Wednesday 27 August 2014 12:36, UK
Sports Minister Helen Grant has announced a consultation on modernising the betting levy.
The 10-week consultation will ask for views on two options - reforming the existing levy and replacing it with a bespoke statutory framework.
Grant said: "Horseracing and betting have grown together over the last 200 years with each helping to shape the other. They have a unique and entirely interdependent relationship.
"The levy is a fine idea that helps maintain the health of the sport but it is not working as well as it should.
"It urgently needs to reflect the modern reality of horseracing and betting and the consultation will help us determine how best to bring it up to date."
The government has ruled out keeping the levy unchanged, while at the same time stating it will not be scrapped without a replacement.
The government said it does not prefer either reforming or replacing the levy at this point.
There are no plans to extend the levy to other sports.
