Betfred, the “trusted and respected global brand in the betting and gaming industry, with over 50 years of proud history“, has announced it will no longer continue its sponsorship of all five British Classics. The shocking decision follows the UK government’s latest tax increase on the gambling industry.
Fred Done’s Project Crumbles Down
This way, the brand will stop a deal that had fulfilled founder Fred Done‘s long-held ambition.
The bookmaker will not renew its three-year sponsorship agreement covering the 2,000 Guineas, 1,000 Guineas, Derby, Oaks and St Leger.
Done had brought all five races under the Betfred name in 2025, completing a project he had pursued for years.
The decision follows the Labour government’s latest Budget, which increased machine-game duty by 5% to 25%. Done had previously warned that a rise in the tax would force the company to reconsider its racing sponsorship commitments.
“The Cumulative Cost of Government Policy Left Us with No Choice”
In a statement, a Betfred spokesperson said the company, which also shut down 132 shops this summer and was forced to bid farewell to hundreds of employees because of the same tax hike issue, had little choice but to withdraw following repeated tax increases.
“Following successive tax rises for the betting industry, and in particular the increase to machine-game 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,” the spokesperson said.
“It is not a decision we wanted to make but the cumulative cost of government policy left us with no choice.”
The financial value of Betfred’s sponsorship has not been publicly disclosed, although the contribution is believed to have amounted to millions of pounds. Its departure leaves British racing facing the task of finding new commercial partners for some of its most prestigious events.
The Jockey Club, which operates the Derby at Epsom and the Guineas Festival at Newmarket, said it was disappointed but understood the bookmaker’s position.
Amy Starkey, managing director of The Jockey Club’s London Hub, praised Betfred and Fred Done for their support of racing, adding that the organization was already in discussions with potential replacement sponsors.
Bad Timing
The timing is particularly difficult for the Derby, which has faced challenges in recent years, including declining attendance and concerns about investment in the event.
Betfred’s withdrawal also comes as the British racing industry tries to manage the wider impact of higher gambling taxes on its funding model.
Sponsorship from bookmakers has traditionally played an important role in supporting major races, racecourses and the sport’s commercial operations.
For the time being, all eyes will be on The Jockey Club and its ability to secure new backing before the next Classics season. Without a doubt, the departure of a sponsor that had taken all five races under one name has undoubtedly left a significant gap in the British racing landscape.
Betfred, the “trusted and respected global brand in the betting and gaming industry, with over 50 years of proud history“, has announced it will no longer continue its sponsorship of all five British Classics. The shocking decision follows the UK government’s latest tax increase on the gambling industry. Fred Done’s Project Crumbles Down This way,