“Arena Racing CEO Calls for Tax Reforms to Protect British Horse Racing from Gambling Industry Fallout” 2024-10-14

Arena Racing CEO Calls for Reforms to Protect Racing from the Treasury looks to the gambling industry for increased tax revenue, discussions have intensified on how to strengthen British horse racing. , the CEO of , has advocated for a reduction in betting duty rates and an increase in the statutory Levy. He argues that these changes are essential to revitalizing the industry and ensuring it reflects its international standing, while also shielding it from potential negative consequences of tax reforms targeting high-risk online slot and gaming products. The gambling sector, valued at £11 billion, is viewed by the Treasury as a key source of additional tax income ahead of the upcoming budget on October 30. Cruddace, who has garnered support from major stakeholders in the racing community, believes this is a crucial moment to clarify the differences between betting on racing and sports versus fixed-margin casino-style gaming, which guarantees profits for operators.

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Question 1: What is the main concern expressed by Martin Cruddace regarding the gambling tax regime?

Martin Cruddace is concerned that potential changes to the gambling tax regime, aimed primarily at high-risk online slot and gaming products, could negatively impact the British horse racing industry.

Question 2: What specific reforms does Cruddace propose to support the horse racing industry?

Cruddace proposes a cut to the rate of betting duty and an increase in the statutory Levy to help bolster the horse racing industry and ensure its growth and international status.

Question 3: How does Cruddace view the relationship between betting on racing and casino-style gaming?

Cruddace believes it is important to reaffirm the distinctions between betting on racing and sport, which is more variable, and fixed-margin casino-style gaming, which guarantees a profit to the operator.

Question 4: What is the estimated value of the UK gambling sector, and why is it significant to the Treasury?

The UK gambling sector is reportedly valued at £11 billion and is seen by the Treasury as a significant source of extra tax revenue, especially in light of the upcoming budget on 30 October.

Question 5: Who supports Cruddace's call for reform in the racing industry?

Cruddace's call for reform has the support of racing’s main stakeholder groups, indicating a collective concern for the future of the industry amidst potential tax changes.