Will be keeping an eye on this: -
http://www.betangel.com/blog_wp/2015/03 ... g-forever/
Will the general election change racing forever?
The horse racing industry are full of ignorant tossers who are stuck in the dark ages
They seem to think bookmakers are lying when they claim racing figures have suffered at the explosion of football and other sports betting. The racing industry seem to think they are avoiding payments.
It's more of a concern for racing traders, as BF could easily just remove racing from their exchange model
They seem to think bookmakers are lying when they claim racing figures have suffered at the explosion of football and other sports betting. The racing industry seem to think they are avoiding payments.
It's more of a concern for racing traders, as BF could easily just remove racing from their exchange model
Chancellor confirms plans for racing right
BY BILL BARBER 1:28PM 18 MAR 2015
CHANCELLOR George Osborne delivered a huge boost for racing and its call for a new funding mechanism to replace the levy system when he said the government would introduce a racing right during his Budget speech.
A consultation on the right - under which bookmakers would pay for the right to bet on British horseracing - had closed only six days previously and while some comment had been expected during the speech, such a firm commitment to the proposal was a surprise.
Osborne said: "In the week after Cheltenham we will support the British racing industry by introducing a horserace betting right."
Racing had already received good news from the political sphere when it emerged that Clive Efford, the Labour spokesman with responsibility for racing, had written to sports minister Helen Grant offering his support for the proposal.
Matthew Hancock MP, whose constituency includes Newmarket and who has been a leading proponent of the idea, was delighted by the news.
He said: "We have made great progress in the last few years securing the long term finances behind horseracing. The chancellor's announcement today is the biggest step forward in a generation for racing.
"I have long argued that a racing right is vital to putting the finances of Britain's second most popular sport on a sustainable footing, and now we will have it.
"I fully support this announcement not least because racing supports thousands of jobs in Newmarket and across the country as a whole.
"This is a once in a generation transformation which will trigger significant growth, jobs and international investment. I now look forward to seeing the details of the legislation and to a more secure future for our golden sport."
However, the betting industry was far from happy with the news, predicting huge problems ahead for the sport if the right was introduced.
A spokesperson for the Association of British Bookmakers said: "We note the announcement in today's budget on the racing right.
"Unfortunately, we believe the racing right is unworkable and the detail will derail it, leaving racing seriously underfunded for a considerable length of time.
"It will be mired in legal and other issues for many, many years.
"Arguably the proceeds from the right will not even be able to be distributed until legal certainty is obtained, with racing being the main loser.
"Our members already pay 10.75 per cent of their gross profits from their UK horseracing business to racing and, together with media rights and sponsorship, the transfer from our members to racing is some £248 million, an incredible amount that has to be enough.
"One has to ask where the £173 million paid to racecourses for media rights goes?
"It is therefore incredibly disappointing that DCMS and racing appear to suggest 10.75 per cent is a "low estimate" and that the Impact Assessment accompanying the consultation models a 50 per cent GPT rate; an increase of close to 500 per cent.
"We are concerned that the fact that racing has not sought to publically distance itself from the modelled rates shows the very real danger of racing over-pricing the right resulting in yet more litigation.
"We do however believe in a continued sensible dialogue with racing to try and achieve a solution that meets the concerns of both these great industries."
BY BILL BARBER 1:28PM 18 MAR 2015
CHANCELLOR George Osborne delivered a huge boost for racing and its call for a new funding mechanism to replace the levy system when he said the government would introduce a racing right during his Budget speech.
A consultation on the right - under which bookmakers would pay for the right to bet on British horseracing - had closed only six days previously and while some comment had been expected during the speech, such a firm commitment to the proposal was a surprise.
Osborne said: "In the week after Cheltenham we will support the British racing industry by introducing a horserace betting right."
Racing had already received good news from the political sphere when it emerged that Clive Efford, the Labour spokesman with responsibility for racing, had written to sports minister Helen Grant offering his support for the proposal.
Matthew Hancock MP, whose constituency includes Newmarket and who has been a leading proponent of the idea, was delighted by the news.
He said: "We have made great progress in the last few years securing the long term finances behind horseracing. The chancellor's announcement today is the biggest step forward in a generation for racing.
"I have long argued that a racing right is vital to putting the finances of Britain's second most popular sport on a sustainable footing, and now we will have it.
"I fully support this announcement not least because racing supports thousands of jobs in Newmarket and across the country as a whole.
"This is a once in a generation transformation which will trigger significant growth, jobs and international investment. I now look forward to seeing the details of the legislation and to a more secure future for our golden sport."
However, the betting industry was far from happy with the news, predicting huge problems ahead for the sport if the right was introduced.
A spokesperson for the Association of British Bookmakers said: "We note the announcement in today's budget on the racing right.
"Unfortunately, we believe the racing right is unworkable and the detail will derail it, leaving racing seriously underfunded for a considerable length of time.
"It will be mired in legal and other issues for many, many years.
"Arguably the proceeds from the right will not even be able to be distributed until legal certainty is obtained, with racing being the main loser.
"Our members already pay 10.75 per cent of their gross profits from their UK horseracing business to racing and, together with media rights and sponsorship, the transfer from our members to racing is some £248 million, an incredible amount that has to be enough.
"One has to ask where the £173 million paid to racecourses for media rights goes?
"It is therefore incredibly disappointing that DCMS and racing appear to suggest 10.75 per cent is a "low estimate" and that the Impact Assessment accompanying the consultation models a 50 per cent GPT rate; an increase of close to 500 per cent.
"We are concerned that the fact that racing has not sought to publically distance itself from the modelled rates shows the very real danger of racing over-pricing the right resulting in yet more litigation.
"We do however believe in a continued sensible dialogue with racing to try and achieve a solution that meets the concerns of both these great industries."
50% GPT, hmm. I reckon they are going to go for a turnover tax. Are exchanges about to be stitched up, or am I being paranoid?"It is therefore incredibly disappointing that DCMS and racing appear to suggest 10.75 per cent is a "low estimate" and that the Impact Assessment accompanying the consultation models a 50 per cent GPT rate; an increase of close to 500 per cent.
I'm a bit confused as to how this might all affect the trading landscape? From my reading of it they are planning on essentially increasing the charges payable by bookmakers to the racing industry. Surely this in itself wouldn't stop us being able to trade horses. Or is it more that they might try and "sneak in" other pieces of legislation that have this affect along with this new "right to bet?"
I depends what those charges are I guess and how they are implemented. It's going to take ages to move to that model anyhow so it will be years before it is actually implemented.
Racing needs to compete with other sports, not charge more IMHO, that's the core of the issue.
Racing needs to compete with other sports, not charge more IMHO, that's the core of the issue.
The Racing industry are deluded if they think the bookmakers will just roll over and accept their demands. This could end up in courtrooms, so it will be ages before we feel the pinch on exchangesEuler wrote:I depends what those charges are I guess and how they are implemented. It's going to take ages to move to that model anyhow so it will be years before it is actually implemented.
Racing needs to compete with other sports, not charge more IMHO, that's the core of the issue.
Betfair's share price unmoved by the whole thing, Lads and Hills actually spiked up after the announcement!
Hopefully they will be smart enough to treat the exchanges differently if any turnover style tax is going to be part of this. It wouldn't need to be that difficult to find common sense ways to increase funds to racing without being over punitive.
Lawyers will be rubbing their hands at this
Hopefully they will be smart enough to treat the exchanges differently if any turnover style tax is going to be part of this. It wouldn't need to be that difficult to find common sense ways to increase funds to racing without being over punitive.
Lawyers will be rubbing their hands at this
Like "aperson" said a few posts earlier i also dont fully understand what the implications to what this might mean from a trading / exchange perspective but i did find the following article dated from 2012 which may be of relevence to what might be about to happen after the budget and that some people on here may be able to shed further light on the exact future implications
http://www.bbc.co.uk/news/business-18707995
http://www.bbc.co.uk/news/business-18707995