The ROA has announced that the Tote and Britbet will sponsor the Racehorse Owners’ Sponsorship Scheme (“the Scheme”) from January 1 2020.
The Scheme is one of the principal benefits offered to ROA members, 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 January.
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.”
The Racehorse Owners Association (ROA) has around 8,000 members and promotes and protects the interests of racehorse owners in Great Britain. Since 1945 they have been making members’ racehorse ownership more cost-effective and enjoyable.
To find out more about the ROA, visit their website here