UK gambling stocks saw a modest recovery this morning (21 October) after The Times reported Machine Games Duty (MGD) will see a smaller rise than feared.
Land-based and online listed gaming businesses Rank Group and Entain each saw their share prices increase around 5% in morning trading today, following mainstream media reports the Treasury is plotting a more moderate MGD hike than previously suggested.
This follows a robust lobbying campaign by industry over previous weeks, with lobbyists confident there is little chance decision makers are unaware of the significant impacts a major tax increase would have on the sector.
Influential thinktank the Social Market Foundation had called for MGD to be doubled to 40% earlier in the year, a rate the Betting & Gaming Council warned would devastate the retail gaming sector with major knock-on effects to employment, tax and racing.
