Israel racing ban proves costly for government

The government of Israel has settled a claim by Britain’s GBI Racing for GBP 5 million after the country banned horserace betting, resulting in the early termination of a contract between GBI and the Israel Sports Betting Board that was due to run through 2018.

It could have been a lot more expensive – the original claim was for GBP 43 million, according to a Racing Post report.

Betting on the horses had a short run in Israel; it debuted in 2013 but quickly became a premier source of revenue for GBI before it was banned late last year.

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