Bookmakers take hit over fears of tax increase

Shares in London-listed bookmakers fell sharply on news that the Treasury is considering a £3 billion tax increase for the gambling sector to shore up public finances.

Collectively around £1.8 billion was wiped off the value of Entain, Evoke and Flutter’s UK shares after a report in The Guardian that changes to the UK’s betting and gaming duties could be on the way, to raise between £900 million and £3 billion.

Shares in Entain, the gambling group behind Ladbrokes and Coral, fell 103p, or 13.4 per cent, to 664p in early morning trading on Monday before paring some losses to edge back above 700p. Evoke, formerly 888 Holdings, was down by 7¼p, or 11.2 per cent, to 57¾p and Flutter’s shares in London fell £13.90,