Chile’s Contraloría General de la República has exposed a significant breach of public conduct, revealing that 910 government officials violated legal prohibitions by gambling in casinos between January 2024 and June 2025. The total value of their wagers exceeded 11.49 billion Chilean pesos, roughly $11.8 million USD.

The discovery emerged from cross-referencing two datasets: officials required to provide financial guarantees due to their handling of public funds, and casino patron records supplied by the Superintendencia de Casinos de Juego. This methodical approach uncovered what the CGR characterises as potentially criminal behaviour. Not just administrative oversight.

Legal Framework and Violations

Chile’s Law 19,995, Article 10(B), explicitly prohibits individuals responsible for administering or safeguarding public funds from placing bets in casinos, either directly or through intermediaries. The statute aims to protect collective resources and prevent officials from exposure to environments that might compromise their duties.

What makes this case particularly striking is the concentration of activity. Just 181 officials, roughly 20% of those identified, accounted for 96.8% of total wagers, placing over 11.1 billion pesos. Twenty individuals were responsible for 5.39 billion pesos alone.

One Air Force member wagered 1.04 billion pesos personally. A figure that raises immediate questions about the source of such funds.

Criminal Implications and Institutional Response

The CGR has indicated that the scale of betting among top offenders suggests possible criminal conduct beyond administrative infractions. Evidence has been forwarded to the Public Prosecutor’s Office and State Defense Council to determine whether criminal proceedings are warranted.

A total of 371 public institutions have been notified. That includes national police, the Air Force, Treasury, investigative police, and numerous municipal governments. Each entity has been directed to conduct internal investigations and impose appropriate sanctions, including dismissal where justified.

The CGR has also shared the list of 910 individuals with the Superintendencia de Casinos de Juego, enabling regulatory action against gaming operators who failed to enforce existing restrictions. This dual approach targets both the officials who broke the law and the casino establishments that facilitated their activity.

Governance Challenges in Emerging Markets

This case illuminates broader enforcement challenges in regulated gaming markets, particularly regarding occupational restrictions. While Chile maintains a sophisticated regulatory framework, the sheer volume of violations suggests systemic weaknesses in compliance monitoring and operator due diligence.

The investigation will likely prompt regulatory reforms, potentially including enhanced verification protocols for casino patrons and stricter penalties for operators who accept wagers from prohibited individuals. For an industry increasingly focused on compliance and integrity, Chile’s experience offers valuable lessons. Robust systems matter, but genuine enforcement matters more.

The outcome of criminal proceedings and administrative actions will be watched closely across Latin America, where similar restrictions exist but enforcement mechanisms vary considerably.

DigiPlus, the Philippines iGaming operator behind BingoPlus and ArenaPlus, has secured a partnership with boxing legend Manny Pacquiao to launch a suite of branded digital games targeting the domestic Filipino market. The deal marks a strategic shift towards celebrity-endorsed localised content in Southeast Asian gaming.

The collaboration centres on a nine-game portfolio themed around Pacquiao’s boxing career and public persona. Flagship titles include Super Ace Pacquiao, Pacquiao Fortune and Fortune Gems Pacquiao, each built to reflect what DigiPlus calls the fighter’s “achievements and indomitable fighting spirit”.

Brand Integration Beyond Gaming

Pacquiao’s involvement goes well beyond game branding. He’ll serve as the public face of DigiPlus’ sportsbook platform and its card and table game tournament offerings, handing the operator substantial celebrity marketing power in a highly competitive regional market.

The partnership also brings in MannyPay, a Pacquiao-branded payment platform licensed by the Central Bank of the Philippines. DigiPlus becomes the first official gaming partner for the payment service. That creates a vertically integrated setup linking gameplay, branding and financial transactions.

Cultural Cachet Meets Commercial Strategy

Pacquiao remains a towering figure in Filipino popular culture. The only eight-division world champion in boxing history, he served in the Philippine Senate from 2016 to 2022 before an unsuccessful presidential campaign in 2023. His brand recognition in the Philippines remains extraordinarily high. For operators trying to stand out in a crowded market, he’s a serious commercial asset.

DigiPlus Chairman Eusebio Tanco framed the partnership as combining “the legendary story of our boxing hero with robust technological infrastructure” to deliver what he called “an innovative, secure and truly local experience”. The emphasis on localisation reflects broader industry trends towards culturally specific content in Asian markets, where generic Western-style games often underperform against tailored alternatives.

“This partnership with DigiPlus is special because it was created with our countrymen in mind,” Pacquiao said in a statement. “Whether it is through the games that tell my story or handling payments with MannyPay, we are showing the world what Filipinos are capable of.”

The deal puts DigiPlus in position to use both Pacquiao’s name recognition and the structural advantages of payment integration as it competes for market share in the Philippines’ rapidly expanding digital gaming sector.

The National Bureau of Investigation has opened an inquiry into alleged land seizures in Bataan Province connected to the now-banned Philippine offshore gaming sector. The case represents yet another complication in the government’s efforts to extricate the country from an industry that once generated billions in revenue but became synonymous with organised crime.

Local farmers claim their rural parcels were illegally transferred to a holding company linked to Harry Roque, the former presidential spokesman turned fugitive. Roque, who once presented himself as a human rights advocate, faces qualified human trafficking charges related to POGO operations in Pampanga. He’s reportedly fled to Austria.

According to the NBI’s National Capital Region division, preliminary findings suggest “possible falsification of documents” in the land transfers, which allegedly occurred without proper authorisation from the Department of Agrarian Reform. The bureau has committed to a thorough investigation and potential prosecution.

An Industry’s Rise and Collapse

The offshore gaming sector was legalised in 2016 under President Rodrigo Duterte’s administration. At its peak, POGOs contributed PHP5.17 billion (US$86 million) in 2023, with projections reaching PHP7 billion for 2024.

The economic benefits proved insufficient to offset mounting evidence of criminal enterprise.

Raids on POGO facilities uncovered operations extending far beyond gaming: online romance scams, cryptocurrency fraud, forced labour, and human trafficking. President Ferdinand Marcos Jr banned the industry in 2024, ordering complete shutdown by year’s end.

“Disguising as legitimate entities, the operations have ventured into illicit areas furthest from gaming,” Marcos stated in his 2024 State of the Nation address. He listed financial scamming, money laundering, prostitution, kidnapping, torture, and murder among the documented offences.

The Narcotics Connection

Interior Secretary Jonvic Remulla revealed this week that Chinese nationals associated with POGOs control most active drug syndicates currently operating in the Philippines. Speaking at a press briefing in Trece Martires City, where authorities incinerated PHP4.56 billion worth of confiscated narcotics, Remulla described POGOs as “a plague on the Philippines.”

“Almost all the syndicates we’ve caught here are led by Chinese nationals using visas from POGOs,” Remulla told reporters. The burned drugs represented seizures from just the previous six months, which gives you some sense of the scale of trafficking operations that flourished alongside the offshore gaming industry.

Last October, police raided Central One Bataan Inc, a business process outsourcing company allegedly fronting for an unlicensed POGO. The firm was not registered with the Philippine Amusement and Gaming Corporation, the domestic gaming regulator. Central One has denied the allegations.

Long-Term Consequences

The POGO saga illustrates the risks governments face when licensing offshore gaming operations without sufficient oversight mechanisms. What began as a revenue opportunity evolved into a vehicle for transnational organised crime.

The consequences are still unfolding more than a year after the ban.

The land theft investigation adds property fraud to an already extensive list of criminal activities associated with the sector. For Philippine authorities, dismantling the infrastructure and prosecuting those involved will likely occupy law enforcement resources for years to come.

Codere’s reported €2bn price tag positions the Spanish gaming group as one of Europe’s most significant M&A opportunities this year. That said, industry insiders reckon the business faces an uncertain auction process, with private equity the most likely landing spot.

Spanish business daily Expansión broke news that Codere has been placed on the block at a valuation exceeding €2bn. Sellers are reportedly targeting a deal before the August break. The package includes online operator Codere Online, which operates across Spain and Latin America following its 2021 Nasdaq listing.

Private Equity the Natural Home

Christian Tirabassi, founder and senior partner at M&A advisory Ficom Leisure, frames the transaction as “very much a private equity play”. Mind you, he notes several major operators will conduct due diligence. Lottomatica, DraftKings, and Entain are all expected to examine the opportunity; Codere’s multi-market footprint provides immediate geographical access, after all.

“This is something for the big guys, because it gives access to a number of markets,” Tirabassi explained. He stopped short of identifying a natural strategic acquirer, though. That assessment aligns with H2 Gambling Capital managing director Ed Birkin, who suggested Allwyn International and Flutter Entertainment as potential suitors alongside private equity houses.

The €2bn asking price, however, raises eyebrows.

Tirabassi considers the figure inflated and views its appearance in the Spanish press as deliberate market positioning rather than realistic expectation. “This is PR,” he said. “They clearly leaked the information to start to put the price in the market. I don’t believe it.”

Distressed Ownership Structure

Codere’s ownership by approximately 84 investment funds tells the story of bondholders reluctantly converted into equity holders through restructuring. These creditors never intended to operate a gaming business. Their tenure has shown in underinvestment across the group’s estate.

“The bond holders or the debt holders found themselves in a position to be the owners of Codere without really wanting to be,” Tirabassi explained. “They didn’t really expect to be shareholders of this company. So, probably they have tried a little bit to see what they could do with it. They realised it’s not for them, and they put it for sale.”

The result is what Tirabassi describes as a “fatigued” business lacking strategic direction. “It’s being underinvested, undercapitalised and now they are suffering because of the competition that they have in each market,” he noted. “It’s like everything was frozen five years ago.”

Turnaround Opportunity in Land-Based Assets

Despite operational challenges, Tirabassi sees genuine value creation potential for an acquirer prepared to deploy capital and management resources. Codere maintains positions across multiple verticals outside lottery, with particular strength in Spanish-speaking markets and a solid Italian operation.

The land-based focus, increasingly unfashionable in an industry pivoting digital, actually represents strategic value in Tirabassi’s analysis. Physical estates generate reliable cash flows whilst providing marketing channels insulated from mounting advertising restrictions. “When you have land-based, obviously you’re less worried about any restrictions on advertising, which to me will continue to happen in a number of markets,” he observed.

Thing is, successful omnichannel integration requires operational synergies that Codere currently lacks. That presents both challenge and opportunity for a buyer with the capability to execute that strategy properly.

Online Business Complicates Deal Structure

Codere Online’s involvement adds complexity to any transaction. The digital arm’s separate Nasdaq listing and Codere Group’s majority stake create structural questions around whether the businesses can realistically be separated. Tirabassi considers Codere Online integral to any deal, viewing the combined entity as the only coherent proposition for potential buyers.

Whether the eventual price approaches the reported €2bn figure, or settles considerably lower once due diligence concludes, remains the central question. For distressed fund holders seeking an exit, market positioning through strategic media leaks represents the opening gambit in what promises to be protracted negotiations.

Playtech has initiated an operational review of its Sun Bingo white label business, with CFO Chris McGinnis telling analysts the operation is unlikely to remain profitable once the UK’s elevated 40% remote gaming duty takes effect in April.

Speaking during the supplier’s full-year 2025 earnings call, McGinnis acknowledged the challenging position but suggested Sun Bingo retains long-term potential within Playtech’s portfolio. The business, he noted, exhibits more B2B characteristics than typical consumer-facing operations, despite serving customers directly.

Playtech assumed the Sun Bingo contract from Gamesys in 2015. Since then, the operation has faced mounting pressure from enhanced UK regulatory requirements, which contributed to a 17% revenue decline and reduced adjusted EBITDA in the second quarter of 2025.

The supplier’s B2C division saw revenue fall 20% year-on-year to €78.5 million in 2025. Worth knowing: this was primarily driven by the disposal of its German Happybet business rather than operational underperformance.

Brazil Emerges as Strategic Priority

While UK operations face headwinds, Playtech executives struck a decidedly more optimistic tone when discussing Latin American opportunities, particularly in Brazil. CEO Mor Weizer expressed considerable enthusiasm about a potential partnership with Caixa Economica Federal, Brazil’s state-owned banking giant.

Playtech secured the tender to provide its platform to Caixa in 2025, though the bank’s planned betting launch was postponed in November following political resistance. Senator Damaras Alves delivered a pointed critique of the initiative in October, characterising it as contradictory and irresponsible.

The project remains indefinitely paused. But with Brazil heading to general elections in October, the political landscape could shift.

Weizer described the Caixa contract as potentially one of the most significant opportunities for Playtech in the coming years, noting the bank’s reach across 140 million registered customers in a market of 150 million adults.

The Brazilian market will require additional capital investment in the year ahead, the executives confirmed. Playtech also expects the 2026 World Cup, co-hosted in Mexico, to drive further growth in the Americas through its revised Caliente partnership.

Americas Performance Offsets European Challenges

The Americas region delivered strong results for Playtech during 2025, with US revenue approximately doubling year-on-year. The renegotiated Caliente deal in Mexico contributed significantly to regional performance.

Group-wide, Playtech reported revenue of €763.6 million, down 10% on the previous year, while EBITDA declined 9% to €197 million. B2B revenue fell 9% to €688.3 million, with adjusted EBITDA dropping 36% to €141.4 million. This was in line with expectations following the revised Caliente Interactive agreement.

Despite tax increases across multiple markets, the supplier expects full-year 2026 performance to exceed current consensus forecasts, suggesting confidence in its strategic repositioning towards higher-growth territories.

Genting Singapore has published its 2025 sustainability report, detailing substantial progress across environmental, social, and governance metrics at Resorts World Sentosa. The integrated resort operator, controlled by Malaysia’s Genting Bhd, deployed over SGD2.1 million (US$1.6 million) in community support last year. That reached more than 24,700 people through cash contributions, in-kind assistance, and 1,687 volunteer hours from employees.

Executive chairman and acting chief executive Lim Kok Thay positioned the results as foundational work rather than endpoints, noting that shifts in global tourism demand require operational rethinking. The company is accelerating its RWS 2.0 redevelopment with an eye toward enhancing guest experiences while embedding long-term sustainability into capital projects.

Community Engagement Across Multiple Fronts

Community programmes formed a core pillar of the sustainability strategy. The Youth Ocean Ambassador initiative at the Singapore Oceanarium targeted marine conservation education for younger audiences, while the Season of Good programme provided beneficiaries with access to attractions across the resort. Genting Singapore also committed SGD200,000 to the National Arts Council’s Sustain the Arts Fund, supporting smaller cultural organisations facing financial pressure.

In partnership with ART:DIS Singapore, the company installed works by artists with disabilities throughout The Laurus, the city’s first Luxury Collection hotel, which opened in October.

These moves show a deliberate expansion beyond gaming and entertainment into cultural and social spheres, broadening the resort’s community footprint.

Environmental Milestones Under 2030 Master Plan

On the environmental front, Genting Singapore highlighted advances aligned with its 2030 Sustainability Master Plan. New developments within the RWS 2.0 expansion have met stringent green building standards. Illumination’s Minion Land at Universal Studios Singapore achieved Singapore’s Green Mark Platinum Zero Energy certification, powered entirely by solar panels and outfitted with 100% LED lighting. The themed area opened to visitors in February last year.

The WEAVE retail precinct and The Laurus hotel incorporated energy-efficient design elements including climate-responsive architecture, intelligent ventilation systems, and real-time energy monitoring in guest rooms. These features reflect a strategy of integrating sustainability into major capital works rather than treating it as a compliance exercise. In practice, environmental performance becomes part of the guest proposition.

External Recognition and Governance Standards

The company secured an ‘A-‘ rating from CDP (formerly the Carbon Disclosure Project) in 2025, maintained its ‘AA’ MSCI ESG rating, and retained its place on the FTSE4Good Index. These assessments underscore solid governance and transparency as the operator manages a substantial expansion programme alongside sustainability commitments.

Lim framed the year’s initiatives as preparation for evolving tourism patterns. The SGD2.1 million in community investment and environmental achievements such as Minion Land’s zero-energy status serve as proof points. The arts funding and marine education programmes illustrate a broader strategy of balancing commercial growth with social and environmental responsibility as the RWS 2.0 transformation progresses.

Hong Kong-listed Macau Legend Development faces a brutal 2025, projecting full-year losses approaching HKD1.57 billion (US$200 million). That’s more than double the HKD623 million deficit recorded in 2024. The sharp deterioration follows the permanent closure of Legend Palace casino at its flagship Macau Fisherman’s Wharf complex last November, a casualty of Macau’s sweeping regulatory overhaul of third-party gaming operations.

The waterfront tourism venue, positioned near the Outer Harbour Ferry Terminal, operated its casino floor under a service agreement with SJM Holdings until the regulatory deadline forced satellite casinos across Macau to shut their doors by year-end 2025. Legend Palace ceased operations on 12 November. That stripped Fisherman’s Wharf of its primary revenue engine and triggered a financial reckoning.

Impairment Charges Drive Losses Higher

According to Tuesday’s regulatory filing, the bulk of the expanded loss stems from a substantial HKD1.18 billion impairment charge recorded during 2025. This write-down—three times the HKD376 million impairment taken in 2024—reflects declining fair values for property, plant and equipment, plus right-of-use assets tied to the Fisherman’s Wharf site. Without the SJM partnership to underpin valuations, the company had little choice but to mark down assets significantly.

On top of that, Macau Legend booked HKD71 million in provisions for employee compensation and benefits related to the SJM agreement’s termination. Long-service payments for displaced staff represented a material portion of that figure, as the casino closure left dozens without positions.

Together, asset devaluation and severance obligations turned an already challenging year into a substantial financial setback.

Capital Raising Provides Limited Cushion

Earlier in 2025, Macau Legend raised HKD93 million through a rights issue aimed at shoring up working capital and maintaining operational flexibility. Underwriters ultimately subscribed to 51 per cent of the offered rights. An indicator of subdued investor appetite. Nevertheless, the capital injection delivered breathing room as the company repositioned Fisherman’s Wharf for a non-gaming future.

That liquidity buffer matters more than ever. The projected HKD1.57 billion loss accounts not only for the headline impairment and staff costs but also for operational underperformance across a property shorn of gaming revenues. Legend Palace has been dark since mid-November, leaving hotels, retail and leisure attractions to carry the entire complex.

Policy Shift Reshapes Business Model

Macau’s decision to phase out satellite casinos by the end of 2025 represented a fundamental policy pivot, designed to consolidate gaming activity under the six licensed concessionaires and eliminate third-party management arrangements. For operators like Macau Legend, which relied on partnerships with SJM and others to generate the lion’s share of revenues, the regulatory change proved punishing.

The HKD1.18 billion impairment underscores how swiftly policy can alter asset economics. Properties valued with gaming income in mind lose substantial worth when that income vanishes overnight. Frankly, the HKD623 million loss in 2024, which included its own HKD376 million impairment, now appears modest by comparison.

Non-Gaming Appeal Faces Market Test

Looking ahead to 2026, Macau Legend must demonstrate whether Fisherman’s Wharf can generate sustainable returns from hospitality and leisure alone. The complex retains hotels, dining and entertainment venues, but competition for non-gaming visitors in Macau remains fierce. Particularly as the integrated resorts on Cotai continue to expand their own non-gaming offerings.

The capital raised in January provides some runway, yet the scale of the impairment and ongoing operational deficits leave limited margin for error. Management now confronts the challenge of repositioning a property built around casino traffic for a market where gaming no longer features. Whether Fisherman’s Wharf can attract sufficient footfall on its own merits will define Macau Legend’s prospects in the post-satellite era.

The University of Mississippi has broken new ground by launching the nation’s first academic centre dedicated exclusively to studying gambling among college students. Approved by the university’s board of trustees, the Centre on Collegiate Gambling will drive research into student betting behaviours while developing prevention and treatment programmes.

The timing matters. Mississippi legislators recently advanced a second sports betting bill through the House of Representatives, underscoring the state’s evolving relationship with regulated wagering. The university’s move reflects growing recognition that student gambling warrants serious academic scrutiny.

Research Reveals Widespread Campus Betting Activity

The centre’s foundation rests on some pretty compelling data. A multi-campus study by Ole Miss researchers surveyed students across seven Mississippi universities, uncovering substantial gambling participation. Nearly 40% of respondents reported wagering within the past year. Sports betting dominated activity.

The findings carry weight beyond simple prevalence statistics. Six percent of student sports bettors met clinical criteria for problem gambling according to American Psychiatric Association standards, while additional cohorts demonstrated moderate risk indicators. The research identified clear demographic patterns, with elevated participation among male students, white students, off-campus residents, and Greek life members. Over half of student gamblers used online sportsbooks, highlighting the digital dimension of campus wagering.

Filling Critical Knowledge Gaps

The new centre will tackle research questions that have received insufficient attention. Its remit extends beyond traditional betting formats to encompass card games, prediction markets, and emerging wagering platforms. The goal is developing evidence-based interventions tailored to collegiate environments.

Sports integrity represents another crucial research strand. As betting markets increasingly feature college athletic events, understanding how wagering affects competitive fairness becomes essential. The centre will examine these intersections systematically.

Daniel Durkin, associate professor of social work at Ole Miss, described the imperative driving the initiative. “We were seeing a developing gambling problem, and not a whole lot of people were actually doing anything about it,” Durkin explained. Attendance at national gambling conferences proved transformative, revealing the need for targeted collegiate interventions.

Mississippi’s Complex Regulatory Landscape

The centre operates within Mississippi’s distinctive gambling framework. While the state maintains established casino operations under strict oversight, lawmakers continue debating online sports betting legalisation. This regulatory gap creates market complexities.

Prediction markets and offshore operators provide alternative channels for student wagering, operating outside Mississippi’s current legal infrastructure for mobile betting platforms. The centre’s work aligns with broader national developments. Federal legislators recently introduced the first bipartisan gambling addiction research funding measure in over a decade, signalling heightened policy attention to problem gambling. The Ole Miss initiative positions the university at the forefront of collegiate gambling research, addressing a knowledge gap with real implications for campus policy and student wellbeing across American higher education.

Spanish gaming operator Grupo Codere has formally entered sale discussions that could value the business at more than €2 billion. It’s a significant milestone for a company that spent the better part of a decade navigating financial restructuring.

The company has retained Jefferies and Macquarie Capital to manage the process, according to reporting by Spanish financial newspaper Expansión. Indicative offers are expected by mid-May, with binding bids due in early July and a potential transaction close targeted before the August holiday period.

From Debt Crisis to Strategic Asset

The timing is noteworthy.

Codere’s transformation from a debt-laden operation to a marketable strategic asset represents one of the more successful turnaround stories in European gaming. Following a 2024 debt-for-equity swap, approximately 84 investment funds now control the business, displacing the founding Martínez Sampedro family from majority ownership.

Davidson Kempner holds the largest stake at 13.3%, followed by Palmerston Capital, Deltroit, System2 Capital, and Invesco. That restructuring converted roughly €1.2 billion in debt to equity, slashing gross debt from €1.4 billion to approximately €190 million while securing €60 million in fresh liquidity. The recapitalisation has clearly positioned Codere for exactly this kind of strategic review.

Diversified Footprint Across Growth Markets

What makes Codere particularly attractive is its geographic and channel diversification. Founded in 1980, the operator maintains both retail and online operations across seven markets: Spain, Italy, Argentina, Mexico, Panama, Colombia, and Uruguay. That Latin American exposure is relatively unique among European operators. It also provides access to markets with substantial growth potential.

The company’s digital arm, Codere Online, trades separately on Nasdaq, adding another layer of structural complexity but also optionality for potential acquirers. Under CEO Gonzaga Higuero, Codere reported €1.35 billion in revenue for 2024, demonstrating stable performance across its core territories.

ESG Concerns May Narrow Buyer Pool

The sale is expected to attract interest from both strategic operators and financial investors, though ESG considerations may complicate matters for certain private equity firms. Gambling investments remain controversial for some institutional capital, potentially narrowing the field of credible bidders despite the company’s improved fundamentals.

With a cleaned-up balance sheet and a proven management team delivering consistent results, Codere represents the kind of platform asset that doesn’t come to market frequently. The next few months will reveal whether the €2 billion valuation ambition aligns with buyer appetite, or whether vendor expectations require recalibration. Either way, this marks a remarkable turnaround for a business that looked considerably less investable just two years ago.

The UK government has closed the book on its prolonged review of the Horserace Betting Levy, opting to maintain the current 10% rate despite sustained pressure from racing authorities for an increase. The decision, announced via written statement by Baroness Twycross and reiterated in the Commons by Ian Murray, draws a line under a consultation process that dragged nearly two years past its original completion date.

Racing’s governing bodies had built a detailed case for a higher levy, pointing to comparative figures from France and Ireland where the sport receives substantially more from betting operators. Those arguments fell on deaf ears. Murray framed the decision around broader fiscal policy, stating that “in light of the recent changes to gambling taxation, we want to provide stability and certainty to the gambling sector.” The government judged legislative changes to the levy rate inappropriate at this juncture.

Overseas Racing Exemption Remains

Ministers also confirmed they would not extend the levy to cover bets placed on overseas racing events. The government maintains that existing commercial arrangements adequately reflect the relationship between British racing and the betting industry. That position drew sharp criticism from racing executives who argue it amounts to subsidising international competitors.

The levy applies to bookmakers with annual gross profits exceeding £500,000 on British racing. It generated £108 million in the most recent reporting period, up modestly from £105 million the previous year.

Racing Authority Expresses Frustration

Brant Dunshea, chief executive of the British Horseracing Authority, did not mask his disappointment. He called the three-year timeframe only to land on no change “disappointing.” Racing had provided clear evidence of a widening gap between the costs of staging competitive sport and the financial return from betting activity.

Dunshea acknowledged that racing avoided an increase in betting duties during the recent budget. But here’s the thing: the Department for Culture, Media and Sport had previously advised the Treasury that the sector would not benefit from the tax exception unless the levy itself was raised. The government’s latest position leaves that reasoning unexplained just months after the budget announcement.

The BHA chief drew unfavourable comparisons with France and Ireland, warning that Britain’s refusal to extend the levy to overseas wagers means “the sport in Britain is funding our international rivals, which diminishes our global standing.” He also expressed concern over affordability checks being introduced by the Gambling Commission. They risk driving bettors towards unregulated channels and stripping millions from racing’s revenue stream, he said.

Industry Seeks Regulatory Balance

The Betting and Gaming Council offered measured support for the government’s decision, welcoming the stability it provides following recent tax increases. However, the industry body echoed racing’s concerns over affordability checks, urging ministers to make urgent progress on the issue. A spokesperson warned that if implemented as currently proposed, the checks could push customers towards the black market. Protections evaporate there, and contributions to sport disappear entirely.

The Horseracing Bettors Forum aligned itself with the BHA’s position. Affordability checks are not a realistic option without corresponding reform of the levy structure, they argued. The forum suggested politicians need reminding of racing’s cultural, historical and financial importance to the UK.

What emerges is a familiar standoff. Racing wants more. Betting wants certainty. Government wants stability. For now, stability has won, but the underlying tension over how to properly fund British racing while maintaining a competitive betting market remains unresolved.

The affordability debate may yet force the issue back onto ministers’ desks sooner than they expect.