After many months of campaigning, an unprecedented “strike” when racing relocated to London to make its voice heard and an intervention by a former prime minister, no less, the UK’s second-biggest spectator sport will soon discover whether its concerted and impressively united effort to avert a tax hike on racing bets, has paid off. With all due respect to the competitors at Wetherby, Market Rasen and Southwell on Wednesday, the main event for racing will be the 12.30 at Westminster, as Rachel Reeves rises to deliver her much-anticipated budget speech.
The only result that can be ruled out with confidence is that gambling duties will be left untouched. There is a gaping black hole to be filled in the public finances and the UK’s gambling industry, which had a Gross Gambling Yield (total stakes minus total payouts) of £15.6bn in the 2023-24 financial year, could scarcely be a more tempting target.
