Ladbrokes Coral has entered into a media rights deal with The Racing Partnership (TRP), a joint venture set up by Arena Racing Company and seven independent racecourses to promote betting on UK racing.

Described as the first of its kind, the deal is based purely on a profit-sharing model and provides Ladbrokes Coral with broadcast coverage from TRP's 22 racecourses, as well as coverage of South African racing.

The races will be broadcast across the company's 3,820 betting shops and online via Ladbrokes, Coral and Betdaq.

Ladbrokes Coral has been unable to broadcast TRP races until now, having originally refused to sign up for a standard agreement when TRP launched its channel for licensed betting offices in January 2017. The standard agreement required operators to pay a base rate for media rights plus a share of profit.

The bookmaker said that following the reform of the Horserace Betting Levy, retail and online operators have been incentivised to improve the UK horse racing product.

"We are pleased to have struck a deal with The Racing Partnership which gives us a joint incentive to grow the sport," Ladbrokes Coral chief executive Jim Mullen said.

"Horseracing is part of our heritage and, despite the vast choice of sports to bet on in the modern era, it remains a core product for our business, so it is a positive development that once again all our customers, in shops and online, can enjoy a full range of horseracing action."

"We are delighted to have agreed this deal with Ladbrokes Coral," Arena Racing Company CEO Martin Cruddace said. "It is testament to the symbiotic nature of racing and betting that we have been able to agree a deal based on sound commercial principles for both parties.

"I am very grateful for the patience and support of my shareholders," Cruddace added. "We look forward to working with everyone at Ladbrokes Coral as we move into a new era of collaboration and co-operation."

Shares in Ladbrokes Coral Group plc (Co.Data) (LSE:LCL) were trading down 1.10 per cent at 117.40 pence per share in London Monday morning.