BetVictor joins British Racing's Authorised Betting Partner scheme
The operator joins bet365, 32Red and Betfair in agreeing to pay 7.5% of online profits derived from UK horseracing
BetVictor has followed bet365, 32Red and Betfair to become the fourth online-only operator to join British Racing’s Authorised Betting Partner (ABP) scheme.
As part of the three-year deal, the operator will pay 7.5% of its digital UK horseracing profits in exchange for access to exclusive marketing and commercial opportunities across the sport.
The operator’s chief executive, Andreas Meinrad, said the partnership came at an “exciting time” for both BetVictor and the British horseracing industry.
“BetVictor has a rich heritage in the sport, and we want to play our part in ensuring the long term growth, sustainability and success of British horseracing,” Meinrad said.
“We feel we would be doing our customers a disservice by not getting behind this initiative and believe it will resonate with customers of other companies who choose not to sign up,” he added.
The controversial partner scheme was first announced in October and has since been criticised by a number of firms including Betfred, Coral and Ladbrokes due to the 7.5% online rate, in addition to the current 10.75% retail levy.
So far no operator with a retail estate has signed up to become an Authorised Partner.
“We are delighted that BetVictor has chosen to become an Authorised Betting Partner and that they recognise the benefits of a three-year deal with British Racing,” Nick Rust, chief executive of the British Horseracing Authority, said.
“We look forward to working with them to grow their racing business, and to seeing their name on British racecourses,” Rust added.
Today’s news comes amid reports Ladbrokes has decided to close its shops at next month’s Cheltenham Festival after being replaced by Ryanair as sponsor of the World Hurdle.