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Top punter Patrick Veitch warns of the 'disastrous' consequences racing tax would have on the industry
Patrick Veitch, one of the game's most successful punters, has laid bare the potential damage of the ‘racing tax’, saying it would be “disastrous” for the sport.
Greater promotion of casino-style games, increased movement from punters to the unregulated black market and significant loss of employment within racing were all put forward by Veitch as likely results of online tax rates being harmonised.
The BHA has launched the ‘Axe the Racing Tax’ campaign in a bid to spread awareness of the potential ramifications of a Treasury consultation on aligning the tax rates paid by bookmakers on sports, including racing, and casino-style games such as roulette.
Modelling commissioned by the BHA found that increasing the tax paid on racing from its current rate of 15 per cent to match the 21 per cent levied on casino games could cost the sport at least £66 million a year in lost income. This is forecast to rise to £160m a year if it reached 40 per cent.
Veitch, who authored the memoir Enemy Number One about winning more than £10m from punting, has also been a longstanding owner in British racing, campaigning the likes of Sendintank, Pevensey and Manuela De Vega, and is a co-founder of the RaceShare syndicates.
He said: “The effect of harmonisation of taxation with online slots and casinos would undoubtedly be disastrous for the racing industry. Those other types of betting are much more addictive and offer much faster intervals between betting opportunities. Bookmakers would be incentivised to promote them even more than they already do, and the overall loss of revenue to the sport, and resulting loss of employment, would be huge.
“From my experience as an owner, the majority of racing stables barely make ends meet at the moment. A huge number won’t survive if they have to cope with the loss of business that would follow a major reduction in prize-money.”
Patrick Veitch (right): 'the majority of racing stables barely make ends meet at the moment'
Patrick Veitch (right): "The majority of racing stables barely make ends meet at the moment"
Credit: Edward Whitaker
The BHA has warned that an increase in the tax paid on racing is likely to make the product offered by bookmakers less attractive, with worse prices for punters and the further withdrawal of concessions like best odds guaranteed.
The less appealing the regulated betting market is, the more likely people wanting to bet on racing would be drawn into punting on the black market, Veitch said.
In May the BHA reported that betting on core fixtures had dropped by 14.4 per cent in the first quarter of 2025 compared to the same period in 2024. They stated that this was in part due to “some of the larger higher-staking customers either betting less or moving to unlicensed operators where they can avoid the checks that are routinely required within the regulated markets”.
This chart shows the gulf between actual and expected online turnover on racing - the situation has since worsened
This chart shows the gulf between actual and expected online turnover on racing - the situation has since worsened
Veitch said: “The government needs to be very careful not to push even more people to betting on the black market, given that harmonisation would force bookmakers to increase margins on racing, at a time when the pain of affordability checks are already seeing them lose so many customers to unlicensed operators."
Racing TV has set up an online portal at axetheracingtax.org.uk which will enable racing fans to locate their local MP and email a template letter outlining their concerns about what higher taxation would mean for British horseracing.
Racecourse Media Group chief executive Nick Mills said: "I urge everyone who cares about the sport to take the time to email your MP please. The whole process is very simple and takes only a couple of minutes but can make a lasting difference to the sport and safeguard its future."
The Treasury's consultation on plans to harmonise different online gambling taxes into a single Remote Betting and Gaming Duty closes a week on Monday.
Patrick Veitch, one of the game's most successful punters, has laid bare the potential damage of the ‘racing tax’, saying it would be “disastrous” for the sport.
Greater promotion of casino-style games, increased movement from punters to the unregulated black market and significant loss of employment within racing were all put forward by Veitch as likely results of online tax rates being harmonised.
The BHA has launched the ‘Axe the Racing Tax’ campaign in a bid to spread awareness of the potential ramifications of a Treasury consultation on aligning the tax rates paid by bookmakers on sports, including racing, and casino-style games such as roulette.
Modelling commissioned by the BHA found that increasing the tax paid on racing from its current rate of 15 per cent to match the 21 per cent levied on casino games could cost the sport at least £66 million a year in lost income. This is forecast to rise to £160m a year if it reached 40 per cent.
Veitch, who authored the memoir Enemy Number One about winning more than £10m from punting, has also been a longstanding owner in British racing, campaigning the likes of Sendintank, Pevensey and Manuela De Vega, and is a co-founder of the RaceShare syndicates.
He said: “The effect of harmonisation of taxation with online slots and casinos would undoubtedly be disastrous for the racing industry. Those other types of betting are much more addictive and offer much faster intervals between betting opportunities. Bookmakers would be incentivised to promote them even more than they already do, and the overall loss of revenue to the sport, and resulting loss of employment, would be huge.
“From my experience as an owner, the majority of racing stables barely make ends meet at the moment. A huge number won’t survive if they have to cope with the loss of business that would follow a major reduction in prize-money.”
Patrick Veitch (right): 'the majority of racing stables barely make ends meet at the moment'
Patrick Veitch (right): "The majority of racing stables barely make ends meet at the moment"
Credit: Edward Whitaker
The BHA has warned that an increase in the tax paid on racing is likely to make the product offered by bookmakers less attractive, with worse prices for punters and the further withdrawal of concessions like best odds guaranteed.
The less appealing the regulated betting market is, the more likely people wanting to bet on racing would be drawn into punting on the black market, Veitch said.
In May the BHA reported that betting on core fixtures had dropped by 14.4 per cent in the first quarter of 2025 compared to the same period in 2024. They stated that this was in part due to “some of the larger higher-staking customers either betting less or moving to unlicensed operators where they can avoid the checks that are routinely required within the regulated markets”.
This chart shows the gulf between actual and expected online turnover on racing - the situation has since worsened
This chart shows the gulf between actual and expected online turnover on racing - the situation has since worsened
Veitch said: “The government needs to be very careful not to push even more people to betting on the black market, given that harmonisation would force bookmakers to increase margins on racing, at a time when the pain of affordability checks are already seeing them lose so many customers to unlicensed operators."
Racing TV has set up an online portal at axetheracingtax.org.uk which will enable racing fans to locate their local MP and email a template letter outlining their concerns about what higher taxation would mean for British horseracing.
Racecourse Media Group chief executive Nick Mills said: "I urge everyone who cares about the sport to take the time to email your MP please. The whole process is very simple and takes only a couple of minutes but can make a lasting difference to the sport and safeguard its future."
The Treasury's consultation on plans to harmonise different online gambling taxes into a single Remote Betting and Gaming Duty closes a week on Monday.
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Veitch, who authored the memoir Enemy Number One about winning more than £10m from punting
10 mill pmsl...and wasnt from punting..was insider trading.
10 mill pmsl...and wasnt from punting..was insider trading.
The bookies must be desperate to trawl out the individual. Who are they trying to convince? They certainly will not convince me, maybe themselves.
10 million lol if he had made that he wouldent be scratching about charging £39 for a raceshare syndicate would he, years ago when you could really bet what you wanted to get on the racecourse he was no where to be seen, lot of bollocks imo a bit like the isiris myth
Ive got a tip for you, Dont buy his book, not even from a charity shop. Thank me later.
whoever is in gov tax rises/cuts.more borrowing resulting in higher borrowing costs,higher mortgages ,higher taxes, all meaning less leisure £ to punt with,whats worse for bookmakers/horse racing £66 milltax hit or far less been punted = far less levy,
it isnt a zero sum game,
it isnt a zero sum game,
i,m old enough to have paid
33% paye
+
4% NI
+
10% betting tax
+
yr on yr fuel tax in crease
+
yr on yr alcohol
taxes
+
uyr on yr ciggie taxes
all just as a right of passage and multi millionaire familys like veitch,gosdens,baldings wernt writing letters to mp,s on my behalf.
of course THE RIGHT in uks biggest spending cuts would be to stop migration,stop benefits etc to migrants ,what would baldings,gosdens,RACINGS opinion be on that ?
33% paye
+
4% NI
+
10% betting tax
+
yr on yr fuel tax in crease
+
yr on yr alcohol
taxes
+
uyr on yr ciggie taxes
all just as a right of passage and multi millionaire familys like veitch,gosdens,baldings wernt writing letters to mp,s on my behalf.
of course THE RIGHT in uks biggest spending cuts would be to stop migration,stop benefits etc to migrants ,what would baldings,gosdens,RACINGS opinion be on that ?
I'm unfortunate enough to be making extensive use of the NHS and its hospitals for the past year and the effect of stopping migration would be too the whole organisation most likely collapse.
"10 mill pmsl...and wasnt from punting..was insider trading." Whatever the figure was I take it you mean it was largely made by knowing horses had more ability than shown on the racecourse due to being told that was the case. I suppose you mean that if he had to bet horses using the form and videos we have that would be punting.
Bookies have ears in practically every stable in the country. I was told the bookie in Newmarket had been saving them a lot of money; known faces associated with stables of good horses were indulging accordingly.
Anyone with £10m still punting on the horses professionally a too far fetch to be taken seriously. The bookies and their stooges are desperate; the horse has already bolted. It's self-induced.
Anyone with £10m still punting on the horses professionally a too far fetch to be taken seriously. The bookies and their stooges are desperate; the horse has already bolted. It's self-induced.
"Anyone with £10m still punting on the horses professionally a too far fetch to be taken seriously" Where has he said he still bets in very large sums in Britain ? Latest is he is doing Hong Kong.
ive been eading about blackmarket bookies for ages and keep asking how do you find one and do they mean bloke in pub etc,but AK finally explained it yesterday,any bookie without a uk licence to operate, which now includes evertons sponsor STAKE.com
think there were plenty of hefty bets without inside info if I remember correctly
me ma telt me wen i waz 6mths old..rico,son,bleeve fck hall ewe read,fck hall you here and everythink ewe see.
me ma wasnt daft.
me ma wasnt daft.
yeah I remember the Stewart Simpson book. Described a flat season about 30 bets 20 winners priced between about 6/1 and 20/1. Sounded fantastic. Then he called it an average season. You just can't call that an average season even if it were true.
quick memory of book bessies with/in cohoots with
spitin mick
ian williams
dandy nichols
o,mera
henry rix
veitch
if their not finding 20 winners a season between them,joe public aint
spitin mick
ian williams
dandy nichols
o,mera
henry rix
veitch
if their not finding 20 winners a season between them,joe public aint
if a normal punter picked 30 bets be lucky if 20 were even off.
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