Betfair, 32Red and Bet365 have been unveiled as authorised betting partners of the British Horseracing Authority.
The deal with Betfair will start in April 2016 and run for three years, to April 2019. The lengths of the deals with 32Red and Bet365 were not disclosed.
Under the authorised betting partner model, the bookmakers will contribute an agreed percentage of their racing revenues from their exchange and sportsbook. The percentage is based on a new rate card developed by British Racing stakeholders comprising the British Horseracing Authority, the Racecourse Association and the Horsemen’s Group, operating under the new Members Agreement.
Up until April 2016, Betfair will continue to contribute under its existing five-year funding commitment with British Racing. The first year of this new deal will then replace the fifth and final year of the existing commitment, which was due to expire in March 2017.
“It is vital for the sport, and the tens of thousands of people deriving their livelihoods from it, that we move our funding from our biggest customer group on to a more sustainable footing, including taking the necessary steps prior to the introduction of the Horserace Betting Right to incentivise digital businesses to make a contribution back to British Racing,” British Horseracing Association chief executive Nick Rust said.