Horserace Betting Levy Regulations 2017 come into force
“On the 25th April the Horserace Betting Levy Regulations 2017 came into force and provide that all bookmakers and betting exchange operators who hold remote operating licences who take bets on British horseracing are now liable to pay the Levy.
The Gambling (Licensing and Advertising) Act 2014 was introduced to require that all gambling operators, who engage with British customers, wherever they are located, must hold a Gambling Commission licence.
Following the introduction of the Act, the Government determined to ensure that a level playing field was applied to both British-based and offshore remote gambling operators who take bets on British horseracing in respect of their contribution to the Horserace Betting Levy.
The DCMS’ consultation on extending the Horserace Betting Levy issued in June 2014 explains that the ‘main purpose of linking collection of the Levy to holding a Gambling Commission licence is to provide a fairer basis for competition between remote gambling operators who take bets on British horseracing wherever they are based. The Levy is collected from the gross profit of betting on British horseracing (i.e. horseracing in England, Scotland and Wales) and distributed to help improve horseracing and, in particular, breeding and veterinary research and education’.
The Levy is charged at the rate of 10% of the amount of profits raised on leviable bets in a Levy period in excess of the exempt amount, which is set at £500,000.
Details as to how ‘profits’ are calculated are prescribed within the The Horserace Betting Levy Regulations 2017.”
For further information on this or any other licensing issue relating to gambling or gaming contact licensing solicitor Richard Bradley on 0115 953 8500
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