iGaming Business – The UK’s four largest retail bookmakers – William Hill, Ladbrokes, Coral and Betfred – have agreed a deal to make voluntary contributions of £4.5 million (€5.3 million/$7.3 million) per year into British horseracing’s Levy Scheme.
The four-year deal, from 2014 to 2017, was announced a week before the deadline for a new agreement. The bookmakers will make the contributions into the newly-created Incentive Fund in addition to their statutory Levy contributions.
Following the agreement, the Levy yield for 2014-15 is expected to be £80.2 million – including a contribution of £7.8 million from Betfair.
Philip Freedman, the chairman of the Horsemen’s Group, said that the agreements would lead to a £10 million increase in prize money to a record £120 million next year.
“This arrangement has, of course, been reached within existing structures, which means that amounts being bet on remote platform located offshore continue to fall outside the grasp of the Levy,” Freedman added to the Daily Telegraph. “The Horsemen’s Group will do everything that we can, along with the rest of racing, to persuade government to address this failing.”
From April 2014, the voluntary payments from the four major bookmakers will be managed by a new group comprising representatives from the Levy Board, British Horseracing Authority, Racecourse Association, Horsemen’s Group and the bookmakers.
