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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 7.3% lower, respectively.
Now, Treasury officials are exploring the 2 proposals that are currently under consideration. The proposals come from influential think tanks and are supported by one of Labour’s top individual donors, Derek Webb.
The first proposal
The first proposal from the Institute for Public Policy Research (IPPR) insists that by doubling taxes on “higher harm products” such as sports betting and online casinos, the government could generate up to £2.9 billion in 2025. However, IPPR suggests having an update on “lower harm” products, such as the National Lottery.
IPPR said:
“We suggest this is the best application of the ‘polluter pays’ principle, and it will create incentives for companies to focus on lower-harm products.”
The second proposal
The second proposal from the Social Market Foundation (SMF) suggests having moderate updates on the industry, increasing online gambling taxes from 21% to 42%, raising an estimated £900m.
BGC announced its concerns that this new update might motivate players to turn to the black and not regulated market.
BGC spokesperson commented:
“Comparable markets abroad which have imposed draconian regulations and disproportionate tax regimes have seen a spike in illegal black-market gambling.”
The Treasury hasn’t made a final decision yet, but it is reportedly open to considering these proposals. The final decision may be revealed in the upcoming budget announcement later this month.
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