Britain’s biggest gambling companies lost more than £4bn [$5bn] in value amid fears of a tax raid on the sector in the next Budget.
On Friday, Flutter, the gambling giant which runs Paddy Power in the UK and Entain, which owns Ladbrokes and Coral, saw shares crater over fears Rachel Reeves will raise taxes in the autumn. William Hill owner Evoke also saw shares slump.
The decline followed reports that a rise in taxes on the gambling sector was “near-guaranteed” as Ms Reeves battles to plug a black hole in the economy worth as much as £50bn [$67bn].
Following the report, London-listed Evoke saw £23m wiped off shares while Entain lost about £37m and Flutter – which was once listed in London but now trades in New York – lost more than $5.7bn (£4.2bn) in value.
