Levy offer turned down by Racing – report

The UK horseracing industry has reportedly rejected a new Levy offer from the four major betting shop operators.

According to the Racing Post newspaper, Betfred, Coral, Ladbrokes and William Hill made an offer that would have covered their retail and online businesses through to April 2019.

The firms, who have so far refused to join the authorised betting partner scheme, have apparently made an offer of 5% of remote gross profits and 10.75% from retail for 2016-17, followed by a 7.5% contribution from both verticals for the following two years.

In response to the latest developments, British Horseracing Authority director of corporate affairs Will Lambe told the Racing Post: “We're not going to conduct negotiations in public, but we are fully committed to achieving sensible interim arrangements prior to the replacement of the levy and also to smooth the transition to the new environment and much-needed level playing field for all operators.”

A report by Frontier Economics, which will help decide what the rate will be for the replacement for the levy, is expected to be delivered in the coming days.

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