British horse racing faces funding crisis after gambling tax hikes
Major betting firms are scaling back their financial support for British horse racing. The cuts follow recent tax hikes on gambling announced by Chancellor Rachel Reeves. Several operators have already confirmed reductions in sponsorship and marketing budgets.
The government raised the remote sports betting duty—excluding horse racing—from 15% to 25%. Online casino taxes also jumped from 21% to 40%. These changes were part of a broader push to increase revenue from gambling operators.
The Department for Culture, Media and Sport (DCMS) suggested that bookmakers might redirect tax savings into other gambling products rather than racing. However, the industry warned that higher costs could push some high-risk bettors toward unregulated black market sites.
Bet365 and Coral were among the first to announce sponsorship cuts. Flutter Entertainment, owner of Paddy Power, and Evoke, which owns William Hill, also revealed plans to reduce their racing-related spending. The DCMS later admitted that its initial £2bn tax revenue estimate from the new rates was likely overstated.
The tax increases have already triggered a drop in funding for horse racing. With major operators reducing sponsorship, the sport faces financial uncertainty. The government's revenue projections now appear less certain as the industry adjusts to the new tax burden.
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