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Regulations governing the reformed Horserace Betting Levy now in force

The long awaited Horseracing Betting Levy Regulations 2017 (the “Regulations”) come into force today (25th April 2017) following the grant of State Aid approval by the European Commission on 21st April 2017. The Regulations reform the statutory Horserace Betting Levy by extending its application to off-shore bookmakers (in its previous form the Horserace Betting Levy only applied to bookmakers based in the UK). The Regulations set a 10% levy on the “gross gambling yield” on bets accepted by all betting operators on horse races in the UK where the gross gambling yield is above a de-minimus threshold of £500,000 per annum. The Regulations were passed by the UK Parliament in March 2017, conditional on state aid approval.

Nick Fitzpatrick and his team advise the British Horseracing Authority on related issues.

Permanent link to this article: http://blogs.dlapiper.com/mediaandsport/2017/04/regulations-governing-the-reformed-horserace-betting-levy-now-in-force/