Sportingbet to Increase UK Horseracing Payments

Thursday 15 October, 2009 09:01

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Following complaints from the British Horseracing Authority that only 1% of the revenue generated by horserace betting is returned to the sports, Sportingbet has announced that it will be voluntarily increasing its support from next year.

The online betting operator said that it would be paying the Levy Board 10% of its gross profits from racing income generated by British and European clients.

"An important part of our UK revenue is derived from British horseracing," said the Chief Executive of Sportingbet, Andrew McIver.

"We have recently set ourselves the goal of increasing this revenue stream and have stepped up our sponsorship activity in British racing. We do all we can to assist the industries our customers bet on and we're delighted to demonstrate our support of the British racing industry by committing to a voluntary payment of the levy," he added.

The news was welcomed across the board, especially by the Chief Executive of the British Levy Board, Douglas Erskine-Crum who said that Sportingbet has recognized the importance of the sport by undertaking to increase its levies.

"Paying levy enhances the quality of horseracing, which in turn benefits the betting industry," he said. "It is in the betting industry's interest to develop this virtuous circle.

"We are continuing to work with Government as it addresses the wider betting and gaming environment but, in the meantime, we welcome Sportingbet's initiative and call upon all betting operators based outside Britain to adopt the same constructive policy," he said.

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