Chepstow Racecourse could be one of many to be affected by the proposed Treasury tax raid on horserace betting according to new research released today.

The hard-hitting report, commissioned by the British Horseracing Authority (BHA) reveals that every region of the country will suffer a crippling blow to local economies and a devastating loss of vital jobs.

In a wake-up call for Government, the research predicts a catastrophic £330 million revenue hit to the industry in the first five years, and 2,752 jobs at risk in the first year alone, with the South West, South East and East of England expected to be worst affected.

The Welsh region, home to three racecourses including Chepstow, where the Welsh Grand National is held annually, is predicted to suffer a £18 million economic hit in the first five years, with 168 jobs immediately at risk in the first year - from trainers and stable staff to local pub owners and hospitality workers.

Luke Admans, General Manager at Chepstow Racecourse, said: “At Chepstow Racecourse, we have been clear from the outset that the Westminster Government’s proposed plans to harmonise online gambling tax will significantly damage British horseracing and, as a result, our racecourse.

“We host 30 fixtures per year in addition to numerous community-based events, all of which are vital to the local economy. The racecourse is so much more than this though, and any action which inhibits our sport and place in the community will be sorely felt by those who rely on it for employment or enjoyment.’

The Government is proposing to tax betting on horseracing at the same rate as online casinos – rising from 15 per cent to 21 per cent - although the rate could be higher depending on the Treasury’s decision. Faced with a higher tax burden the betting industry is expected to respond by making horserace betting less attractive to the betting public and cut its promotion of the sport.

That will lead to at least £66 million a year being wiped from the sport’s revenues and 2,752 lost jobs in one year alone, the BHA warns.

Racing’s uniquely symbiotic relationship with betting means any tax hike on bets on horseracing will disproportionately impact the revenues that flow back into the sport from betting.

Brant Dunshea, CEO at BHA, stated: ‘The Government needs to look again at this tax raid proposal and recognise the devastating impact it will have in every corner of Britain.

‘The horseracing industry is already in a precarious financial position, and this latest research predicts a much more catastrophic outcome for our sport than we first thought.

‘This tax bombshell will put thousands of jobs at risk across an extensive supply chain, severely impact towns and communities, and bring about the irreversible decline of the country’s second most popular sport. 

Brant Dunshea, CEO at BHA, stated: ‘The Government needs to look again at this tax raid proposal and recognise the devastating impact it will have in every corner of Britain.

‘The horseracing industry is already in a precarious financial position, and this latest research predicts a much more catastrophic outcome for our sport than we first thought.

‘This tax bombshell will put thousands of jobs at risk across an extensive supply chain, severely impact towns and communities, and bring about the irreversible decline of the country’s second most popular sport.

‘From the Grand National to the Derby, British horseracing has for centuries played a central role in defining our country and culture. Generations of families, whole communities are brought together by this cherished national institution.

‘And so today we urge the millions of people who love a day at the races to sign the #AxeTheRacingTax petition and join us in demanding that the Government backs British racing and accepts it is time to axe the racing tax.’

The BHA’s #AxeTheRacingTax campaign urges the sport and the public to come together to back British racing and stop the Government’s devastating tax hike by signing the #AxeTheRacingTax petition.