26th Nov 2025 13:13
(Alliance News) - Betting operators were significant losers from Wednesday's budget as the UK government raised taxes on the sector.
The changes to gambling duties are estimated to raise GBP1.1 billion by 2029 to 2030.
From April 2026 there will be an increase in remote gaming duty from 21% to 40% and abolition of bingo duty from its current 10%.
From April 2027, a new rate of general betting duty for remote betting will be introduced at 25%, excluding self-service betting terminals, spread betting, pool bets and horse racing.
The government has also announced a freeze in casino gaming duty bands in 2026 to 2027.
Shares in William Hill-owner Evoke PLC plummeted 18%. Reacting less severely due to their US exposure, shares of Ladbrokes-owner Entain PLC slipped 0.5% and those of Paddy Power-owner Flutter Entertainment fell 1.7%. Casino-operator Rank Group was down 1.5%.
Oil and gas company shares also fell as the UK government confirmed the windfall tax will remain in place until March 2030, unless oil and gas prices fall below a certain level before then.
There had been hope in the sector that the expiry date for the windfall tax would be brought forward.
Serica Energy PLC fell 3.1%, and Harbour Energy PLC slid 4.6%.
Housebuilders were another weak sector in the London market as news of 'mansion tax' on properties worth more than GBP2 billion was unveiled.
An absence of stimulus measures for the housing market also contributed to shares weakness.
Shares in Persimmon PLC fell 3.8% and Barratt Redrow PLC 2.2%.
But banks were spared a further sector tax hit, as expected, give those stocks a boost midday Wednesday.
Lloyds Banking Group PLC was up 2.4% and Barclays PLC up 1.8%. Since Friday's close last week, Lloyds is up 6.8% and Barclays up 6.5%.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
EntainEvoke PlcBarclaysLloydsSerica EnergyHarbour EnergyRank Group PlcPersimmonBarratt Redrow