Last week Betfair, an online betting exchange, signed a deal with British horse racing organisers which will allow a minimum of £40 million worth of funding to be used over the next five years.
I think that this deal has come at a good time: it will inject a secure and healthy sum of money to keep horse racing alive in this country.
The sport still attracts a huge audience within the UK, but I feel that numbers may have slipped due to the bad press the Grand National had, both this year and in 2011.
To me, the Grand National receives the most media attention in this country: it is arguably the only horse racing event that will attract an 'office sweepstake' and therefore appeal to a wider audience.
Recent posts on my blog describe my thoughts towards the Aintree event and I am saddened by how many people I have come across still base their views of horse racing on the Grand National.
However, in return of this deal, the sport has pledged a minimum number of fixtures every year and offers to maximise betting opportunities.
In my opinion, this move will give a boost for the horse racing industry as it will bring a large number of benefits to the sport: a guaranteed price will support it over the next few years as well as a certainty towards its future.
The agreement will give 10.75 per cent of all revenues on horse racing taken from its UK customers and will come into effect from the 51st Levy Scheme.
Paul Bittar, Chief Executive of the British Horseracing Authority, said that the agreement "represents a landmark for both racing and betting industries".
And you know what, I think he could be right on this one.
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