Overview
- Betfred confirmed on Thursday that it will not proceed with a three‑year renewal to sponsor the Derby, Oaks, the 1,000 and 2,000 Guineas and the St Leger.
- The company cites a rise in machine games duty from 20% to 25% announced in the Budget as the decisive factor that reduces in‑shop gaming margins.
- Betfred’s internal modelling estimates 284 of its 1,094 shops could become loss‑making and that around 1,420 jobs may be at risk because of the tax changes.
- The Jockey Club and Arena Racing Company said they were disappointed and have already opened talks with prospective replacement sponsors for the Classics.
- Betfred became the first brand to back all five Classics between 2023 and 2025 and its withdrawal removes a major commercial funder that racing organisers must replace to protect prize money and event plans.