British Horse Racing Sector Breathes Sigh of Relief as Chancellor Reeves Spares Sport from Tax Hike.
The British Horseracing Authority has welcomed the budget announcement made by Chancellor Rachel Reeves, which confirmed that horse racing will remain exempt from tax hikes on online casino gaming and betting. The move follows a seven-month campaign led by the slogan "Axe The Racing Tax", launched in response to a Treasury proposal to harmonise the duty paid on betting and gaming at a single rate.
Instead of a one-size-fits-all approach, Chancellor Reeves opted for a new regime on gambling duty with a focus on online games of chance. Remote Gaming Duty (RGD) is set to almost double from 21% to 40%, mainly affecting online slots and casino games. Online betting on sports other than racing will see its tax rate rise from 15% to 25%. However, there is no change in the rate for machine gaming or sports betting in high-street shops.
Lord Charles Allen, chair of the British Horseracing Authority, expressed his gratitude to Chancellor Reeves and the government for their support. He said that the decision acknowledges horse racing as a vital part of Britain's way of life and a global soft power lever. The sport is expected to benefit from the changes, with a more level playing field for online operators.
Martin Cruddace, chief executive of Arena Racing Company (Arc), hailed the decision as a significant victory for the industry. He noted that the harmonisation of tax rates would have had a devastating impact on British racing and praised Chancellor Reeves' willingness to differentiate between different types of gambling products.
The new regime is closely aligned with proposals put forward by the Social Market Foundation (SMF) thinktank in July, which advocated for a significant increase in online gaming duty. Former Prime Minister Gordon Brown also intervened in the debate, calling for a substantial rise in online gaming duty.
Dr James Noyes, one of the authors of the SMF report, welcomed the decision, stating that it mirrors their proposals and ensures that operators pay their fair share. The additional £26m allocated to combat unlicensed gambling is seen as a positive step by industry stakeholders.
Brant Dunshea, acting chief executive of the British Horseracing Authority, expressed his commitment to growing the sport and working with betting operators. He noted that horse racing's fragmentation has been addressed through the campaign, resulting in an increasingly powerful voice for the industry when engaging with government.
The British Horseracing Authority has welcomed the budget announcement made by Chancellor Rachel Reeves, which confirmed that horse racing will remain exempt from tax hikes on online casino gaming and betting. The move follows a seven-month campaign led by the slogan "Axe The Racing Tax", launched in response to a Treasury proposal to harmonise the duty paid on betting and gaming at a single rate.
Instead of a one-size-fits-all approach, Chancellor Reeves opted for a new regime on gambling duty with a focus on online games of chance. Remote Gaming Duty (RGD) is set to almost double from 21% to 40%, mainly affecting online slots and casino games. Online betting on sports other than racing will see its tax rate rise from 15% to 25%. However, there is no change in the rate for machine gaming or sports betting in high-street shops.
Lord Charles Allen, chair of the British Horseracing Authority, expressed his gratitude to Chancellor Reeves and the government for their support. He said that the decision acknowledges horse racing as a vital part of Britain's way of life and a global soft power lever. The sport is expected to benefit from the changes, with a more level playing field for online operators.
Martin Cruddace, chief executive of Arena Racing Company (Arc), hailed the decision as a significant victory for the industry. He noted that the harmonisation of tax rates would have had a devastating impact on British racing and praised Chancellor Reeves' willingness to differentiate between different types of gambling products.
The new regime is closely aligned with proposals put forward by the Social Market Foundation (SMF) thinktank in July, which advocated for a significant increase in online gaming duty. Former Prime Minister Gordon Brown also intervened in the debate, calling for a substantial rise in online gaming duty.
Dr James Noyes, one of the authors of the SMF report, welcomed the decision, stating that it mirrors their proposals and ensures that operators pay their fair share. The additional £26m allocated to combat unlicensed gambling is seen as a positive step by industry stakeholders.
Brant Dunshea, acting chief executive of the British Horseracing Authority, expressed his commitment to growing the sport and working with betting operators. He noted that horse racing's fragmentation has been addressed through the campaign, resulting in an increasingly powerful voice for the industry when engaging with government.
but chancellor reeves is literally a lifesaver!!1! it makes total sense that online slots and casino games get taxed more tho, i mean who doesn't love a good game of roulette or slot machine? 
anyway, im just glad the industry can breathe a sigh of relief now 
and all the extra cash from combating unlicensed gambling is def a plus 
. The new regime on online gaming duty makes sense, it's about time the industry pays its fair share 
. I'm loving how they've differentially taxed various forms of gaming, it's all about fairness and making sure everyone contributes equally 
. Plus, that extra £26m to combat unlicensed gambling is like a breath of fresh air 
. It shows the government is listening to industry concerns and wants to grow the sport 
but its good to know chancellor reeves stepped in and spared our beloved british horse racing 
its like she knew the whole country was counting on that sport as a way of life, you feel? 
? but seriously though, this is a big win for the industry and its awesome to see them standing up for themselves 
cant wait to see what other surprises chancellor reeves has in store for us 
finally some good news about horse racing! I was worried that tax hikes would put a major dent on this beloved British sport 
. But yay Chancellor Reeves for not going down that path! It's all about finding that balance between online gaming and sports betting - I think the new regime makes sense 
. A 40% Remote Gaming Duty is still pretty steep, but at least it's not as bad as a one-size-fits-all approach 
. The industry's been fighting for this, and it's great to see some progress 
does that really create a "level playing field" for operators or is it just a way to squeeze 'em dry 
for the sector, which has been advocating for this exemption since the Treasury proposal was made. The new Remote Gaming Duty (RGD) regime, which will see online slots and casino games subject to almost double the tax rate from 21% to 40%, is a pragmatic approach that acknowledges the differences between various forms of gambling products. It's a significant victory for the industry, with Arena Racing Company's CEO Martin Cruddace correctly noting that harmonization would have had a devastating impact on British racing 
. They kept pushing for change and advocating for the industry's interests, and in the end, they got what they wanted 
. It just goes to show that if you stay committed to your goals and work together as a team, you can achieve great things 
. And it's also a reminder that even when others may not agree with your perspective, having a strong voice and being willing to stand up for yourself is key 
.
. but at the same time, we don't want to stifle the growth of horse racing or high-street shops, where people still enjoy sports betting in a more social setting 
️. this new regime is all about finding that sweet spot and not just imposing one-size-fits-all tax hikes on everything 
. kudos to chancellor reeves for listening to industry stakeholders and experts like the smf thinktank! 
. It's interesting to see how she differentiated between different types of gambling products - RGD is set to almost double, but still less than the original proposal. This move should give horse racing and online operators some breathing room 
. Now we'll just have to wait & see how this all plays out in the coming months 
.