BGC chief executive Grainne Hurst criticized the UK government’s decision to exclude horse racing from the recent gambling tax increase as largely symbolic, warning that the sport will still face significant financial challenges. Despite horse racing being carved out from the rise in General Betting Duty to 25%, it will still be impacted by the hike in Remote Gaming Duty from 21% to 40%, which affects the broader gambling sector.

The horse racing industry, traditionally aligned with the gambling sector, chose to campaign independently ahead of the budget, seeking a specific tax exemption rather than opposing the overall tax increases. Hurst’s comments suggest that this strategy may not shield the sport from the negative effects of the government’s tax changes, indicating tough times ahead for horse racing.