Punters brand Barry Hearn’s plans to save racing ‘rubbish’ as he pledges ‘immediate 2.5 per cent TAX’ on winnings
PUNTERS have branded Barry Hearn’s plans to save horse racing ‘rubbish’ – as he said an ‘immediate’ 2.5 per cent TAX is needed on winnings.
The legendary promoter knows a thing or two about business and horses, with his wife Susan’s Mascalls Stud in Essex breeding former Gold Cup winner Subjectivist.
ReutersWould you be in favour of a 2.5 per cent tax on betting winnings?[/caption]
Racing is at a crossroads with many senior figures including the boss of the British Horseracing Authority leaving their roles and punters being caught in the crosshairs of affordability checks.
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While trainers and owners have complained about the lack of prize money.
Hearn, 76, the supremo behind sporting giant Matchroom, says a tax on winnings would put more money back into the sport.
And he said he couldn’t care less about it affecting big punters who are responsible for so much of the market share, declaring: “Good riddance!”
Hearn was speaking to Simon Nott on Star Sports’ #BettingPeople video series.
He said: “I could save horse racing – it’s very simple. I would instate the return of the betting tax immediately.
“In my mind, there isn’t a normal punter that would begrudge a 2.5 per cent tax to their winnings, the sport employs so many people in this country and racing is a great spectacle.
“The people it would affect are the big punters that work on small margins, where losing that 2.5 per cent would put them out of business.
“To them I’d say good riddance!
“Because they aren’t contributing to the sport, they are only taking from it.
“I accept that the big punter gives something for someone ordinary to aspire to when betting, but aspiration should be for the jockeys, the trainers and the owners of the horse only, not for people looking to get something for nothing.
“Betting should be fun, and I wouldn’t want to encourage the bad side of gambling and addiction.
“I, like many others, love walking away with some of the bookmakers’ money in my pocket, but it should be a fun activity.
“The industry needs help and fast, the government could change it very quickly if they brought in that tax and added it to the prize money pot.
“Bookmakers pay out billions of pounds a year to punters, 2.5 per cent of that would save horse racing.”
Taxing winnings at nine per cent was the law until then chancellor Gordon Brown abolished it in his 2001 Budget.
Some punters hit out at Hearn’s ‘rubbish’ plans, citing the claim it would drive bettors to the unregulated black market.
But others were of the opinion it would be for the greater good if it meant more dosh for prize money and growing the game.
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