Updated: 05/07/2012 11:16 | By pa.press.net

Betfair and BHA agree funding deal



Racing action

Racing action

Betfair have signed a commercial agreement with the organisers of British racing, promising at least £40m worth of funding over the next five years.

Following meetings with the British Horseracing Authority, the Racecourse Association and the Horsemen's Group, the betting exchange will pay 10.75% of all revenues on the sport from their UK customers.

This is in exchange for commitments from the sport concerning a minimum number of fixtures per year and optimising the amount of betting opportunities.

The agreement will replace Betfair's current annual voluntary Horserace Betting Levy payments, with the agreement taking effect from the 51st Levy Scheme covering 2012-13.

Paul Bittar, chief executive of the BHA, said: "We are delighted that we have been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting industries.

"It brings many benefits, including substantial and increased guaranteed funding as well as importantly providing certainty for the sport in relation to Betfair's contribution. We hope that similar arrangements with other betting operators will follow.

"This agreement has required a high degree of co-operation both within racing, with all the major organisations closely involved in negotiations, and of course with Betfair, who have shown great commitment in their intent to be a constructive commercial partner with our sport.

"In particular, I would like to recognise the BHA chairman and the board for their vision and unwavering commitment in pursuing improved and more stable financial outcomes for the sport, as without it the deal would not have been possible."

Martin Cruddace, chief legal and regulatory officer at Betfair, said: "This deal is a genuinely historic moment. For the first time, British Racing and Betfair have proved it is possible for us to work together on a truly commercial basis. Of course it has not been easy but the end result completely justifies all the hard work.

"We hope that this marks a new era and call on other betting operators to adopt similar agreements to help ensure a strong, healthy and vibrant horseracing industry in this country."

0Comments
Get the Bing Sports App for Windows 8 (© Microsoft)

latest horse-racing news

  • Snow Fairy eclipses Nathaniel at Leopardstown

    Snow Fairy gained a dazzling success over Nathaniel in the Red Mills Irish Champion Stakes at Leopardstown.

  • Chachamaidee

    Duntle lost the race in the stewards' room to Sir Henry Cecil's Chachamaidee following a dramatic running of the Coolmore Fusaichi Pegasus Matron Stakes at Leopardstown.

  • Kieren Fallon takes the Sprint Cup on Society Rock  right

    Society Rock lifted the Group One Betfred Sprint Cup at Haydock Park for James Fanshawe and Kieren Fallon.

  • Dandino

    Dandino ran on strongly to claim Group Three spoils in the Betfred Mobile September Stakes at Kempton.

  • Thistle Bird gets the better of Fulbright  right

    Thistle Bird landed her third Listed success of the season with a game win in the Celebrating 45 Years Of Betfred Superior Mile at Haydock.

  • Havana Gold  right  lands the spoils

    Havana Gold made amends for an unlucky run at Deauville when landing the Betfred 'Still Treble Odds On Lucky 15's' Stakes at Haydock Park.

  • Sir Graham Wade  left  gets up in the Old Borough Cup

    Kieren Fallon followed up his Betfred Sprint Cup win on Society Rock when getting Sir Graham Wade home in the final strides to claim the Betfred Mobile Lotto Old Borough Cup at Haydock.

  • Dermot Weld

    Big Break put herself in the picture for a step up in class when impressing in the Irish Stallion Farms EBF Fillies Maiden at Leopardstown.

  • Saddler's Rock

    A strong Irish presence features among the 17 possible runners in the Stobart Doncaster Cup on Town Moor on Friday.

  • Nahrain

    Nahrain aims to get her season back on track in the Irresistible Jewel Blandford Stakes at the Curragh.

  • Joseph O'Brien

    Joseph O'Brien is not expecting any fireworks from Declaration Of War as he makes his Irish debut in the Refuse To Bend Solonaway Stakes at the Curragh on Sunday.

  • Roger Varian

    Roger Varian will not be making any hasty decisions over running plans for Lanansaak.

  • Duntle

    Duntle continued her rapid progression with a thrilling victory in the Group One Coolmore Fusaichi Pegasus Matron Stakes at Leopardstown.

  • Estimate

    The Queen's Royal Ascot winner Estimate is among 17 entries for the DFS Park Hill Stakes over the full St Leger course at Doncaster on Thursday.

  • St Nicholas Abbey

    Connections of St Nicholas Abbey are excited about his chances in the Red Mills Irish Champion Stakes at Leopardstown today after the five-year-old predictably took a back seat against Frankel at York last time.