"The head of William Hill's parent company has warned that thousands of UK jobs are now at risk, after the Chancellor announced a sharp rise in gambling taxes that will almost double the levy paid on online gaming. Shares in Evoke, which owns William Hill, fell by up to 8% to a record low following Rachel Reeves's decision to increase the online gaming duty from 21% to 40%, in one of the steepest tax hikes of the Budget. At the same time, the levy on online sports betting will rise from 15% to 25%, while the rate for betting shops remains unchanged at 15%."
"Per Widerström, chief executive of Evoke, said the company would have no choice but to make deep cuts to investment and staffing in its UK operations, which include around 1,300 high-street betting shops. "We will begin immediately on executing our mitigation plans, which involve a significant reduction in investment into the UK," he said. "And, very regrettably, the likely need for thousands of jobs to be cut up and down the country.""
The Chancellor increased the online gaming duty from 21% to 40% and raised the levy on online sports betting from 15% to 25%, while keeping the betting-shop rate at 15%. Evoke, owner of William Hill, saw shares fall up to 8% to a record low. Evoke will reduce investment and staffing across UK operations that include around 1,300 high-street betting shops, with thousands of jobs likely to be cut. Operators warn the hike threatens profitability, investment and market viability, and analysts predict further UK cuts or offshore investment shifts. The Treasury described the rise as a fairer contribution from digital platforms.
Read at Business Matters
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