for info:
BETFAIR MEDIA RELEASE
for immediate release, Thursday, July 16, 2009
BETFAIR BRITISH HORSE RACING LEVY CONTRIBUTION 2008/09
The Levy Board in the UK reports that money raised through betting for the financial year 08/09 fell to £91.6m, a 20 per cent decline from the previous year’s £116m.
The report also states that the levy paid by “exchanges” fell by 12.7 per cent during the same period.
For the sake of clarity, Betfair paid £6.16m of the reported £6.2m paid by “exchanges”.
We also paid more than 90 per cent of the £1.35m which has been reported as “voluntary levy from offshore operators”. This payment was paid at the full levy rate – 10 per cent of gross profits.
Our total contribution to the Levy in the period is therefore approximately £7.5m, up 7 per cent from last year.
Betfair appears to be the only major betting operator making a voluntary payment from its offshore business – i.e. the revenue raised from customers betting on British racing from outside the UK – although this is mentioned nowhere in the Levy Board’s report.
Amongst betting operators, we are also the second biggest sponsor of British horseracing, with only the Tote, which is under a legal obligation to reinvest its profits into the sport, paying more.
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