Sports betting giant shares slump as Government mulls gambling sector tax hike

Shares in Flutter Entertainment, which owns Leeds-based Sky Betting and Gaming, fell more than 7% this morning – 14 October – following news that the Government might target the sector in this month’s Budget.

It was reported this weekend that the gambling industry could face a £3bn tax raid, as Chancellor Rachel Reeves tries to fill a £22bn “black hole” in the public finances.

According to the Guardian, proposals have been outlined by a pair of thinktanks to double some taxes levied on online casinos and bookmakers.

If the Government follows these recommendations, a doubling of taxes on products such as online casino games could be included in the 30 October Budget, while lottery and bingo could go unscathed.

Flutter was not the only listed bookmaker to be impacted by the news this morning. Shares in Ladbrokes owner Entain dropped nearly 13%, while Evoke, owner of the 888 brands, saw its shares slump 14%.

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