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STALEMATE FOR UK HORSE RACING LEVY SCHEME
Government to step in and determine 50th Levy scheme
Secretary of State at the Department of Culture, Media and Sport, Jeremy Hunt, will now have to intervene and determine the 50th Levy scheme, which will run from April 1, 2011 to March 31, 2012, after bookmakers and the horseracing industry failed to reach an agreement by the Sunday 31 October 2010’s midnight deadline.
British racecourses have two main sources of income: live broadcast rights (which the courses sell to bookmakers, for a total of GBP 75 million) and Levy money – ten percent of bookmakers’ predicted profits for the year ahead, which they pay to the Horserace Betting Levy Board to distribute around courses. This amount has fallen dramatically in the past three years. Not only have bookmakers such as Ladbrokes and William Hill moved their operations offshore to avoid tax, but gamblers are turning away from racing to bet on football, golf and tennis. Whereas racing was once 80 per cent of a bookmaker’s business, it now comprises only 40 per cent.
The horseracing industry says that offshore companies betting on UK horseracing need to pay the Levy too, and that certain users of betting exchanges should pay a bigger contribution to the Levy as they are running betting businesses through exchanges. They are asking in the region of GBP 140 million from the bookmaking industry.
"The reason the Levy has declined is that horse-race betting has declined. Secondly, the payments bookmakers pay for media rights have ballooned to a degree that more than offsets lack of income from the Levy, says Tom Kenny of the Association of British Bookmakers.
Levy Board chairman Paul Lee said: "It is very disappointing that it has not proved possible to reach agreement on the 50th scheme."
One things for sure, Jeremy Hunt is going to have a difficult time keeping all parties happy.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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