Horseracing Levy reform becomes law
The UK government has confirmed that proposed reforms of Horserace Betting Levy regulations have been successfully passed into law following European Commission approval of the changes.
Reforms will see a 10% levy being paid by all bookmakers receiving bets from UK gamblers, with a threshold of £500,000 gross profit on the charge for licensed bookmakers.
UK Minister for Sport, Tourism and Heritage, Tracey Crouch today signed the levy into law and it is expected that it will generate an extra £30-40m per year for the sport.
Racing income had almost halved from £100m to £50m in the last decade, thanks to the growth of the online sector, so this move will go a long way to securing the long term future of the UK’s horseracing industry.
Sources have confirmed that the increased income generated by the levy will be targeted at areas like prize money for the grassroots of the sport, together with improving the welfare of horses and jockeys.
Speaking yesterday as news of the law change broke, BHA Chairman Nick Rust said: “Today is a very important day for British racing as the new levy will make a significant contribution to securing the long-term health and growth of our sport.
“While there remains much more to do in this regard, the levy replacement in itself is a huge achievement, and one that could not have been brought about without the determination and leadership demonstrated by Tracey Crouch MP and her team of dedicated officials at the Department for Culture, Media and Sport.”
In an interview with the Racing Post, Racecourse Association Chief Executive Steven Arkin also welcomed the change, saying: “Racecourses make a significant contribution to the economy as employers and visitor attractions across the country, and communities the length and breadth of Britain will be key beneficiaries of thriving racecourses supported by crucial levy funding.”
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