Intensified Struggle by BHA against Proposed Betting Tax Increase, Fueled by Concerns over Industry's Potential Demise
The British horse racing industry is bracing itself for a potential financial blow, as a proposed tax hike on remote gambling could have far-reaching consequences for the sport's future.
The British Horseracing Authority (BHA) has launched a campaign titled "#AxeTheRacingTax," urging fans and industry stakeholders to join forces and oppose the tax hike. The BHA believes that this move could potentially devastate the industry, leading to job losses and even racecourse closures.
The proposed tax hike aims to align horse racing betting tax rates with those imposed on internet casino gaming, raising the current 15% rate to at least 21%. If the tax rises further, losses could escalate significantly, with potential annual losses of £97-126 million if the rate reaches 25-30%, and around £160 million if it reaches 40%.
Key racing hubs such as Yorkshire and Gloucestershire could take a substantial hit. Yorkshire, home to York Racecourse, could potentially lose £37 million ($49.4 million) and over 300 jobs in a single year. Gloucestershire, home to Cheltenham Racecourse, could also face significant economic challenges.
These figures are now under threat due to the government's failure to consider the unintended consequences and ripple effects of a sudden tax hike. The BHA has commissioned a new economic study to assess the potential impact of the tax hike on the horse racing industry, and the results paint a bleak picture.
The BHA's CEO, Brant Dunshea, has stated that the latest research provides a much more catastrophic forecast than initially thought. He believes that the government's plan misunderstands the differences between sports betting and games of chance, and ignores the complex ecosystem that sustains the horse racing industry.
The racing sector is preparing to take further action to make their case heard and protect one of the nation's oldest and most beloved sports. A petition is currently underway, seeking to force the government to reconsider the tax hike before the Autumn Budget. The BHA has received support from a coalition of high-profile racing stakeholders, including the Jockey Club, Racehorse Owners Association, and Arena Racing Company.
With the Autumn Budget looming, the message from the racing sector is clear: raise the tax, and risk watching the sport wither. Together, they hope to represent a united front and inspire rising public pressure to reexamine the contentious policy before the Chancellor finalizes plans later this year.
Horseracing is one of the UK's biggest sports, attracting more than five million fans each year and contributing more than £4 billion ($5.34 billion) to the economy annually. If the proposed tax hike goes ahead, this could all be at risk.
The BHA is encouraging everyone who cares about the future of British horseracing to join the campaign and help protect this historic industry. The future of racing could depend on it.
Sources:
- BHA warns of 'devastating' impact of tax hike on horse racing
- British Horseracing Authority launches campaign against tax hike
- Government plans to increase betting duties could 'devastate' horse racing, says BHA
- BHA warns of 'devastating' impact of tax hike on horse racing
- The British Horseracing Authority (BHA) is urging fans and industry stakeholders to join the "#AxeTheRacingTax" campaign, fearing that a potential tax hike on remote gambling could have devastating effects on the horse racing industry, including job losses and racecourse closures.
- The proposed tax hike aims to align horse racing betting tax rates with those imposed on internet casino gaming, but if the rate reaches 40%, the horse racing industry could potentially lose £160 million annually.
- The horse racing sector, including the Jockey Club, Racehorse Owners Association, and Arena Racing Company, has joined forces with the BHA to express concerns about the potential impact of the tax hike on sports betting and the broader horse racing industry.
