British racing will strike on September 10, canceling all meetings to protest a proposed tax increase on betting from 15% to 21%. The cancellations affect major racing venues, costing the industry an estimated £700,000. Industry leaders claim this tax rise will damage the sport's financial structure, which relies on the horseracing betting levy. The BHA estimates the rise could lead to a £330 million loss over five years and affect 2,752 jobs. Leaders warn that the proposal poses an existential threat to British racing, a significant contributor to the economy.
The British Horseracing Authority (BHA) and industry leaders warn that the move would undermine the sport's financial model, which depends heavily on the separate horseracing betting levy.
An economic study commissioned by the BHA estimated the proposed rise would cost the industry £330 million over the next five years and jeopardise 2,752 jobs in the first year alone.
Jim Mullen, chief executive of the Jockey Club, warned the move would cause "irreparable damage that threatens a sport the nation is, and should be, proud of".
Martin Cruddace emphasized that unlike online casino games, British racing makes an enormous contribution to society and employment, and has vastly different rates of gambling-related harm.
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