Betfred has officially gone through with its promise to pull sponsorship of all five British Classics, including the Derby, Oaks, St Leger, and both Guineas, following the government’s recent tax announcements in the Budget.
Building the company from Manchester in the late 1960s, founder Fred Done long dreamed of sponsoring the entire set of Classics, a milestone he achieved in 2025. However, following consecutive tax rises for the betting industry and an increase in machine-game duty to 25 per cent, those partnership arrangements have now come to an end.
Done had previously warned that he would be forced to terminate the sponsorship agreement if the Chancellor of the Exchequer increased machine-game duty. While the five percentage point rise was slightly less than some industry projections anticipated, the cumulative cost of government policy left the operator with no alternative. The withdrawal presents a significant challenge for fixtures like the Derby, which has faced historical attendance and investment hurdles.
Industry response and leadership perspective
Responding to the decision, Amy Starkey, managing director of The Jockey Club’s London Hub at Epsom Downs Racecourse, stated:
“While we are naturally disappointed that Betfred have taken the decision not to renew their sponsorship of The Derby and the Guineas Festival at Newmarket, we understand their reasons for doing so and know this was not an easy decision for them. Fred and his team are hugely passionate supporters of racing and have been great partners for our four British Classics, and we look forward to hopefully working with them again at some point in the future.”
Starkey added that discussions are already underway with prospective partners who share a clear vision for the future of the events. A spokesperson for Betfred reinforced the company’s position, noting that successive tax rises and the mounting financial burden on the betting sector made the renewal untenable.
