Today, the UK-based betting and gambling company Ladbrokes Coral Group revealed that it is to pay a voluntary off-shore greyhound levy from the beginning of 2018. The levy that is to be based on the operator’s off-shore turnover generated from greyhound races.
The intentions of the gambling operator were confirmed by the Chief Executive Officer of Ladbrokes Coral, Jim Mullen, who described greyhound racing as a much loved and important part of the company’s both in-shop and digital offering, despite the fact its popularity have recently decreased. According to Mr. Mullen, it was now the time for the industry to start developing greyhound racing once again.
The company, which is currently one of the largest gambling and betting operators on the territory of the UK, has made the commitment to pay the levy under no conditions, with the money set to be directed to the local industry. The body that is to look after the management and distribution of the funds is to be the British Greyhound Racing Fund as the appropriate funding body as advised in the ongoing sports review of Lord Lipsey.
Up to date, Ladbrokes Coral own and operate four racing tracks – Monmore, Crayford, Romford and Hove. Its voluntary levy payments are going to add to the retail levy and to come as a significant investment in both welfare and infrastructure of the tracks. The Group’s Chief Executive Officer reminded that the company runs its greyhound tracks under the highest standards, and the additional funding that is to be paid by Ladbrokes Coral could be helpful for the industry to join the process of building a better sport and entertainment for the contemporary customers.
New 10% Horserace Betting Levy
The beginning of the year saw the UK Government reveal that an extra levy is to be imposed on the local gaming operators. At that time, the Secretary for Sports, Tourism and Heritage Tracey Crouch said that British gaming companies will be required to pay additional 10% of their race betting revenue.
According to the Government, such a change in the country’s betting levy system is to be beneficial, as the additional funds would be used to support the local industry, with gambling operators paying their fair share in the future development of horse racing. Once the announcement was made in January 2017, Ms. Crouch commented that the new levy system would not only result in the sports’ development, but will also create thousands of new jobs in the industry.
The new measures that were scheduled to take effect in April 2017 and aimed at replacing the horserace betting levy that existed in the country at that time, faced the strong opposition of local online betting companies which raised their voices against the new tax. Actually, a large number of betting operators, many of which running both high-street and online operations, do not back the existence of any type of horseracing levy.
- Author
Daniel Williams
