The Israeli government is handing GBI Racing distributor £4.9m in compensation after a ban on horse betting came into force.
GBI had a contract to supply coverage of British and Irish racing to the Israel Sports Betting Board, that was due to run through to August this year – but was forced to end operations after the ban was introduced at new year.
“The closure is a shame,” the company told the Racing Post, “given the giant strides GBI Racing has made in the four and a half years.”
Despite Israel having “no history of horseracing, no infrastructure to facilitate betting on horseracing, and had no real affiliation with a uniquely British product,” the partnership had delivered “substantial revenues and funding to UK and Irish racecourses.”
“It is now up to GBI Racing to fill that hole by increasing revenues in existing and new markets. We are already excited about opportunities in Italy and Africa, for example.”