Flutter, Entain shares drop as UK eyes higher gambling taxes
Shares of Flutter Entertainment and Entain dropped following Great Britain’s government reports on raising taxes.Earlier today, Flutter and Entain were trading 12.6% and...
Flutter doesn’t support the new UK tax hike
After the news that the UK is considering increasing the taxes, Flutter Entertainment announced its disapproval of it.
Earlier this month, the UK announced that currently, the country has two proposals for increasing taxes on gambling products. Many companies, including Flutter Entertainment, announced their concerns regarding it.
Flutter Entertainment plc, simply known as Flutter, is an international sports betting and gambling company. It is also the parent company of brands like Paddy Power and Betfair. In his recent LinkedIn post, Flutter’s CEO expressed his enthusiasm about participating in the UK Government’s International Investment Summit. During the summit, Jackson took the opportunity to share Flutter’s perspective on the news.
Peter Jackson, CEO of Flutter Entertainment, said:
“While my comments about balance were in relation to the US, the point can also be applied to the UK operating environment and elsewhere – setting too high a tax rate reduces competition, weakens the consumer offering, and can lead to a reduction in tax revenue. This is in no one’s interest.
Being one of the fastest-growing companies in the UK, Flutter has seen significant success and is sure that the reason for the success is the balanced and regulated market. After the news, on October 14, Flutter’s trading was recorded to be 12.6% lower.
Flutter has a long-term growth strategy in the UK and aims to strengthen its footprint in the country.
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