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UK gambling stocks reaction within one month of tax decision
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UK Considers Doubling Online Gambling Taxes to Raise £3 Billion, Chancellor Rachel Reeves Proposes Amid £22 Billion Fiscal Gap
Oct 14, 2024, 07:50 AM
The UK Treasury is considering a proposal to double taxes on online gambling, which could generate up to £3 billion to help address a £22 billion shortfall in public finances. This potential tax hike has led to a decline in UK gambling stocks, particularly affecting companies such as Flutter Entertainment ($FLUT) and DraftKings ($DKNG). The proposal is reportedly backed by Chancellor Rachel Reeves, and its implications have caused concern among investors in the gambling sector, as evidenced by a notable drop in stock prices on Monday following the news.
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