Betfair Signs As British Racing Abp

British Racing and Betfair have agreed a three year funding arrangement supported by the new Authorised Betting Partner (ABP) initiative.

The new deal will see Betfair contribute an agreed percentage of its racing revenues from its exchange and sportsbook for three years from April 2016.

The percentage is based on a new rate card developed by British Racing – the British Horseracing Authority (BHA), the Racecourse Association and the Horsemen’s Group, operating under the new members agreement – which is designed to represent a fair contribution in the current environment.

Those companies that sign up under the new rate card, with Betfair being the first, will benefit from being associated as an ABP, including use of a kitemark and promotional benefits as part of a marketing campaign to be rolled out across the sport.

Betfair has already benefited from its ABP status in acquiring the title sponsorship of the Tingle Creek Chase at Sandown Park.

Speaking on behalf of British Racing, BHA chief executive Nick Rust said: “We are delighted to have signed up our first ABP under a multi year deal, and welcome the enlightened approach taken by Betfair.

“They clearly value our sport and recognise the interdependence between racing and betting, as well as the benefits associated with being an ABP, in particular from the commercial parties in British Racing that are signing up to the model.

“It is vital for the sport, and the tens of thousands of people deriving their livelihoods from it, that we move our funding from our biggest customer group on to a more sustainable footing, including taking the necessary steps prior to the introduction of the Horserace Betting Right to incentivise digital businesses to make a contribution back to British Racing.” 

Following the announcement of the ABP initiative in November, Jockey Club Racecourses stated that partnership rights for the Cheltenham Gold Cup and Haydock’s Sprint Cup Festival were available after contract renewal with previous partner Betfred was not possible.

Since the announcement, British Racing has confirmed that Bet365 and 32Red have also committed to funding agreements with the sport, in line with the Authorised Betting Partner model.