Key facts
- Betfred said it would not proceed with a three-year renewal of its sponsorship of the British Classics.
- The five Classics are the 1,000 and 2,000 Guineas at Newmarket, the Derby and Oaks at Epsom and the St Leger at Doncaster.
- Betfred said more than 1,000 jobs were at risk in its shops alone.
- Amy Starkey of the Jockey Club said it was disappointed but understood Betfred's reasons.
- Starkey said the Jockey Club was in conversations with a number of interested prospective partners.
Betfred said on November 5, 2026, that it would not renew its sponsorship of the five British horse racing Classics, citing the increase in machine games duty announced in the Budget. The Classics are the 1,000 and 2,000 Guineas at Newmarket, the Derby and Oaks at Epsom and the St Leger at Doncaster.
Finance minister John Healey raised machine games duty to 25 percent from 20 percent, though he did not increase it to the 40 percent some had feared, AFP reported. Betfred said more than 1,000 jobs were at risk in its shops alone.
Chairman and co-founder Fred Done had indicated before the announcement that the company would end its backing of the Classics if Healey raised the duty. Betfred took over sponsorship of the Derby, Oaks and St Leger in 2023 and added the Newmarket Classics in a deal from 2025 onwards.
A Betfred spokesman said: "Following successive tax rises for the betting industry, and in particular the increase to machine games duty at the most recent budget, it is with great sadness that we have taken the difficult decision not to proceed with a three-year renewal of our sponsorship of the British Classics." He added: "It is not a decision we wanted to make, but the cumulative cost of government policy has left us with no choice."
Amy Starkey, managing director of the Jockey Club's London hub, said: "While we are naturally disappointed that Betfred have taken the decision not to renew their sponsorship of the Derby and the Guineas Festival at Newmarket, we understand their reasons for doing so and know this was not an easy decision for them." Starkey added that the Jockey Club was in conversations with a number of interested prospective partners.
British Horseracing Authority chief executive Brant Dunshea warned the previous week that a rise in duty would have a "devastating impact", AFP reported.