Par
Hugo Hancewicz
Published on
Nov 6, 2024 at 6:04 p.m.
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“We walk or we die!” “. The message is clear from the associations and unions of the horse racing industry. In protest against the proposed additional taxation of betting, a “dead industry day” has been decided, but also a demonstration which will take place in Paris, Thursday November 7, 2024. The procession will leave from the square Denfert-Rochereau at 1:30 p.m. to reach Les Invalides.
The sector threatened by an increase in taxation?
The Government's desire to tax horse racing betting is part of a social security financing bill (PLFSS). The amendment, examined in the National Assembly on Monday November 4, aims to bring the tax on gross gambling revenue and chance from 6.9% to 7.5% for bets registered in a physical network, from 6.9% to 15% for those made online.
Even if nothing has yet been done at the legislative level, the horse racing industry is up in arms against this desire for taxation. According to them, an increase in taxation would threaten the sector and 40,000 direct jobs which arise from it. The horse racing industry operates according to a unique associative model. In fact, the PMU reverses 95% of its income to support breeding, training and maintaining jobs. In short, each bet directly feeds the network.
951 million euros in taxes per year
In total, this increase in taxes 35 million euros would represent a loss of 13% of income for breeders and trainers, according to the unions. The equivalent of a month of lost salary for professionals, who pay 951 million euros to the State each year.
By demonstrating in the capital this Thursday and organizing a day without horse racing betting, the sector hopes to encourage parliamentarians and the Government to give them the means to develop this sector, by encouraging them to maintain a tax model adapted to their reality.
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