British Racing And Betfair Sign ₤ 40m Commercial Deal British Racing and Betfair indication ₤ 40m commercial offer 4 July 2012 Online wagering exchange Betfair has actually signed an offer with British horse racing organisers, promising a minimum ₤ 40m of financing over the next 5 years. It will offer 10.75% of all revenues on the sport taken from its UK customers. It comes after meetings with industry bodies the British Horseracing Authority, the Racecourse Association and Horsemen's Group. In return, the sport has promised a minimum variety of fixtures annually and to maximise betting opportunities. The contract will replace Betfair's present annual voluntary Horserace Betting Levy payments. Most significant wagering firms, consisting of Betfair, now run their online operations outside the UK and are liable to pay tax and horserace levy just on company done within the nation - rather than on their overall international operations. However, till now Betfair has actually voluntarily paid the UK horse racing levy as though it were still British-based. The new agreement will replace this previous ad-hoc arrangement and will take effect from the 51st Levy Scheme, which covers the 2012-13 racing season. "We are thrilled that we have had the ability to reach a contract with Betfair, one which represents a landmark for both the racing and wagering markets," said Paul Bittar, primary executive of the BHA. "It brings lots of benefits, including considerable and increased ensured funding, in addition to notably offering certainty for the sport in relation to Betfair's contribution." The Horserace Betting Levy, a major source of moneying to the sport, has been gradually decreasing over the years with the moves offshore by wagering companies. And Mr Bittar said he hoped comparable plans to the Betfair one could now be concluded with other betting operators.