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UK Horse Racing Levy Reforms Clear Final Hurdle

UK Horse Racing Levy Reforms Clear Final Hurdle

British horse race has gotten a lift through the European Commission, which on Friday gave full approval on the UK government’s reforms for the sport’s main funding system.

British activities minister Tracey Crouch believes the brand new levy will make sure gambling reforms pay a fair return to guide horse racing, but the bookies argue they currently support it through sponsorship deals.

Under the brand new system, all bookmakers are required to pay a ten % levy on all gross profits derived from betting on British horse racing above a $500,000 ($640,000) threshold.

Beneath the previous system, which has been in existence since 1961, just betting firms based in britain were required to contribute to funding, nevertheless now the levy will apply to all companies that offer wagers on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting organizations.

The majority that is vast of websites, also those owned by Uk household-name brands like Ladbrokes and William Hill, are based overseas.

‘This move will help secure the future of horse racing in Britain by making sure that gambling companies pay a fair return to support the activity,’ said sports minister Tracey Crouch, whose department is behind the reforms.

‘Horse racing has a strong heritage in this country, using tens of thousands of people and it is enjoyed by many almost every day of the entire year. This new method of the Hors Continue reading UK Horse Racing Levy Reforms Clear Final Hurdle