Betfred ditch Derby sponsorship and blame Healey Budget tax hikes

Betfred have ended their sponsorship of the Derby, attributing the decision to Chancellor John Healey's tax increases in the recent Budget. The company had signed agreements to sponsor five major British racing events, including the Derby and Oaks at Epsom, the St Leger at Doncaster, and the 1,000 and 2,000 Guineas at Newmarket.

However, the tax hikes by both Rachel Reeves and Healey, as well as the increase in machine games duty, have significantly reduced the available funds for horse racing, leading to Betfred's decision. Betfred's spokesperson expressed regret over the situation, stating that it was a difficult decision to make. The gambling firm also announced a withdrawal from sponsoring rugby's Super League, which has cost the sport £1 million annually.

Fred Done, the owner of Betfred, told the Financial Times that the lack of betting shops would not stop people from gambling, and without government controls, there would be no taxes and no funding for horse racing. Amy Starkey, from the Jockey Club, acknowledged the disappointment but understood Betfred's reasons for the decision.

She noted that they are currently in talks with various interested parties who share the club's goals for the future of the Derby and the Guineas Festival at Newmarket.