By Karim Hammam
Betfred has announced it will end its sponsorship of all five British Classics following the increase in machine games duty in the recent Budget.
The bookmaker's chairman and co-founder, Fred Done, had warned that the sponsorships would be withdrawn if Chancellor John Healey raised the duty. The Budget increased machine games duty from 20% to 25%, prompting Betfred to claim over 1,000 jobs are at risk in its shops.
The sponsorship deals covered the 1,000 and 2,000 Guineas at Newmarket, the Derby and Oaks at Epsom, and the St Leger at Doncaster. Betfred took on the Derby, Oaks and St Leger in 2023 and added the Newmarket Classics in a deal running from 2025.
A Betfred spokesman said the decision was made with great sadness due to successive tax rises. Amy Starkey, managing director of the Jockey Club's London Hub, expressed disappointment but understanding, noting that conversations with prospective partners are underway.
