Shares of UK-listed betting companies fell on Tuesday after Finance Minister Rachel Reeves indicated that gambling operators could face increased taxation.
Speaking to ITV News on Monday, Reeves said there is “a case for gambling companies to pay more taxes,” sparking concern among investors in the sector.
The comments follow a recent push from over 100 Labour MPs who earlier this month called for higher taxes on gambling businesses. Lawmakers cited the UK’s comparatively lower gambling tax rates as justification for a hike.
Among the hardest-hit stocks, Evoke (LSE:EVOK) fell 1.5% as of 09:07 GMT, making it one of the biggest decliners on London’s small-cap index, which was down 0.09%. Other gambling operators also traded lower, with Entain (LSE:ENT) slipping 1.08% and Flutter (LSE:FLTR) down 0.5%.
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