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View the article online at http://citywire.co.uk/wealth-manager/article/a741504

Budget 2014: Ladbrokes see share price tumble on gambling tax rise

by Eleanor Lawrie on Mar 19, 2014 at 14:17

Budget 2014: Ladbrokes see share price tumble on gambling tax rise

Gambling firms are already feeling the effects of the announcement that the tax on betting terminals will be hiked to 25%.

Betting shop Ladbrokes suffered a share price drop of 12.6% to 139p, while William Hill's share price was down 6.2%, to 353.9p.

'Fixed odds betting terminals have proliferated since gambling laws were liberalised almost a decade ago.These machines are highly lucrative, and therefore it’s right we now raise the duty on them to 25%,' chancellor George Osborne said in his budget speech earlier this afternoon.

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