UK MP to set new rate of gross profits for bookmakers

The new rate would be set under the new levy replacement system.

UK.- UK Sports Minister Tracey Crouch said that she intends to set a rate of ten percent of gross profits for both retail and online bookmakers. The new rate system announced in March is below the 10.75 percent paid by high street firms, and it is expected to generate bigger numbers in the £90 millions for the sport, close to the £100m that the racing industry has been waiting for.

As part of the 2011-2013 levy scheme, the levy rate was raised from 10 percent to 10.75 percent. This rate enables the formal process of getting approval under European state aid rules to start.

Representatives of both betting and racing are due to meet separately with the Minister Crouch later this week at the Department for Culture, Media and Sport and have been given until November 4 to make their final representations in writing.