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business5h ago
Cheltenham race sponsorship axed after 52 years due to Rachel Reeves' tax grab
- Entain ends 52-year Coral Cup sponsorship at Cheltenham Festival due to higher betting taxes.
- The Coral Cup will lose its name and backers, moving away from Ladies’ Day at Cheltenham.
- Sponsorship end linked to Budget changes, not just racing performance.
- Cheltenham organizers seek a new backer to replace the Coral Cup sponsorship.
- Entain expects a financial hit from tax rises, influencing sponsorship decisions.
- The Coral Cup is a two mile five furlong handicap hurdle on Cheltenham’s second festival day.
- Bookmakers face customer safety and regulatory costs amid broader gambling advertising shifts.
- Industry notes a broader decline in licensed betting advertising vs illegal operators.
- Stakeholders react to the tax changes amid political criticism of Labour’s budgeting.
- Official statements defend the Budget's aim to create a fair, modern, and sustainable tax system.
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