James Evans MS has joined members of the Senedd’s Cross-Party Group on Horseracing in writing to the Chancellor to warn of the “catastrophic” consequences of the Treasury’s consultation on harmonising remote gambling tax rates.
Currently, horserace betting is taxed at 15%, compared to 21% for online casinos. Under the Treasury’s proposals, these duties could be merged, raising the tax on racing wagers by six percent. The British Horseracing Authority has warned this change could cost the industry £330 million over five years and put up to 2,700 jobs at risk in the first year alone.
Racing is Wales’ third most popular spectator sport, welcoming around 130,000 people each year to Chepstow, Bangor-on-Dee and Ffos Las racecourses. The industry supports hundreds of rural jobs in Wales and contributes more than £4bn to the UK economy.
James Evans MS said:
“Horseracing is a cultural and economic asset for Wales and for Britain. It supports thousands of jobs, from trainers and jockeys to stable staff and hospitality workers, and generates billions for the wider economy.
“These Treasury proposals would devastate the sector. Piling extra tax onto racing bets would not only damage local businesses and cost jobs, but it would also drive punters away from racing and towards more harmful online casino products. That makes no sense economically, socially or culturally.
“Although we don’t have a racecourse in Brecon & Radnorshire, many of my constituents, myself included, enjoy days out at Chepstow and Ffos Las racecourses. We know how much racing means to local communities and to rural Wales.
“The message must be clear: racing and betting are unique, and the Treasury must keep a separate tax rate for horserace betting. Anything less will put the future of this much-loved sport at risk.”
