Held at Chelsea Football Club, yesterday’s Leaders in Racing conference brought together top executives from the Jockey Club, the Hong Kong Jockey Club, Tabcorp Holdings, William Hill, Betfair, Betfred and other top racing officials from over 20 countries, including the USA, South Africa, Singapore and beyond. Keynote speaker for the opening of the inaugural Leaders in Racing event was John Penrose, Minister for Gambling and Racing.
As neither the racing industry nor gambling operators are happy with the present levy on bookmakers’ gross profits that help to fund horseracing, Penrose said he hoped both sides would be able to agree an alternative without government intervention. Funding has fallen since many bookmakers relocated outside the UK to avoid increased taxation. Despite attracting large audiences – racing is the second most popular UK spectator sport – the industry is heavily dependent on the financial support supplied for over 50 years by levy money.
Penrose commented, "Racing is a wonderful product at the heart of our sporting and cultural heritage and an
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important part of our economy - but its underpinnings are fraying at the ends, and it's causing a great deal of concern.
Racing and gambling should be symbiotic in its discussions to redesign the levy system, or an alternative, for the 21st century, and even for the 22nd and 23rd centuries.”
British Horseracing Authority chairman Paul Roy said he was hopeful that a workable commercial arrangement could be agreed and that a pre-consultation group had been set up and convened. The UK Jockey Club CEO, Simon Bazalgette, was optimistic about the future of horseracing. According to him television audiences are up around 30% and attendances up by 5%. The Leaders in Racing event was founded by the UK Jockey Club, Tabcorp Holdings Ltd, GBI Racing and SIS. (E-10.07.11)
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