UK wagering companies are advocating for a revamp of the longstanding levy framework that finances British equestrian racing. They desire to see the existing system, established five decades ago, substituted with a new agreement by 2014.
The British Bookmakers’ Association (ABB) proposes a voluntary framework founded on a funding contract for each racecourse. They contend this would grant them greater influence over racing’s structure, ultimately benefiting both the racing and wagering sectors. The ABB posits that a more robust racing calendar will generate heightened betting volume.
To enable this, the ABB recommends a three-year timeframe to negotiate and implement a long-term accord. They also urge for ongoing government backing, encompassing the retention of the VAT exemption for the wagering industry. These points were detailed in an initial consultation presented to the government.
Dirk Vennix, ABB’s Chief Executive, declared: “The moment has arrived to discard the betting levy. It is antiquated and should be eliminated by 2014.” He stressed the necessity for a “contemporary commercial pact suitable for the 21st century,” reflecting a mutually advantageous partnership between racing and bookmakers.
The equestrian racing sector has indicated a readiness to partake in direct commercial discussions with the wagering industry. They trust this will result in an equitable and enforceable payment structure.
This concept is intriguing, and we welcome engaging in fruitful dialogues with the equestrian sport sector, potentially under some governmental direction, to explore the feasibility of establishing a viable operational framework for the year 2014.
