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Thursday,  November 3, 2011 :  This year's subsidiary is GBP72.4 million
Just inside the deadline for agreement the British horseracing industry and the nation's bookmakers agreed the annual levy this week, signing off on a deal worth GBP72.4 million to horseracing, which is suffering from low attendances and shrinking revenues.
Reporting on the agreement, the Guardian newspaper says that neither party wanted the interference of the UK government as happened last year, and this spurred negotiations to a compromise solution.
It is understood that the deal did not have the unanimous approval of Levy Board members, racing's representatives opposing it on the grounds that the final figure is too low.
"For the first time, it provides for a guaranteed minimum of income for racing, the big three firms and Betfair having committed to a base figure of GBP 45 million, though the scheme should provide GBP 72.4 million if projections prove accurate. That represents a small increase on the income from this year's scheme, according to the latest figures," The Guardian reported.
Nick Rust, managing director of Ladbrokes, told the newspaper: "This is a sensible compromise that offers progress to both racing and bookmakers. We now need to start work immediately on a long-term settlement that builds on this progress and takes government out of the process for good."
The agreement includes a provision through which racing is obliged to provide a minimum of 1,450 fixtures per year, a decision that will frustrate the British Horseracing Authority, which has been trying to reduce fictures to cope with declining income.
Ladbrokes' Ciaran O'Brien told the Guardian that the average number of runners per race had also been of concern to bookmakers, since races with fewer than eight runners attract less interest.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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