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Bookies Settle

At last, an agreement has already been drawn between the bookmakers of UK, with some operating online casino sites too, and the British horseracing industry regarding the supposed levy on the bookmakers. This levy is designed to help horseracing, an industry already experiencing and suffering from the declining number of attendance in horseracing meetings and the decreasing revenues. The deal is worth £72.4 million from the industry bookmakers already, and because both parties have no intention of inviting the government into their conflict, which usually happens in problematic operators of online casinos, they were able to find a compromised solution through negotiations.

The deal was closed just within the deadline and did not really receive a unanimous approval from the members of the Levy board; those who are on the side of the industry find the quoted figure too low. According to an article in The Guardian, the agreement has given the racing industry a guaranteed minimum of income. Along with Betfair in the deal, are three large bookmaking companies that have committed at least £45 million, short of the estimate. The figure is just a small increase compared to this year’s figure. For Nick Rust, Ladbroke’s managing director, who also manages their online casino, the figure is just a reasonable compromise that can help in both the racing industry and the bookmakers. What is important now is for both parties to work on a long-term settlement, something that will not involve any government intervention, happening when online casinos have conflicting opinions.

Aside from the figure, there is an inclusion of another provision that will oblige the racing industry to provide at least 1,450 matches annually. This decision is a frustration for the British Horseracing Authority, since they are actually planning to reduce the number of horseracing matches.