Betfair deliver £40m boost for UK racing

BETFAIR have signed a commercial agreement with the organisers of British racing, promising at least £40 million worth of funding over the next five years.

Following meetings with the British Horseracing Authority, the Racecourse Association and the Horsemen’s Group, the betting exchange will pay 10.75 per cent of all revenues on the sport from their UK customers. This is in exchange for commitments from the sport concerning a minimum number of fixtures per year and optimising the amount of betting opportunities.

The agreement will replace Betfair’s current annual voluntary Horserace Betting Levy payments, with the agreement taking effect from the 51st Levy Scheme covering 2012-13. Paul Bittar, chief executive of the BHA, said: “We are delighted that we have been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting industries.

“It brings many benefits, including substantial and increased guaranteed funding as well as importantly providing certainty for the sport in relation to Betfair’s contribution.

“This agreement has required a high degree of co-operation both within racing, with all the major organisations closely involved in negotiations, and of course with Betfair, who have shown great commitment in their intent to be a constructive commercial partner with our sport.”

Martin Cruddace, chief legal and regulatory officer at Betfair said: “This deal is a genuinely historic moment. For the first time, British Racing and Betfair have proved it is possible for us to work together on a truly commercial basis. Of course it has not been easy but the end result completely justifies all the hard work. We hope that this marks a new era and call on other betting operators to adopt similar agreements to help ensure a strong, healthy and vibrant horseracing industry in this country.”

Meanwhile, colourful American jockey Aaron Gryder, who once appeared in blockbuster mafia series The Sopranos, will make his debut in next month’s Dubai Duty Free Shergar Cup along with promising Hong Kong jockey Matthew Chadwick and Italian champion Cristian Demuro.

Gryder and Chadwick will be part of the Rest of the World side in the team jockeys’ competition at Ascot on 11 August, which will be captained by Japanese legend Yutaka Take.

Gryder, a Dubai World Cup winner with more than 3,000 wins to his name, has not ridden in Britain since 1992, while Chadwick will be spending a few weeks with Charlie Hills in Lambourn later this month. German ace Andreas Suborics will be involved in the European team along with Demuro, the younger brother of jockey Mirco, and Frankie Dettori, if available.

The line-up for the Great Britain & Ireland male team will be announced closer to the event, against the first all-female team, made of up Hayley Turner, Chantal Sutherland and Emma-Jayne Wilson.