Modernizing the Horserace Betting Levy: A Call for Collaboration Between Bookmakers and the Racing Industry

UK betting firms are advocating for the abolishment of the antiquated horserace betting levy and its replacement with a modernized framework. They contend that the existing levy, established five decades ago, is obsolete and that a revised accord would be advantageous for both the racing and wagering sectors.

The ABB, representing British bookmakers, proposes a voluntary system founded on an equitable distribution of race betting revenues. They desire greater influence in shaping the structure of racing, believing they can contribute to a more commercially viable product. The ABB posits that this would result in more captivating races, benefiting all stakeholders.

To realize this objective, they have called for direct discussions with the horse racing industry to forge a mutually advantageous business partnership. They implore the government to endorse this process and furnish assistance, such as prolonging the current VAT exemption for the betting sector.

Mostly agreed with this concept and are pleased to receive the administration’s request to meet with the equestrian sport sector. Collaborative efforts are necessary to determine a viable economic strategy for 2014 and further.