Agreement Reached in Horseracing Levy

4 November 2008

The Financial Times reported yesterday that the levy agreement for 2008-09 with British bookmakers includes a 10 percent tax on racing gross profits in the United Kingdom, which the paper says is in line with previous years. As a concession, 100 races will be added to the calendar.

Racing is expected to gain £90 to £100 million from the levy, which is about £20 million more than bookmakers wanted to give. If income from betting machines, exchange betting and bets from overseas were taken into account, racing believes it would have received £135 to £150 million.