Paul Bittar, on behalf of British Racing’s three representatives on the Horserace Betting Levy Board said:

“We are pleased to have reached agreement on the 52nd Levy Scheme ahead of the 31st October deadline. This new deal provides some certainty for the sport, and our publication of the full Fixture List for 2013 earlier this month was a clear sign of our confidence in a new spirit of co-operation with the betting industry.

“This mutual respect must continue, and we now have a platform upon which to recommence discussions on long-term, commercial funding arrangements with the major operators and beyond. The Betfair deal, which we have instructed be paid through the Levy Board, continues to provide the template in this respect, and is a true commercial partnership.

“Through no fault of its own or its current custodians, the flaws in the existing Levy mechanism do remain, and its collection base is far too narrow for the way in which British punters now bet. We look forward to Government progressing its proposals for a long-term, enforceable replacement for the Levy in line with its commitments, and a modern framework for the relationship between the two industries.”