Betfred ends sponsorship of British Classic races due to tax hikes

Gambling operator Betfred has announced it will not renew its sponsorship of the five British Classics, including the Derby, Oaks, St Leger, and the 1,000 and 2,000 Guineas. The company cited successive tax increases, specifically the rise in machine games duty (MGD) from 20% to 25% in the latest UK government budget, as the primary reason for the decision.

Betfred chairman Fred Done had previously indicated that the firm would withdraw support if Chancellor John Healey increased the duty. A company spokesperson stated that the cumulative cost of government policy left them with no choice but to end the three-year renewal. Betfred warned that the tax changes could jeopardize approximately 1,420 jobs across its operations.

The withdrawal affects partnerships with the Jockey Club and Arena Racing Company. While the Jockey Club expressed disappointment, officials noted they are currently in discussions with prospective partners to support the future of these events.