EU Commission Approves New Levy

Nick Rust | Racing Post

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Legislation to extend Britain's Horserace Betting Levy to all betting operators accepting bets on racing was on Friday confirmed by the European Commission to be in line with EU state aid rules. The legislation has already been cleared by the UK parliament. It is expected that the Department for Culture, Media and Sport will receive formal confirmation from the European Commission within the next few days, at which time the government will confirm the effective date of the new Levy.

Betting operators will be required to pay 10% of gross profits from betting on racing back to the sport, above a £500,000 threshold. It is believed £30 to £40-million each year has been lost to racing under the current system due to the offshore loophole.

“With the final, outstanding approval now secured from the European Commission, today marks one of the last few steps in the process of securing a fair return from all betting on our sport,” said Nick Rust, chief executive of the British Horseracing Authority. “We look forward to receiving confirmation shortly from government of when the new legislation will take effect.”

“We look forward to working closely with bookmakers to build an exciting future for both our industries,” Rust added. “The new Levy has the potential to put an end to unnecessary divisions between racing and betting as it creates a level playing field, removes the need for annual negotiations on the rate and provides long-term certainty for both parties.”

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