British horse racing 'significantly damaged' by John Healey's Budget as sport set to suffer
The British Horseracing Authority chief executive said the implications of Healey's decisions could be 'devastating'
TL;DR
- The rate of Machine Games Duty has been raised, which is expected to 'significantly damage' British horse racing's finances.
- The sport is projected to lose around £57 million per year.
- There is a risk of hundreds or thousands of betting shops closing, impacting the sport's income, which derives nearly a third of its £350 million annual revenue from high street betting.
- The decision could negatively affect prize money, the viability of racecourses, thousands of jobs, and horse welfare projects.
- Betting shop closures will also reduce fan engagement with horseracing.
- The British Horseracing Authority (BHA) will seek to work with the government to reduce the impacts of the tax policy.
- Futures of some racecourses, like Kempton Park, were already at risk and now face additional pressure.