Racing Rejects Coral Offer

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Photo courtesy Racing Post

Coral’s proposal to contribute 7.5% of its combined online and retail profits to British racing as a response to the Authorized Betting Partners scheme has been rejected, according to Racing Post. British Racing, the umbrella group for the BHA, the Racecourse Association and Horseman’s Group, said in a statement, “Coral have suggested a rate of 7.5% for both retail and remote betting activity. However, as Coral have acknowledged, this would generate less than the current unsatisfactory arrangements and is not therefore a realistic starting point for negotiations. In terms of the future, we will continue to work closely with government and all of racing’s stakeholders, including the betting industry, to make sure that the necessary legislation is put in place to meet all of our needs.”

The only ABPs thus far are Betfair, bet365 and 32Red, but British Racing said they are open to negotiations.

“Racing’s door remains wide open to everyone who wishes to come and talk to us directly to resolve the industry’s funding issues for the mutual benefit of racing, betting and our customers,” the statement continued. “We remain firmly of the view that this issue will be best resolved through private rather than public discussion.”

The ABP scheme was unveiled late last year as a way to halt “leaking” revenues from online wagering. Racecourses signed on have pledged to reject any new sponsorship deals with betting outlets not signed up.

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