Online gambling operator BetVictor has signed a three-year agreement with the British Horseracing Authority, this becoming the latest Authorised Betting Partner. Under the terms of the deal, BetVictor will be seen making a voluntary contribution to the racing industry, which will be based on the profits it generates from the sport from its UK-based gambling customers.
In exchange, the company will be able to use certain promotional and kitemark benefits. In addition, the Authorised Betting Partner designation will offer BetVictor the chance to secure commercial agreements with participating racecourses.
Commenting on the three-year deal, Andreas Meinrad, CEO of the online gambling company, said that they are really proud to become the latest Authorised Betting Partner of the British Horseracing Authority as BetVictor has quite a rich heritage in that particular sport and wants to be part of its future “growth, sustainability, and success.”
Mr. Meinrad further noted that not joining the initiative would have done their customers’ disservice. In addition, BetVictor’s move would resonate with gambling customers of fellow operators that have chosen not to become part of the program, the official said.
The executive concluded that exciting times are coming for both his company and the British horseracing industry and that they are looking forward to creating “a close, long, and successful” relationship with the British Horseracing Authority.
Nick Rust, CEO of the regulator, said that they are delighted with the gambling operator’s decision to become an Authorised Betting Partner and that they are looking forward to working with the company and helping it grow its racing business.
The Authorised Betting Partner initiative was officially introduced on January 1, 2016. It aims at rewarding online gambling operators that have agreed to pay a certain contribution to the industry. In exchange, they receive the official Authorised Betting Partner designation and are allowed to fully utilize their relationship with the sport and its regulators to promote and grow their own business.
By signing the three-year agreement, BetVictor has joined gambling operators 32Red, bet365, and Betfair, which are already deemed Authorised Betting Partners. The British Horseracing Authority has previously revealed that gambling companies William Hill, Ladbrokes, Coral, and Betfred, which are currently the leading operators of High Street betting shops in the UK, contributed the amount of £4.5 million in 2014 and if their future contributions meet the agreed criteria, they will, too, be designated Authorised Betting Partners.
