SBC News Voice of the Sports Betting Industry
Updating the market and media, the UK government has confirmed that 2017’s ‘Horserace Betting Levy Regulations’ has come into law as of the 25 April.
The reformed levy marks a new era for the sports’ funding which will see all operators pay a 10% tax on profits generated from customers on UK racing bets regardless of wager vertical (online or land-based). The UK government has added a £500,000 threshold on the levy charge for licensed operators.
Last week the British Horseracing Authority (BHA) detailed that its reformed levy system had gained European Commission approval seeming levy provisions as a fair industry taxation process.
Having gained EC approval, yesterday UK DCMS’ Minister for Sport, Tourism and Heritage Tracey Crouch signed the Levy into law.
We’ve crossed the legislative finish line! Today I signed the Statutory Instrument that commences reform of the Horserace Betting Levy ? pic.twitter.com/DxJ1fmVXQN
— Tracey Crouch (@tracey_crouch) April 24, 2017
Moving forward UK racing stakeholders expect the new ‘Levy 2017’ to generate approximately an extra £30-40 million per year for the sports funding.
Updating industry stakeholders, Nick Rust CEO of the BHA was pleased to have finally replaced the outdated 1961 levy, a key mandate of his organisation as UK racing’s leading regulatory body.
Rust stated 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 achieved without the determination and leadership demonstrated by Tracey Crouch MP and her team of dedicated officials at the Department for Culture, Media and Sport.
“Everyone in British racing owes thanks to her, and to the many supporters of our sport across and outside Westminster. We will be issuing further thanks to a number of key individuals over coming days.
“The new Levy is the clearest sign yet of the success which British racing can achieve when we work together.”
