Bookmakers open to discussing new fee deal after ‘powerful’ racing debate at Westminster Hall

Bookmakers have expressed a willingness to restart horse racing talks and reach a voluntary agreement to charge changes focusing on means to “better market, promote and grow the sport” amid falling player activity.

On Thursday, Sports Minister Stephanie Peacock called on both sides to make a deal on changes to the rate of tax paid by bookmakers on sports, which began under the previous government, to ensure horse racing’s finances are not undermined by legislation proposed in the gambling white paper.

The deal fell through in May after the general election was called, but Peacock said during a Westminster Hall debate on government support for horse racing that the bookmakers’ proposal to increase fees from ten per cent to 11.5 per cent was considered “reasonable” for a race in which “most » additional funding is allocated to the growth fund.

The Betting and Gaming Council (BGC), which represents the interests of most bookmakers, said any levy agreement must work for both parties, and recent Levy Council figures show horse racing betting turnover has fallen by a fifth in the last two years. year.

A BGC spokesman said: “The BGC welcomes comments from ministers that the levy “should reflect the shared interests of both sides of the relationship.” One cannot dominate the other or the players and the sport will lose.

“The BGC and our members are committed to continuing the dialogue with motor racing to better promote, market and develop the sport in a sustainable manner into the future.”

The spokesman added that horse racing was “close to a loss-making product for some of our largest bookmakers”. This position was underlined over the summer by Flutter Entertainment, the parent company of Paddy Power, Betfair and Sky Bet, which did not offer early bird prices and only offered SP on a number of matches played at Arena Racing tracks due to the costs involved.

The importance of amending the levy and ensuring accessibility checks were proportionate to what the BHA highlighted as the key points raised in the debate, as well as the cross-party nature of the 15 MPs speaking during the session.

Greg Swift, director of public affairs and corporate affairs at the BHA, said: “This debate was another powerful demonstration of the importance of our sport and how well it is recognized in Parliament.

“It is encouraging that MPs’ public commitment to ensuring a better financial future for the races has been shared across political parties. Participants also made it clear that the Government needed to protect and support British racing through reform of the levy (to include bets placed on overseas racing) and an urgent solution to the impact of financial risk checks on horse racing bettors.

“We are confident that the Sports Minister will listen with interest to the views expressed and we look forward to further progress on these issues with the Gambling Minister Baroness Twycross in the coming weeks and months.”

Read more here:

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