Betfair has settled a three-year agreement with British Racing (BR), taking advantage of the controversial Authorized Betting Partner model.
Rate Card
Betfair will be contributing a certain percentage of racing revenues from their sportsbook based on a rate card developed by BR, the British Horseracing Authority (BHA), the Racecourse Association and the Horsemen’s Group. This rate card is due to be published today and is thought to form part of the new Members Agreement which BR claimed was designed to represent a fair contribution from bookmakers. Numerous operators, including William Hill and Ladbrokes, have since challenged this.Nevertheless, Betfair will continue to contribute under the voluntary five-year agreement with BR they already have, though the first year of the ABP deal with replace the final year of the existing agreement. Bet365 and 32Red also hope to become ABPs soon.
‘Enlightened Approach’
BHA Chief Executive Nick Rust has welcomed the ‘enlightened approach’ from Betfair and is delighted by the deal. “Betfair clearly values our sport and recognizes the interdependence between racing and betting, as well as the benefits associated with being an ABP,” he added.Betfair chief operating officer Mark Brooker expects that the deal will be favoured by racing punters. “Racing fans have a wide choice of betting platforms and are often highly knowledgeable and discerning customers,” Brooker said. “We work hard to provide the best possible betting product and hope the knowledge that we support British Racing resonates with punters and gives them yet another reason to bet with Betfair.”Although settling an agreement with BR isn’t mandatory, those who don’t will be prohibited from marketing or sponsoring race meetings held by Jockey Club Rasecources and Arena Racing Company, who operate half of the racecourses in Britain.That said, the ABP model isn’t receiving a positive reaction from everyone, and could even result in multiple long-term bookmaker-racing partnerships coming to an end.After pulling its sponsorship of the Cheltenham Gold Cup and Sprint Cup at Haydock, Betfred owner Fred Done stated he would ‘walk away’ from the sport, whilst former William Hill chief executive Ralph Topping told Gaming Review that operators will relocate their horseracing sponsorship budgets.
3 Year Deal
Earlier today, Coral announced that it had signed a three-year deal with Leopardstown Racecourse’s seven-race Hurdle Meeting, now named Coral.ie Hurdle Meeting.“This is Coral’s first sponsorship venture in Irish horseracing and it gives us the perfect platform to promote the Coral name, our passion for horseracing, and the benefits of our online and mobile betting service to Irish racing fans and punters,” Coral director of media Simon Clare stated.