Arena Racing Cuts Prize Purses

Martin Cruddace, chief executive of UK’s Arena Racing Company, has announced cuts as it prepares for a reduction in the maximum bet allowed on fixed odds betting terminals in the country. The company is reducing its overall prize money contribution by £3 million in 2019 saying that the expected closing of betting shops from the cuts will hurt Britain’s racing subsidies. The company is also planning to close 1,000 betting shops in the next year.