30th Oct 2024 14:14
(Alliance News) - Shares in betting firms leapt after Wednesday's budget contained no rumoured tax changes, while a cut in beer duty provided cheer to pub operators.
Earlier this month, the Guardian suggested that the Treasury was considering proposals to increase gaming duty from two think-tanks which could have raised as much as GBP3 billion.
However, Reeves was silent on the subject, sending share prices higher.
Shares in Entain PLC, which owns bookmakers Ladbrokes and Coral, leapt 6.7% to 760.91 pence each in London on Wednesday. Shares in William Hill owner Evoke PLC soared 10% to 58.47p. Flutter Entertainment, which owns Paddy Power and Betfair, climbed 6.3% to 18,250.00p, while casino and bingo operator, Rank jumped 6.6% to 89.58p.
Entain was the best performer on the FTSE 100. The wider FTSE 100 index was down 0.2%.
Reeves also provided cheer for pub operators cutting the draught duty on alcoholic drinks by 1.7%, meaning "a penny off a pint in the pub".
Shares in JD Wetherspoon climbed 2.9% to 667.50 pence and Marston's PLC rose 6.6% to 42.32 pence.
By Jeremy Cutler, Alliance News reporter
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