Betfair has signed a five-year deal with British Racing worth at least £40m, which will replace the company’s annual voluntary Horserace Betting Levy payments.

British Racing, comprised of the British Horseracing Authority (BHA), the Racecourse Association and the Horsemen's Group, acclaimed the deal as a “landmark commercial agreement” which provides a template to help secure the long term funding of British Racing.

“The Government has always believed there should be a commercial relationship between British Racing and betting operators and I pay tribute to all parties for bringing about this deal,” said John Penrose MP, Minister for Tourism and Heritage at the Department for Culture, Media and Sport (DCMS).

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