Dramatic changes in the infrastructure of horserace betting levy will be released by the UK government on the afternoon of Thursday, 3rd of March.
The current horserace betting levy is grossly outdated, having last been revised over 60 years ago. What used to be only betting shops recording horseracing bets, has now been accompanied by online betting operators based offshore.
New Horserace Betting Levy will Change the Way Betting is done in the UK and Bring the Money In
Online betting in the UK has changed the ways of horserace betters and businesses. An estimated £100 million a year was brought in with this last levy. The new horserace betting levy which requires online bets to be recorded, is estimated to bring in an additional £30 million per year.
In addition to this, the British Horseracing Authority has expressed the wish to return to the true art of UK horserace betting, with the additional income of the modern online and offshore betting that has become so popular.
Racecourse Owners Happy but High Street Firms Protest
Jocky Club Racecourses and Arena Racing company helped in pushing the new levy through while firms Ladbrokes, Coral, William Hill, Paddy power and BetFred refused. Their refusal will be rebuked as they will have to fall in line with other firms who have readily agreed to contribute a percentage of their offshore profits.