British horse racing took a stand on Wednesday by suspending all scheduled race meetings to protest a proposed increase in betting tax. The races at Carlisle, Uttoxeter, Lingfield, and Kempton were rescheduled to convey a unified message against the government’s plan to raise the tax from 15% to 21%, aligning it with other forms of gambling like casinos and slots.
This move, part of the ‘Axe the Racing Tax’ initiative, aims to demonstrate the industry’s opposition to what they perceive as a significant threat to the sport’s future. The British Horseracing Authority is urging the government to reconsider the tax hike, emphasizing the economic and cultural importance of horse racing to the nation.
Experts warn that the proposed tax increase could lead to a £330 million revenue loss for racing over five years and potentially result in 2,700 job losses in the first year alone. Additionally, there are concerns that betting operators might adjust odds unfavorably for punters, potentially driving them towards alternative betting options or even illicit bookmakers.
Horse racing stands as the second-largest spectator sport in the UK, attracting nearly 5 million attendees annually. The industry provides direct employment to 85,000 individuals and contributes significantly to the economy, generating £4.1 billion in annual economic impact and £300 million in tax revenues.
The four originally planned race meetings on September 10 at Lingfield, Carlisle, Uttoxeter, and Kempton were rescheduled, leaving a day devoid of racing on the calendar. A lobbying event is set to take place in Westminster, where racing representatives, including trainers, jockeys, and MPs, will advocate for their cause. The industry is estimated to incur a £200,000 revenue loss due to the day of inactivity.
While British racing is halted, betting shops will still feature racing from Ireland’s Cork, as well as international events at Happy Valley in Hong Kong and Compiegne in France, providing some alternatives for punters during the suspension period.