Britain’s 3 top bookmakers to increase Levy donations

02/11/2011

The betting industry and the horseracing sector have finally agreed a deal to reform the levy system this week.

The row, which rumbles on every year, was finally resolved on Monday when bookmakers agreed to pay 72.4 million pounds between April 2012 and March 2013, an increase from 71.4 million in the current year. That equates to 10.75 percent of their gross profits, the same level that was paid last year.

Britain’s three biggest bookmakers  William Hill, Ladbrokes and Gala Coral guaranteed that they will make a minimum contribution of not less than 45 million pounds.

Betting exchange Betfair said it would contribute 6.5 million pounds. The remainder will be contributed by smaller firms of bookmakers and independents.

“I believe that the offer that has been accepted should deliver to racing significant benefits,” said Levy Board chairman Paul Lee. “The offer of guaranteed contributions by the major operators provides more certainty for all parties and valuable assistance for the Levy Board’s financial planning.”

 

Add Your Comment

* Required field. All comments are reviewed before appearing.