New horse levy confirmed
Next year’s horse levy has been agreed just minutes before the deadline passed.
The 51st scheme, which sets out how much money bookmakers have to pay to the racing industry, was confirmed at 11:45pm last night after 12 hours of discussions.
For the first time the deal offers a minimum base figure, with Ladbrokes, Coral, William Hill and Betfair all having committed to pay a total of £45m. The overall levy is projected to reach £72.4m, representing a small increase on this year’s amount.
Had a deal not been agreed by the midnight deadline then culture secretary Jeremy Hunt would have had to set the levy himself for the second year in a row.
Ladbrokes managing director Nick Rust said: "This is a sensible compromise that offers progress to both racing and bookmakers. We now need to start work immediately on a long-term settlement that builds on this progress and takes government out of the process for good."