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New Uk Horse Race Tax Rate

Crouch tells industry meeting that she intends to set a rate of ten percent of gross profits for both retail and online bookmakers.
British government sports minister Tracey Crouch has revealed to a horse racing industry meeting that she intends to set a rate of 10 percent of gross profits for both retail and online bookmakers under the new levy replacement system.
The new levy system was announced by the government in March this year and is set for implementation in April next year. It is lower than the current 10.75 percent paid by High Street bookmakers, and is likely to yield around GBP 90 million for the horse racing industry, just short of the GBP 100 million it requested.
Setting a rate will enable the formal process of acquiring approval under European state aid rules to begin, say observers.
The levy has delivered declining amounts for horseracing in recent years, dropping from GBP99.3 million in 2005-6 to GBP54.5 million in 2015-16 as offshore online gambling operators absorbed more and more of the market.
Minister Crouch is due to meet racing industry representatives at the Department for Culture, Media and Sport separately on Wednesday; the industry has until November 4 this year to make final representations to government on the issue.

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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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