With the Treasury eying gambling industry for additional tax revenue, arguments increase for bolstering British racing
Martin Cruddace, the chief executive of the racecourse operator Arena Racing Company, has called for a cut to the rate of betting duty and an increase in the statutory Levy to “make our industry, once again, an incredible growth story reflecting its international status”, and prevent the sport being caught in the fallout from potential changes to the tax regime around gambling aimed primarily at high-risk online slot and gaming products.
The £11bn gambling sector is reportedly seen as a significant source of extra tax revenue by the Treasury before the budget on 30 October and Cruddace, whose intervention has support from racing’s main stakeholder groups, believes it is also an opportunity to reaffirm the distinctions between betting, on racing and sport, and fixed-margin casino-style gaming which guarantees a profit to the operator.
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Source link : https://www.theguardian.com/sport/2024/oct/14/arena-racing-ceo-urges-reform-to-save-racing-from-gambling-tax-fallout
Author : Greg Wood
Publish date : 2024-10-14 14:06:21
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