Betfair has signed a five-year £40m horse racing deal with British Racing.
The deal will replace the company’s annual voluntary Horserace Betting Levy payments and is in return for a guaranteed minimum number of meetings over the next five years from British race organisers.
Betfair will now give 10.75 per cent of its revenues from British horse racing customers to British Racing. The Racecourse Association and the Horsemen's Group cited the deal as a “landmark commercial agreement” that provides a template to help secure the long-term funding of British Racing.
