From Morningstar: 2024-10-14 09:49:00

UK Gambling stocks fell after reports that the UK government could target gambling companies in the chancellor’s Budget to address a £22 billion deficit. Fresh levies may generate £900 million to £3 billion in taxes from the sector.

Shares in UK gambling firms plunged: Entain down 13.46% at £6.71, Evoke down 11.5% at 57p, Flutter down 8.78% at $219.50, and Rank Group down 6.96% at 81p.

The UK government is seeking ways to raise revenue without taxing “working people.” The betting industry warns higher taxes could drive punters to the black market and raise costs for players. The Budget on October 30 may see changes to inheritance tax, capital gains tax, and pension rules.



Read more at Morningstar: Gambling Stocks Plummet on Budget Taxation Fears