red has announced that they will completely terminate their sponsorship and other associations with British Racing when their current exclusive deal to operate betting pool’s ends in July 2018.

Reported in The Racing Post, the news follows a continuously deteriorating relationship between the two caused by the decision to form a proprietary pools system after dropping the Betfred Tote Pool service. The announcement means that when the current exclusive contract with Betfred expires in July 2018, after Totes’ 90 year monopoly comes to an end, the racecourse betting market will open up to other operators.

In an interview with the Racing Post, Fred Done, Co-founder of Betfred said: "As from next year, we will fulfil everything we promise. We will not go back on anything or dodge anything or get out of contracts.”

Ascot and Chelmsford will be the only two exceptions out of the 51 racecourse betting shops to not close. Betfred currently own the Chelmsford and Ascot race courses which host some of the largest and most prestigious races in the world including the Royal Ascot weekend.

Done added: "All our betting shops on the racecourse are shutting down. We won't be represented on any [other] courses. Several racecourses are really disappointed we aren't staying, but I won't stay where I'm not wanted.

"If anything, the regret I have about not being on racecourses is that our association with racing is broken now and will be finished next year. But that's not business, it's sentimental."

It is currently estimated that Betfred’s withdrawal could cost the UK racecourses up to £6m in lost sponsorship. In 2016 Betfred sponsored 10% of the entire race fixture list, accounting for over 1,000 races.