The European Commission has approved horseracing reforms for foreign operators in the UK authorised market.
UK.- International bookmakers were informed yesterday about the United Kingdom’s latest updates for the horseracing industry, approved this week by the European Commission. The new financial reform allows British authorities to increase 10 percent of tax requirements for horseracing operators offering services in the local market. The amendment complies with European Union laws.
The UK Horserace Betting Levy reform ends the previous benefit international companies used to have, as they have not been contributing with taxes in the market. British operators have been paying the 10 percent levy on Gross Gaming Yield (GGY), which measures the percentage of profitable revenues for the company.
“With the final, outstanding approval now secured from the European Commission, today marks one of the last few steps in the process of securing a fair return from all betting on our sport,” The British Horseracing Authority (BHA) Chairman Nick Rust told Gaming Insider. And he added: “We look forward to receiving confirmation shortly from government of when the new legislation will take effect.”
The 10 percent GGY tax will only be paid by international bookmakers who collect their first £500,000 in the British horseracing market. By the end of 2017, it is expected that the UK Gambling Commission sets a separate authority to control both the payments and the operations of foreign bookmakers in the local authorised market.