Entain axes Cheltenham Festival sponsorship after tax hike
Entain has ended one of the longest-running sponsorships in British horse racing after confirming that Coral will no longer back the Coral Cup at the Cheltenham Festival, citing the impact of recent tax increases on betting sites.
Coral has been associated with the Cheltenham Festival since 1974, initially sponsoring the Coral Golden Hurdle before lending its name to the Coral Cup following the race’s creation in 1993. The decision brings to an end a 50-year relationship with the meeting and removes its longest-standing sponsor.
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The move follows Chancellor Rachel Reeves’ November Budget, which confirmed that remote gaming duty will rise sharply from 21 per cent to 40 per cent from April 1. Although horse racing betting was excluded from the immediate increase, Entain said the broader tax burden has forced difficult commercial decisions.
Entain UK consumer PR director Simon Clare said the scale of the tax hike had significantly restricted the group’s ability to maintain major sponsorships.
“The Jockey Club are strong, long-standing partners of Entain, and although we are stepping away from this sponsorship, we will continue to work passionately and collaboratively with their racecourse teams on the big sponsorships we have with them under our Ladbrokes and Coral brands,” he said.
“Horse racing remains very important to Entain, and Coral and Ladbrokes have some of the biggest and most enduring sponsorships in the calendar, including the Ladbrokes King George, which had one of its best ever renewals a few weeks ago, and the Coral-Eclipse where last year we celebrated 50 years of sponsorship.
“The Cheltenham Festival is also a massive four days for our business and our customers, and we will be promoting and celebrating it as much as ever in our shops and online and across our marketing channels.
The Jockey Club said it hopes to announce a replacement sponsor for the race in due course.
The Cheltenham Festival is headlined by four major races — the Cheltenham Gold Cup, Champion Hurdle, Queen Mother Champion Chase and Stayers’ Hurdle — which collectively represent the highest level of National Hunt racing.
The Cheltenham Festival is due to run from March 10-13 at Cheltenham Racecourse.
