Betfred halts British Classics sponsorship after Budget announcement on tax duty

• Betfred has decided to terminate 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 puts over 1,000 shop jobs at risk.
• The impacted sponsorship deals cover the 1000 and 2000 Guineas at Newmarket, the Derby and Oaks at Epsom, and the St Leger at Doncaster.
• Betfred stated that the cumulative financial burden of government policy left the company with no choice but to withdraw from the three-year renewal.
• The Jockey Club expressed disappointment over the decision but confirmed it is already in discussions with prospective replacement partners.

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Betfred ends sponsorship of all five British Classics because of Budget