betting Levy payments.


Most major wagering firms, including Betfair, now run their online operations outside the UK and are responsible to pay tax and horserace levy just on service done within the country - rather than on their overall global operations.
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However, previously Betfair has actually voluntarily paid the UK horse racing levy as though it were still British-based.


The brand-new agreement will change this promotion code previous ad-hoc contract and will take effect from the yohaig code 51st Levy Scheme, which covers the 2012-13 racing season.
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"We are pleased that we have actually been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting industries," said Paul Bittar, primary executive of the yohaig code BHA.
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"It brings lots of benefits, consisting of significant and increased guaranteed funding, in addition to significantly offering certainty for the sport in relation to Betfair's contribution."


the yohaig code Horserace Betting Levy, a significant source of funding to the yohaig code sport, has been slowly diminishing for many years with the relocations offshore by betting companies.
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And Mr Bittar said he hoped similar arrangements to the one could now be concluded with other betting operators.
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Betfair's chief legal and regulatory officer Martin Cruddace called the bet9ja's welcome offer "historic" and likewise contacted other betting firms to "adopt comparable agreements to help make sure a strong, healthy and dynamic horseracing market in this promotion code country".


British Horseracing