By Basant El-Faramawy
Betfred has terminated its sponsorship of all five British Classics following a tax increase announced in the recent Budget. The bookmaker cited Chancellor John Healey's decision to raise machine games duty from 20 per cent to 25 per cent, which it says puts more than 1,000 shop jobs at risk.
Budget Decision Triggers Withdrawal
The increased duty creates a cumulative financial burden that left Betfred with no choice but to withdraw from a three-year renewal of the sponsorship deals. The company stated that government policy made the continuation untenable.
Affected Races
The sponsorship covered the 1,000 and 2,000 Guineas at Newmarket, the Derby and Oaks at Epsom, and the St Leger at Doncaster. Betfred had backed the five Classics for three years.
Jockey Club Seeks New Partners
The Jockey Club expressed disappointment over the decision but confirmed it is already in discussions with prospective replacement partners for the prestigious races.
