Following a commercial standoff, Ladbrokes Coral PLC (Ladbrokes Coral) and The Racing Partnership (TRP) have announced that a media rights deal has been agreed.
The deal will take effect immediately, ensuring Ladbrokes Coral’s 3,820 betting shops in the UK and Ireland will show racing from 15 Arena Racing Company (ARC) owned racecourses and seven independent racecourses.
The deal will also mean Ladbrokes Coral will further show coverage of South African racing. The combined group enterprises of Ladbrokes, Coral and Betdaq will also shortly re-commence streaming of TRP content.
The deal is a first of its kind being based purely on a profit-shared model which sees TRP and Ladbrokes Coral incentivised to work together to grow betting on British Racing.
ARC Chief Executive, Martin Cruddace, said: “We are delighted to have agreed this deal with Ladbrokes Coral. It is a testament to the symbiotic nature of racing and betting that we have been able to agree on a deal based on sound commercial principles for both parties.
“I am very grateful for the patience and support of my shareholders. We look forward to working with everyone at Ladbrokes Coral as we move into a new era of collaboration and co-operation.”
With the recent reform of the horserace betting levy, the landscape is now set for British Racing and bookmakers, both retail and remote, to work together to grow the appeal of British Racing as a betting product, for new and existing fans of the sport.
Ladbrokes Coral CEO Jim Mullen commented on the agreement: “We are pleased to have struck a deal with The Racing Partnership which gives us a joint incentive to grow the sport.
“Horseracing is part of our heritage and, despite the vast choice of sports to bet on in the modern era, it remains a core product for our business, so it is a positive development that once again all our customers, in shops and online, can enjoy a full range of horseracing action.”