Norway announces new distribution of Norsk Rikstoto profits

The Norwegian Ministry of Food and Agriculture have established new regulations, formalising the revenue share received by the different national equestrian organisations from Norsk Rikstoto.

Under the new rules, the profits distributed to these various bodies will be formalised, with each organisation receiving a set percentage of the proceeds. This differs from the repealed regulations in which the Ministry had far more discretion over where the profits were distributed.

Gambling on horse racing in Norway is supervised by the state-owned monopoly of Norsk Rikstoto, which collects all legal pari-mutuel bets on the vertical. The profits from this company are then shared among a variety of Norwegian equestrian organisations in order to support the sport.

Distribution of profits

The new regulations outline that the Norwegian Trotting Association, the national harness racing association, is to receive 82% of the profits. The Ministry says that the grant will be used in order to support the development of Norwegian harness racing, horse breeding and keeping. This will be accomplished through grants to racetracks, prizes for those working in the industry, support for voluntary activity and investments in training facilities.  

The Ministry also say that Norwegian Gallop – the country’s horse racing association – will receive 9.2% of the profits from horse racing bets. This horse racing authority will be directed to use the money in a similar way to the Norwegian Trotting Association, by investing money in infrastructure and individuals involved in industry.   

The final portion of the profits, amounting to 5.8%, will be distributed to the Norwegian Horse Centre, a foundation that aims to promote the quality of horse keeping and breeding. The Ministry said it will provide further guidance to the organisation about how the use the funds.  

In December, the Norwegian government announced it would be extending Norsk Rikstoto’s monopoly for a further 10 year term, making the Nordic country one of the last in Europe to retain such a system.

Source: Read Full Article