UK Gambling Firms Face Share Slump Amid Proposed Tax Hikes

Chancellor Rachel Reeves considers tax increases on the gambling sector to address a £22 billion budget shortfall.

Shares in major UK gambling companies, including Entain and Flutter, fell sharply due to fears of increased taxes in the upcoming budget.
Proposals suggest doubling the general betting duty and raising online gaming duties, potentially generating up to £3 billion in revenue.
Think tanks IPPR and SMF, backed by Labour donor Derek Webb, are advocating for higher taxes on 'higher harm' gambling products.
Industry leaders warn that higher taxes could lead to increased illegal gambling and threaten jobs within the sector.
The Treasury has not confirmed any tax changes, but the speculation has already significantly impacted stock market valuations.