Betfair signs commercial agreement with BHA
Betfair and British Horseracing Authority (BHA) have reached an agreement, according to which Betfair will give a massive funding worth £40m in the next half decade.
As per the accord, the betting exchange will pay 10.75% of the revenues, which they will earn from the customers in United Kingdom (UK). The agreement was a result of many lengthy meetings between BHA, the Racecourse Association and the Horsemen's Group.
Paul Bittar, chief executive of the BHA, stated: "We are delighted that we have been able to reach an agreement with Betfair, one which represents a landmark for both the racing and betting industries. It brings many benefits, including substantial and increased
guaranteed funding as well as importantly providing certainty for the sport in relation to Betfair's contribution.”
He added: "This agreement has required a high degree of co-operation both within racing, with all the major organisations closely involved in negotiations, and of course with Betfair, who have shown great commitment in their intent to be a constructive commercial
partner with our sport.”
Paul Bittar paid a special tribute to BHA chairman and the entire board for their wonderful policy for betterment of the sport. He explained that the deal is going to work as a huge advantage for both the betting market and the organisers of British horseracing
racing.
In the meantime, the chief legal and regulatory officer at Betfair, Martin Cruddace, termed the deal as a historic moment, saying that both parties are working entirely on commercial basis for the first time in the history of horseracing.
The officer also revealed that building consensus was not an easy task, but the hard work paid off, as the final outcome is mighty beneficial for the both sides. Enormously delighted over reaching the final result, Martin Cruddace hoped that it will start
a completely new era, expecting other betting operators to do similar things.
He uttered that if all the betting operators take such initiatives, there will be a great horseracing industry in the country. Although the deal brings plenty of good news to the organisers of British horseracing racing, it has enhanced betting exchange’s
authority, as they will now have a clear influence on the racing’s fixture list.
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