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UK Horse Racing Levy Reforms Clear Final Hurdle

Uk horse race has gotten a lift from the European Commission, which on Friday gave full approval on the UK government’s reforms of this sport’s main funding system.
British sports minister Tracey Crouch thinks the levy that is new ensure gambling reforms pay a fair return to support horse racing, but the bookies argue they already support it through sponsorship deals.
All bookmakers will be required to pay a ten percent levy on all gross profits derived from betting on British horse racing above a $500,000 ($640,000) threshold under the new system.
Underneath the system that is previous which has been in existence since 1961, only betting organizations based in the united kingdom were required to contribute to funding, however now the levy will affect all companies that offer wagers on British racing, including including on- and off-course bookmakers, betting exchanges and spread betting organizations.
The vast majority of betting websites, even those owned by British household-name brands like Ladbrokes and William Hill, are based overseas.
‘This move will assist secure the future of horse racing in Britain by making sure that gambling organizations pay a return that is fair support the sport,’ said sports minister Tracey Crouch, whose department is behind the reforms.
‘Horse racing possesses strong heritage in this country, using a huge number of individuals and is enjoyed by many almost every day of the season. This approa (more…)