He added: “The Chancellor has listened to our concerns and rightly recognized that racing is a unique national asset – cultural, social and economic – and we welcome this support.
“We recognize that the increase in general tax on the gambling industry could have trickle-down effects on racing. We will work with our partners in the gambling industry to understand the implications of this.”
Details of the government’s plans were mistakenly released early by the Office for Budget Responsibility before Reeves’ statement in the House of Commons.
The measures are expected to generate £1.1 billion from the gambling industry by 2031 and shares of major companies fell immediately after the announcement, although some later recovered.
Before the budget, bookmakers warned of the closure of betting shops if Reeves increased taxes on betting firms.
Each store is providing thousands of pounds in funding to race through the levy and media rights payments.
Racing bosses say if bookmakers have to make cuts it could impact the sport through less sponsorship and promotion, poorer odds and lower bonuses for customers, and potentially drive people into the black market.
The Government will provide a further £26 million in funding to the Gambling Commission over the next three years to tackle the illegal market.
But Betting and Gaming Council chief executive Grainne Hurst called the other gambling tax increases “a devastating blow to tens of thousands of people working in the industry in the UK, and millions of customers who enjoy betting”.
She added: “The government budget is a huge win for the incredibly harmful, unsafe, unregulated black gambling market, which pays no taxes and offers none of the protections that exist in the regulated sector.”
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