Legendary Cheltenham race sponsorship axed after 52 years due to Rachel Reeves' tax grabThe Coral Cup will disappear from Cheltenham Festival's Ladies' Day card, no longer carry the bookies' name nor have its cash backingView 4 Images Coral has ended its backing of the Coral Cup (Image: PA)Betting bosses have scrapped their 52-year sponsorship of one of Cheltenham’s ‘most fiercely competitive’ horse races due to Rachel Reeves’ tax raid on bookmakers. Coral had reportedly provided a six-figure sponsorship sum for the race since 1974. View 4 Images Chancellor Rachel Reeves made changes in the Budget (Image: Jack Taylor, Getty Images)It was won last year by 16-1 shot Jimmy Du Seuil. Entain director Simon Clare said: “The scale of the recent tax increase on betting operators means we must take difficult decisions to mitigate its impact. Article continues belowHe added: “It's not about tackling gambling harms - it's a cash grab that puts jobs and sports at risk.