Reform established a 10% levy on the Gross Gambling Yield
European Commision approves UK Horserace Betting Levy
The reform will subject off-shore bookmakers to the levy whereas currently only bookmakers based in the UK contribute to the financing of horse racing.
2017-04-24
Reading time 26 seg
The reform will subject off-shore bookmakers to the levy whereas currently only bookmakers based in the UK contribute to the financing of horse racing.
The measure will be applied to all betting operators for their part of the GGY above a de minimis threshold of £500,000/year.
According to official report, the Commission has approved the measure because it recognises that it is essential for the improvement of horse breeding and horseracing without giving rise to undue distortions of competition.
The reform also creates a level playing field among betting operators while at the same time supporting entry of new operators and the development of competition between betting operators, thanks to the de minimis threshold.
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