Rising Taxes: British Gambling Stocks Under Pressure

Shares of UK-based gambling companies experienced a significant decline at the beginning of the week. The reason for this is reports that the British government is considering tax increases for the sector. Entain, the London-listed gambling company behind Ladbrokes, was particularly hard hit. Its stock value plummeted by 14 percent in early trading after the Guardian reported that Finance Minister Rachel Reeves is considering possible tax increases of up to 3 billion pounds in the upcoming budget on October 30. Shares of other companies in the sector were also affected by the news. Flutter, whose brands include Betfair and Paddy Power, saw a decrease of 7 percent, while Evoke, owner of William Hill and 888, had to cope with an almost 15 percent loss.