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Betfred ends sponsorship of five British Classics after duty increase

Deals & M&A1 min read

Betfred will not renew its three-year sponsorship of the 2,000 Guineas, 1,000 Guineas, Derby, Oaks and St Leger after the UK budget raised machine-game duty to 25%. The company said successive tax rises informed its decision; The Jockey Club said it was disappointed and was discussing potential replacement sponsors.

Betfred is ending its sponsorship of all five British Classics after the latest UK gambling tax increase, according to the bookmaker. The expiring three-year deal covers the Derby, Oaks, St Leger, 2,000 Guineas and 1,000 Guineas.

Machine-game duty rose by 5% to 25% in the Labour government's latest budget. The bookmaker said the combined cost of government policy had forced its decision. Founder Fred Done had earlier warned that a tax rise would make the company reassess its racing sponsorship commitments.

All five races came under the Betfred name in 2025, completing a project Done had pursued for years. The sponsorship's value has not been disclosed publicly, though the contribution is believed to have reached millions of pounds. Betfred also closed 132 shops this summer, with hundreds of employees losing their jobs because of the same tax increase, a spokesperson said.

The Jockey Club expressed disappointment while acknowledging the bookmaker's position; it runs the Derby at Epsom and Newmarket's Guineas Festival. Talks with prospective replacement sponsors were already taking place, said Amy Starkey, managing director of the club's London Hub.

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