It’s one of the most lucrative sponsorship deals in domestic horse racing.
But the partnership between Betfred and Flat racing’s Classics – the two Guineas races, plus the St Leger, the Oaks and the Epsom Derby – is no more after the firm’s owner, Fred Done, said he was left ‘no choice’ but to pull the plug after the Autumn Budget.
The Chancellor, John Healey, increased the rate of Machine Games Duty (MGD) paid by betting shops in his budget by 5%, which is likely to have serious ramifications for the financial viability of hundreds of properties.
And Done, who owns one of the UK’s most extensive betting shop empires, has already acted by cutting his financial ties to some of racing’s most prestigious races.
Difficult Decision
It was always a dream of Done’s to sponsor the Classics, which got underway back in 2023 when Betfred took the honour for the Derby and the Oaks, with the St Leger added ahead of the 2024 renewal.
And then when QIPCO, the Qatari investment company, stepped back from its sponsorship of the Guineas Festival ahead of the 2025 renewal, Done made it a dream come true by filling the void – while dismissing William Hill as the official betting partner of the 1,000 and 2,000 Guineas.
🗞️ NEWS: Betfred to sponsor the Guineas Festival
More info: https://t.co/6A887Ji3n8 https://t.co/kBrNs9JonD
— The Jockey Club (@TheJockeyClub) June 27, 2024
The Betfred founder, who launched the company after winning a bet on England to win the 1966 World Cup, had previously warned that he would step away from sponsoring British racing if the Chancellor decided to once again hike taxes on the gambling industry.
Although the increase of 5% on MGD was a lot lower than anticipated, there are still likely to be ramifications for the retail sector – Betfred’s own in-house analysis revealed that 284 of their 1,094 betting shops, some 26% of their entire estate, would no longer make a profit.
As a consequence, a strategic review will now be undertaken to examine their future, with the possibility that around 1,400 jobs could be lost permanently.
“Following successive tax rises for the betting industry – and in particular the increase to machine-game duty at the most recent budget – it is with great sadness that we have taken the difficult decision not to proceed with a three-year renewal of our sponsorship of the British Classics,” a statement from Betfred reads.
“It is not a decision we wanted to make but the cumulative cost of government policy left us with no choice.”
Epsom Racecourse have confirmed that they have a ‘number of interested prospective partners’ hoping to step into Fred Done’s shoes.
Whether that’s a bookmaker remains to be seen. Numerous firms have pulled out of sponsoring major races and meetings on both the Flat and over fences, while bookmaker sponsorships on the All Weather have tumbled by 15% since the start of 2025.
And, for the first time in a long time, the betting industry is no longer horse racing’s main sponsor, with the commercial sector taking over.
However, the amount of sponsorship money has generally been on the decline… not aided by the millions the sport will now lose with Betfred no longer at the helm of the British Classics.
Sponsorship Nightmare
Speaking of headline-making sponsorship news…
Leicester City fans are in uproar after it was revealed that their front-of-shirt sponsor, BC.Game, had signed an adult actress as a ‘brand ambassador’.
The firm, which doesn’t have a UK Gambling Commission licence, will be represented in marketing efforts by the content creator.
But the decision has come as a huge shock to Leicester City, who pride themselves on being a family-friendly, community club.
The Foxes Trust, one of the club’s longest-running independent supporters’ groups, revealed their ‘dismay and discontent’ at the deal, while a Leicester City spokesperson has revealed plans to discuss the matter with BC.Game representatives.
“Leicester City Football Club recognises the concerns raised about recent developments involving our principal partner, BC Game,” they commented.
“We have raised these concerns directly with BC Game and are continuing discussions with the company to explore a mutually acceptable resolution.”
So far BC.Game have defended the partnership, citing the actress’s ‘incredible relationship with the gaming and esports community.’
The company has long drawn controversy, frequently advertising itself in the UK despite not being legally accessible on these shores due to their shady Anjouan operating licence.
Leicester City were one of a number of football clubs warned earlier this year that promoting an unlicensed gambling company could constitute a criminal offence.
And the government is currently consulting on a potential law change that would make it illegal for unlicensed betting sites to sponsor UK sports teams.