(Alliance News) - Shares in UK betting firms plunged on Monday following a report that the Labour government is considering an up to GBP3 billion tax hit on the sector. In response, shares in Entain PLC, which owns bookmakers Ladbrokes and Coral, fell 13% to 663.60 pence each in London on Monday morning. One of the tax plans that Treasury officials are looking at comes from the Institute for Public Policy Research. Last year, the taxes raised GBP3.3 billion, or about GBP2.2 billion excluding lottery duty, the report said. By Jeremy Cutler, Alliance News reporterComments and questions to newsroom@alliancenews.comCopyright 2024 Alliance News Ltd. All Rights Reserved.

Source: The Guardian October 14, 2024 08:20 UTC