He added: “The Chancellor has listened to our concerns and rightly recognised that racing is a unique national asset – culturally, socially and economically – and we welcome this support.
“We recognise that the increase in general taxation on the betting industry may have trickle-down effects on racing. We will work with our partners in the betting industry to understand the implications of this.”
Details of the government’s plans were mistakenly released early by the Office for Budget Responsibility before Reeves’ statement in the House of Commons.
The measures are expected to generate £1.1bn from the gambling industry by 2031 and shares in major companies fell immediately after the announcement, although some recovered later.
Before the Budget, bookmakers warned of betting shop closures if Reeves hiked taxes on gambling firms.
Each shop provides thousands of pounds in funding to racing through the levy and media rights payments.
Racing’s bosses say if bookmakers needed to cut costs, this could impact the sport through reduced sponsorship and promotion, worse odds and reduced bonuses for customers, and potentially turn people towards the black market.
An additional £26m of funding will be provided by the government to the Gambling Commission over the next three years to tackle the illicit market.