The UK government has confirmed its plans to impose a ‘racing right’ that would require bookmakers to ante up a percentage of race betting revenue to the racing industry.

In December, Chancellor George Osborne announced that the government was consulting on the introduction of a Horserace Betting Authorization to replace the much-loathed annual race betting Levy. On Wednesday, just six days after that consultation closed, Osborne delivered his 2015 budget, which says the new Horserace Betting Right will “apply to all bookmakers wherever located, who take bets from British customers on British racing and will be administered directly by the racing industry.”

The racing industry has long complained that UK-facing online bookies based in jurisdictions like Gibraltar weren’t compelled to contribute to the Levy scheme. The new betting right closes this loophole, much as December’s introduction of the 15% online point-of-consumption tax eliminated much of the financial advantages of a Gibraltar online gambling license.

No info was offered as to the rate of this racing right, but the consultation document envisioned three possible scenarios: 10.75% (equal to the current Levy scheme), a ‘central’ rate of 30% and a high rate of 50%. Should either of the latter rates be implemented, bookies will pass on the costs to consumers, who will invariably seek out more cost-effective alternatives with online bookies not holding a UK license, thereby depriving racing of the extra revenue it so desperately craves. So, er, well done, racing.