So Betfair and the BHA have struck a five-year deal which should deliver 'at least' £40m in funding to the British racing industry. The deal has been struck at 10.75% of revenues from British residents wagering on UK racing, effectively locking in the rate they already pay as a voluntary figure, since Betfair are now baed in Gibraltar.
A few comments:
1. Well played to both sides on getting in early. Getting the lawyers in only makes those leaches richer and does nothing for forging stronger relationships.
2. This deal sets an example for other firms as the industry tries to phase out the Levy scheme.
3. The deal doesn't go far enough in that whether someone is based in Britain or not should be irrelevant - if they bet on British racing, then they should be supporting British racing. But since this group have seemingly abandoned Australian racing, will they start paying UK revenue if they move further into British racing?
4. Critics of Betfair will say this doesn't go far enough... yet at the same time, they are happy to support the High St bookies who all moved to Gibraltar first to avoid paying Levy and/or tax on their online and phone business.
Will the second reading of the bill to tax bets from British residents at the point of placement rather than processing put a further sting in the tail for UK firms?
A few comments:
1. Well played to both sides on getting in early. Getting the lawyers in only makes those leaches richer and does nothing for forging stronger relationships.
2. This deal sets an example for other firms as the industry tries to phase out the Levy scheme.
3. The deal doesn't go far enough in that whether someone is based in Britain or not should be irrelevant - if they bet on British racing, then they should be supporting British racing. But since this group have seemingly abandoned Australian racing, will they start paying UK revenue if they move further into British racing?
4. Critics of Betfair will say this doesn't go far enough... yet at the same time, they are happy to support the High St bookies who all moved to Gibraltar first to avoid paying Levy and/or tax on their online and phone business.
Will the second reading of the bill to tax bets from British residents at the point of placement rather than processing put a further sting in the tail for UK firms?
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