Coral ditches Cheltenham Festival as Reeves tax rises on gambling bite
Coral is ending its 52-year sponsorship of the Cheltenham Festival due to increased taxes on remote sports betting announced in the UK Budget.Summary
Betting giant Coral will no longer sponsor the Coral Cup at the Cheltenham Festival after over 50 years, citing increased taxes on remote sports betting as the reason. While horse racing wagers were initially exempted from Chancellor Rachel Reeves’ Budget, taxes for remote betting will rise from 15% to 25% in 2027. Entain, Coral’s parent firm, stated the decision was made after reassessing the commercial viability of sponsorships due to the tax increase. Critics, like Shadow sports minister Louie French, argue that the tax hike is a “cash grab” that threatens jobs and sports funding. Entain’s sponsorship director, Simon Clare, acknowledged the difficult decision but emphasized the need to mitigate the impact of the tax increase, while also calling for collaboration between the betting industry and horse racing to ensure financial sustainability.
(Source：City A.m.)