UK bookmakers in funding talks

A trio of the UK’s biggest bookmakers are in detailed talks with more than 20 racecourses over replacing the £90m (€123m) betting levy which funds the horseracing industry, it was reported today.

William Hill, Ladbrokes and Betfred have drawn up provisional contracts which would earn the tracks 10% of the gross win generated by their fixtures, the Daily Telegraph newspaper says.

The deal would replace the horseracing betting levy on bookies, which has funded the sport since 1961.

Bookmakers are looking for the levy to be cut by £50m (€68m) to offset the extra cost of buying footage from Turf TV, a television service backed by 31 tracks.