My hon. Friend is absolutely right.
I want to touch on the levy, because a number of Members have suggested that we should be compelling companies that are currently offshore to pay it, just as onshore companies have to. I think that argument is a bit of a red herring. There is a perfectly clear and respectable argument for those offshore to pay the same as those onshore, including the levy, but I do not think that it would make a fat lot of difference to the money raised from the levy going from bookmakers to racing.
I am delighted that an agreement has been reached between racing and bookmakers, but in my view, and that of others, including the hon. Member for Bradford South, who are better qualified than me to decide whether what I am saying is right, it seems that Ministers decide at the start how much the gambling industry should contribute towards racing—perhaps arriving at a figure of around £75 million—and then come up with a mechanism on the levy to deliver that.
If offshore companies are included in the levy, my suspicion is that exactly the same thing will take place. The Minister will think that £75 million is about right and will then change the mechanism so that it delivers that amount. Those people in racing who think that that is a way to get an awful lot more money from the betting industry are simply misguided, although I can see why they think it. It would not generate any more money; it would just change the formula by which these things are calculated.