The Horserace Betting Levy Scheme agreement reached last week will deal with certain failings that existed with the existing scheme.
After months of discussion between the various sides and an independent body being brought in to resolve what was happening it was decided that annually between £75-80m would be paid back into racing. Less than the £130m wanted by racing and more than the £50m the bookies wanted to pay but that was it. Done. No questions to be asked
A report on Taylor Vinters Solicitors website now reports that the new system will help to address the failings with the past system.
Chairman of the British Horseracing Authority, Paul Roy, is never short of a word or two and remarked that the decision “will halt the severe decline in the levy and the damage this is doing to the sport.”
Roy continued: “The next stage has to deliver what is due from remote betting, particularly offshore operators and betting exchanges.”
Culture secretary Jeremy Hunt, who headed up the government’s levy discussion, announced last week that the 2011/12 levy terms were set at 10.75%.
Elsewhere, the Guardian also had an interesting blog article on both the levy and Tote sale.
As two of the horse racing fraternity’s oldest institutions, it’s no surprise that there is widespread worry at the diminishment of the traditional systems.
Lydia Hislop’s article looks at the future of both the Tote and levy, deciding that the future of both is bleaker than a winter day on the North York Moors.
The full and frank article can be read at this link.