Gambling stocks hit by fears of UK Budget tax grab

Stay informed with free updates

Simply sign up to the Travel & leisure industry myFT Digest — delivered directly to your inbox.

Shares of UK-based bookmakers fell on Monday on concerns that the government could raise taxes on gaming companies at this month’s Budget.

Entain, the London-listed gambling group that owns Ladbrokes, plunged 14 per cent in early trading after The Guardian reported on Friday that chancellor Rachel Reeves was weighing possible tax increases on the sector worth up to £3bn.

London-listed shares of rival Flutter, which owns brands including Betfair and Paddy Power, slipped 7 per cent, while Evoke, owner of William Hill and 888, lost nearly 15 per cent. Casino operator Rank Group fell 7 per cent.

Entain, Flutter, Evoke and Rank have lost a combined £3.25bn of market capitalisation.

The chancellor is due to present the Budget on October 30.

This is a developing story