A cross-party group of UK MPs and peers has warned that the future of British horse racing is in jeopardy due to proposed tax reforms and stricter gambling regulations. The All-Party Parliamentary Group for Racing and Bloodstock released a report emphasizing the negative impact these changes could have on an industry that contributes over £4 billion annually to the UK economy and supports over 85,000 jobs. The proposed transition from a complex betting tax system to a unified tax may render racing bets less profitable, dissuading investment and shifting focus to riskier gambling options.
The All-Party Parliamentary Group has issued a strong warning that without immediate government interventions, the future viability of British horse racing could be at serious risk due to proposed tax changes.
The proposed reforms could lead to a significant reduction in investment in horse racing, as bookmakers may shift their focus to more profitable gambling forms, such as online slots.
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