In Britain, bookmakers and the Horseracing Betting Levy Board have reached a £72.4-million deal for the 51st edition of the betting levy, and, according to a report, the British Horseracing Authority is not too pleased about its end of the bargain

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According to an article by the BBC, the deal will see offshore bookmakers that take action on British racing will pump £72.4-million into the horse racing industry in 2012.

"The sport does have a degree of certainty moving forward, and can immediately finalize the 2012 fixture list, but our return from the betting industry remains far lower than our commercial value, and the levy remains unreflective of the modern betting environment," BHA Chairman Paul Roy said via release.

He went on to say, "Offshore operators and the failure to address betting exchanges' different business model are still costing racing vital revenues;" and that, "This year's last-minute discussions have again laid bare the imperfect and out-dated processes within the levy mechanism."

(With files from the BBC)