Rising UK Gambling Taxes Force Coral to End Cheltenham Festival Sponsorship

^{The Cheltenham Festival is one of the largest events in the British horse racing industry}

Bookmaker Coral is ending its sponsorship of the Cheltenham Festival amid rising tax pressure on the UK gambling industry, according to British business publication City AM.

The decision concerns the conclusion of the Coral Cup sponsorship, a race held as part of the Cheltenham Festival, one of the largest and most prestigious events in British horse racing. The festival takes place annually in March at Cheltenham Racecourse in England and is regarded as a cornerstone of the national racing calendar.

Coral had partnered with the festival for more than 50 years and had been its longest-standing sponsor since 1974.

Entain, the parent company of the Coral brand, said the decision followed a tightening of tax policy affecting the UK gambling sector. While the tax rate on horse racing bets is set to remain unchanged, the levy on online sports betting is expected to rise from 15% to 25% by 2027.

Entain’s director of sponsorship, Simon Clare, said the decision was taken “with a heavy heart.” He added that the scale of the latest tax increases is forcing bookmakers to make difficult choices, including reassessing the commercial viability of certain sponsorship agreements.

Gambling Park notes that billionaire Kenneth Dart invests over $5 billion in Flutter and Evolution.