Bookmaker William Hill has revealed it is terminating its sponsorship of the Lincoln Handicap race after reviewing its marketing ventures following the introduction of the point-of-consumption (PoC) tax in the UK.
The PoC regime requires operators offering or promoting remote gambling services to UK customers to acquire a UK licence and pay tax at a rate of 15%, regardless of where they are based.
The UK government has estimated that the Treasury will earn £300m as a result of the tax, with a majority of that figure coming out of bookmakers’ profits.
William Hill has sponsored the Lincoln since 2006, which was its second partnership with the race after an initial spell as a sponsor in the 1990s.
The operator’s spokeswoman Kate Miller confirmed that the ending of the partnership is being brought about as a result of the new tax regime.
Miller said: “We have dropped our sponsorship of the Lincoln. We had to review a number of our marketing investments on the back of the point-of-consumption tax.
"We reviewed all our sponsorships and the Lincoln was let go as a result of that review.”
Miller went on to say that William Hill would not be ending sponsorships with any other established horse racing events