Betfred ends sponsorship of British Classics

Betfred has decided to end its sponsorship of five classic horse races in England. The company announced that it will not renew its three-year sponsorship agreement. The races covered by the agreement include the 2,000 Guineas, the 1,000 Guineas, the Derby, the Oaks and the St Leger. In 2025, Betfred completed a project that its founder, Fred Done, had long pursued by bringing all five races under its own name.

The decision follows the UK government's latest budget, which raised gaming machine duty by 5 percent to 25 percent. A company spokesperson said the cost of successive tax increases left them no other option. Betfred also noted that it closed 132 shops this summer and made hundreds of staff redundant.

The financial value of the sponsorship has not been disclosed. However, the contribution is estimated to have been worth millions of pounds. This departure leaves British horse racing organisers needing to find new commercial partners for their major events.

The Jockey Club, which runs the Derby at Epsom and the Guineas Festival at Newmarket, said it was disappointed by the decision but understood the bookmaker's position. Amy Starkey, the Club's London Managing Director, praised Betfred and Fred Done for their support of horse racing. Starkey said talks with potential replacement sponsors are ongoing.

The timing is particularly difficult for the Derby. The race faces concerns over declining crowd numbers in recent years and investment in the event.