Today, the Government has provided further confirmation in the Budget document regarding its commitment to replace the Horserace Betting Levy. The Department for Media, Culture and Sport also published further details on the new system to be introduced by April 2017.
British Horseracing Authority Chief Executive Nick Rust, speaking on behalf of British Racing, said:
“British Racing welcomes today’s further detail and timetable from the Government on the implementation of a replacement for the Levy by April 2017. This reinforces Government’s commitment to achieving a fair, enforceable and sustainable return from all betting activity on our sport. In particular, we welcome Government’s clear statement that its aim is “to restore to racing a fair contribution from all operators, which has been lost to racing simply because of the shift towards offshore remote betting.”
“Today’s announcements come at a time when, during the Cheltenham Festival, British racing is again demonstrating its quality and significance in this country’s sporting and cultural landscape. However, we are a year-round industry, with significant grassroots and tens of thousands of livelihoods are reliant on British Racing.
“We will continue to engage constructively with the Government and the betting industry on achieving the timetable set out in today’s announcement, while continuing to innovate and grow our sport as the world’s best and most natural betting product.”
Notes to Editors
1. The DCMS statement can be found here
2. The 2016 Budget Statement can be found here