The UK's largest gambling companies, including Flutter Entertainment, Entain, and Evoke, have experienced a combined loss of over £4 billion in market value due to anticipated tax increases by Chancellor Rachel Reeves. Share prices plummeted following reports of a near-guaranteed tax rise, driven by a fiscal gap of £50 billion. Calls for the sector to contribute more intensified, particularly after former Chancellor Gordon Brown's suggestion linking increased duties to funding social initiatives. Industry leaders expressed concerns that higher taxes could push consumers towards unregulated operators, potentially harming overall tax revenue.
Flutter chief executive Peter Jackson warned that excessive tax increases could backfire, stating, "If you continue to push tax rates up, you actually see a reduction in the tax take." This emphasizes the potential negative impact of overtaxing the gambling sector.
Gordon Brown highlighted the potential of reforming gambling taxation to raise substantial revenue, stating, "Reforms to gambling taxation could raise up to £3.2 billion," focusing on the most profitable segments.
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