Bet365 to withdraw funding from UK horseracing, citing tax changes

• bet365 is ending several long-running horse racing sponsorships, including the Old Newton Cup and Lancashire Oaks at Haydock Park Racecourse and the Craven Meeting at Newmarket Racecourse
• The bookmaker said recent UK gambling tax changes forced the "very difficult" decision, ending partnerships that lasted more than 20 years
• The move follows a broader sponsorship shake-up in racing, with brands such as Coral stepping back from events like the Cheltenham Festival, where BetMGM has taken over headline backing

Bet365 is withdrawing its support fromhorseracing, as the company has cited changes to the taxation in the United Kingdom, which have prompted the decision, as reported by the Racing Post earlier this week.

Horse racing season ends for bet365 as the company withdraws support

This will affect the operator’s backing of the Old Newton Cup and the Lancashire Oaks at Haydock, along with the sponsorship of the Craven meeting at Newmarket, essentially the end of an era.

A statement by the company shared with the Racing Post described this as "very difficult." Some of these endorsements have lasted for more than 23 years, signaling the momentous decisions ending them represented.

Bet365 is not the only company to have withdrawn from sponsorships in racing; however, Coral similarly quit its support of the Cheltenham Festival to be replaced by BetMGM.

Not everyone is buying this explanation, however. Some keener observers have articulated that horse racing bets are essentially unaffected by the increased tax, asking whether bet365 was exiting "on purpose."

"While these have been long-standing and much-valued partnerships, last year’s Budget has unfortunately required bet365 to make some tough commercial choices," bet365 continued, adding: "bet365 has been a long-standing supporter of racing and will continue to be so. It remains an important part of our business, and one which is hugely enjoyed by our customers."

In the meantime, The Jockey Club released a statement, thanking Bet365 for its longstanding partnership and support and praising the now-ended collaboration.

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