Tote and Britbet come together to sponsor the ROA Owners' Sponsorship Scheme
Thursday 28th November, 2019
The Tote and Britbet are delighted to announce they will be the new sponsors of the Racehorse Owners’ Sponsorship Scheme (“the Scheme”) from 1st January 2020.
The Scheme is one of the principal benefits offered to members of the Racehorse Owners Association (“ROA”) who currently total over 7,900.
The deal makes it possible for racehorse owners to register as a business for VAT purposes. This means that owners can reclaim VAT on their racing activities as well as on the purchase price of their horse. The Scheme was initiated in 2004 and enables ROA members to reclaim an estimated £6 million of VAT each year, in addition to providing annual sponsorship payments for joining the Scheme.
The Tote and Britbet have agreed to jointly fund the Scheme which will see all owners included on the Scheme carrying the new Tote logo on their silks from 1st January 2020 [pictured below].
Charlie Liverton, Chief Executive of the ROA, said: “This agreement is fantastic news for racehorse owners, and we extend our gratitude to the new team at the Tote and Britbet and their racecourse partners for coming together to support this important Scheme. We were keen that a new sponsor was from within the racing family and are pleased to be working with Britbet and the Tote as they develop the pool betting experience for racing fans.
“With the number of horses in training remaining under pressure, this is a vital mechanism and the fact that Tote and Britbet have committed to support the Scheme secures its future.”
Alex Frost, Chief Executive of the UK Tote Group, said: “We are committed to ensuring the Tote makes a positive contribution to British racing. Owners are absolutely crucial to the future success of the sport and we are delighted to be able to work with our racecourse partners Britbet to support this important scheme. We look forward to seeing the new brand across owners’ silks next year while we continue our plans to rejuvenate the Tote.”
Nigel Roddis, Managing Director of Britbet added: “This is a critically important scheme for the whole sport and the racecourses that form the Britbet partnership are pleased to be able to support it. Field sizes are key to betting revenues, so it makes sense for our racecourse partners to provide this support for owners. “
Racehorse Owners’ Sponsorship Scheme
The Owners’ Sponsorship Scheme provides a simple means by which owners can recover VAT on their racing activity.
With the cost of keeping a horse in training costed at over £20,000 a year, an owner can expect to reclaim around £4,000 in training fees and the purchase price of the horse.
VAT is recoverable on costs that are invoiced to the VAT registered entity for relevant supplies and should normally be fully recoverable on: racehorse purchase; training fees; gallop fees; veterinary fees; farrier costs; transport of the horse; jockeys riding fees and retainers; and entry fees (BHA administration element only). There are other aspects that can be recoverable for VAT purposes, for example charges by professional advisers, travel costs and livery yard fees.
For more information about the UK Tote Group please visit www.uktotegroup.com and follow us @UKToteGroup and @ToteRacing.
ENDS.
For further information, please contact:
Susannah Gill
Communications and Corporate Affairs Director
UK Tote Group
susannah.gill@uktotegroup.com
07751 870 929
Notes to Editors
About UK TOTE GROUP
UK Tote Group is the proud owner and steward of the Tote, the UK’s leading pool betting operator.
The Tote has been a core part of British horseracing since 1928 when it was established by Parliament under Winston Churchill as Chancellor of the Exchequer, to provide the public with a safe way to bet and vital funding for the sport.
UK Tote Group is committed to fulfilling Churchill’s founding mission through a revitalised Tote which provides better value and an improved experience to customers, as well as increased funding to British horseracing.
The 90-year-old British company is backed by racehorse owners and breeders from around the world and has an exclusive partnership with 55 British racecourses to provide pool betting services to the six million people who attend race meetings in Great Britain every year.
The Tote employs 90 people who are based in the Tote’s main office in Wigan and a satellite office in London.
About the Racehorse Owners Association
The ROA has been promoting the interests of racehorse owners in Great Britain since 1945 and has a membership of over 7,800. It is one of the British Horseracing Authority’s shareholders and is a member of the Horsemen’s Group.
It plays a central role in British racing politics and finance. The ROA has a Board of 12 members, who are elected through ballot amongst all members of the ROA. The current ROA President is Nicholas Cooper. The ROA is funded almost entirely from membership income.
Twitter: @RacehorseOwners; and Facebook: RacehorseOwnersUK
About Britbet
Britbet is a partnership of 55 British racecourses that provides a number of services to racecourses, most prominently the provision of on-course pool betting services. For betting on GB racing, bets taken on-course by Britbet staff are transmitted to the Tote for commingling with bets taken off course.