Sportingbet To Pay Levy Board
15th October, 2009
eGaming Review has reported that Sportingbet will make a voluntary payment of the equivalent amount to what it would be forced to pay if it was UK based to the UK Horseracing’s Levy Board.
The bookmakers will pay 10% of its gross profits on bets on British racing from both British and European customers from August 2010.
Chief executive Andrew McIver said, “An important part of our UK revenue is derived from British horseracing. We have recently set ourselves the goal of increasing this revenue stream and have stepped up our sponsorship activity in British racing. This equates to the statutory payments we would make if we were based in the UK and, as a mark of good faith, we are happy to go the extra mile in agreeing that the figures should undergo an audit.”
The agreement with the Racehorse owners association with be encouraging to sports rights owners that have demanded more money from bookmakers that make money based on their events.
Paul Dixon, the ROA President, said, “We hope this will set an example to other bookmakers who are either offshore or are planning to take part of their business offshore. We should do everything in our power to support those bookmakers who support British racing.”
Levy Board chief executive Douglas Erskine-Crum added that: “Sportingbet.com has explicitly recognised the importance of British horseracing to its business model in undertaking to pay levy arising from bets taken on our sport. Paying levy enhances the quality of horseracing, which in turn benefits the betting industry. 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.”
To coincide with the announcement sporting bet has signed a three year sponsorship deal with the Racehorse Owners Association. The first event that the brand will be on show at is the ROA awards evening on 3rd December at the London Hilton.
By Faye
