Parties involved fail to reach agreement ahead of settlement deadline.
The government will be responsible for determining the 50th Horserace Betting Levy after the parties involved failed to reach agreement ahead of the deadline for a settlement on 31 October 2010.
The annual scheme is a levy on the profits of bookmakers from betting on horse racing, that goes towards funding the sport of racing through prize money, integrity services, veterinary science, training initiatives and breeding programmes.
“It’s a big disappointment that the racing and gambling industries have failed to sort this out - but frankly the government should never be the last resort in an essentially commercial negotiation,” said Jeremy Hunt, Culture Secretary. “We have therefore announced our intention to remove the role of the Secretary of State from determining the Levy scheme in future - and I hope this time will be the very last one that I have to be involved.”