Betfred ends rugby league sponsorship over gambling tax rises
Betfred will not renew its rugby league sponsorship and may drop British Classics horse racing if gambling taxes rise.Summary
Betfred will not renew its sponsorship of rugby league and has warned it may also end its backing of horseracing’s five British Classics if the government raises machine games duty in next month’s budget. Fred Done, the billionaire behind the bookmaker, urged the prime minister and chancellor John Healey to drop plans for a fresh tax raid on the gambling industry. He warned that every penny more of tax will kill investment, jobs and horseracing. Done also cautioned that a rise in machine games duty would lead to a “bloodbath” of shop closures and job losses, with Betfred potentially closing 495 shops and cutting 2,475 jobs. Betfred has been rugby league’s lead sponsor for almost a decade in a deal worth millions of pounds a year. The decision follows last autumn’s budget, when Rachel Reeves nearly doubled online gaming duty and raised the levy on digital sports wagers. The chancellor delivers the budget on 28 October.
(Source：Business Matters)