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Judging by figures I’ve read, the major Exchange is already in decline. These figures relate to the levy paid to racing. This levy is based on gross profits.
The trend is down, which is not exceptional in the current economic climate.The Levy is based on Gross Profit from British Racing and according to Betfair their contribution is 7% up this year:
The Levy Board in the UK reports that money raised through betting for the financial year 08/09 fell to £91.6m, a 20% decline from the previous year’s £116m. The report also states that the levy paid by “exchanges” fell by 12.7% during the same period.
For the sake of clarity, Betfair paid £6.16m of the reported £6.2m paid by “exchanges”. We also paid more than 90% of the £1.35m which has been reported as “voluntary levy from offshore operators”. This payment was paid at the full levy rate – 10% of gross profits.
Our total contribution to the Levy in the period is therefore approximately £7.5m, up 7% from last year.
Betfair appears to be the only major betting operator making a voluntary payment from its offshore business – i.e. the revenue raised from customers betting on British racing from outside the UK –although this is mentioned nowhere in the Levy Board’s report. Amongst betting operators we are also the second biggest sponsor of British horseracing, with only the Tote, which is under a legal obligation to reinvest its profits into the sport, paying more.
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