BGC QUESTIONS RACING FIXTURE RESCHEDULING STRATEGY

'Racing's decision to reschedule fixtures was taken without consultation with betting operators, whose support for the funding of the sport is mission critical. We are concerned that futile political gestures will only antagonise the Government and frustrate punters instead of delivering a solution to a shared challenge facing both racing and betting.

'We want to work with racing constructively to prevent further damaging tax rises, as any new tax rise on any part of betting or gaming can only undermine racing's revenues and threaten investment in the sport - already a more expensive and less profitable product for operators. At the same time, higher costs and avoidable disruption risk driving customers to the unsafe, unregulated black market, which pays nothing to racing or the Treasury and offers no protection for consumers.

'The regulated betting and gaming industry contributes £6.8bn to the economy, generates £4bn in tax and supports 109,000 jobs. Crucially, our members provide £350m a year to racing, alongside vital funding for other sports. Put that at risk, and it is customers and communities across the country that lose out.'