In 2016, the bookmakers would pay for the right to sponsor the races
From 1st January 2016, all bookmakers, who wish to sponsor a horse race held under the auspices of the BHA, will pay regular contributions from their income.
The British Horseracing Authority (BHA) set the price for the bookmakers who want to become an authorized betting partner (ABP) in a special association of horseracing sponsors. The authority wants bookmakers to pay 7.5% of their gross revenue from horseracing. Since 2018 the rate rises to 8%, informs Racing Post.
“This applies to the bookmakers, whose online betting business on races is located abroad, – says the publication. – The percentage rises to eight over the next year. “
BHA declared in October that in this way they will try to grab £ 30 million of the income that the overseas betting operators earn.
The status of authorized partner is mandatory from January 1, 2016 for all the bookmakers, who want to enter into sponsorship agreements with the British equestrian sport.
This amount of money will allow bookmakers to be authorized betting partners of the British Horseracing Authority. The first partners have become the bookmakers Bet365, Betfair and 32Red. Betfred, Coral, Ladbrokes and William Hill have made a voluntary contributions of £4.5 million, hoping to meet the criteria to become an authorized partner.
Last week, the executive director of Ladbrokes Jim Mullen criticized the initiative of the BHA. The BHA presented a plan under which betting companies that do not make contributions to the BHA, are not eligible to become sponsors of specific races or tournaments in the UK. On the eve, Mullen again opposed the authorized sponsorship races from bookmakers.
“I do not approve the idea of sponsoring indiscriminately races under the auspices of the BHA. We advocate that companies should themselves decide in what kind of race to invest. If we are not allowed to do this, we will sponsor other sports, “- said Mullen in an interview to Daily Telegraph.