Amidst rumours of a potential tax increase on the gambling industry ahead of the Chancellor’s Budget next week, Windsor MP Jack Rankin today spoke in a Westminster Hall debate on “Government support for the horseracing industry”.
Both the Royal Windsor and Ascot Racecourses are situated within the Windsor constituency, with the latter bucking the national trend this year by seeing an increase rather than decline in attendance.
Deloitte’s 2014 report assessing the economic impact of Ascot Racecourse found the event generates £68 million in off-course expenditure alone through food, accommodation and fashion expenses, all of which drive money into the local Ascot and Windsor economy, as well as London, which hosts many punters during events.
Jack pointed out the significant benefits over many years of the Horserace Betting Levy, which has helped to fund grassroots horseracing, increasing animal welfare and raising the profile of the sport.
He emphasised that the relationship between the betting industry and horseracing at present is mutually beneficial, and warned that an increase in financial checks on customers “risk pushing gambling underground meaning less money re-invested in the sport and less money for the Treasury.”
Jack also cautioned of the “unintended consequences” of further regulation in the gambling industry, and that the Government must “tread carefully” in this regard, particularly as countries with heavy regulations tend to see an increase in black market betting.
The previous Conservative government loaned £21.5 million to the horse racing levy during the pandemic, but overall attendance nationally is yet to return to pre-pandemic levels. In his speech, Jack said “We are at an important crossroads for British horse-racing. As bookies takings, which fund the levy, continue to decline it is important that the Government’s approach to gambling respects individual liberty and drives growth rather than limits it.”
