Bookmakers were 'surprised' by the Treasury's decision
British bookmakers call for urgent FOBT tax review
2014-03-24
Reading time 34 seg
(UK).- UK bookmakers are calling for an urgent review the 25 percent tax rate announced by Chancellor George Osborne in Wednesday's budget, which they say will cost the industry upwards of USD 132 million per year once its enacted in March next year.
The bookmakers say that they were 'surprised' by the Treasury's decision, while a spokesperson from Ladbrokes it 'had not been thought through'. The Association of British Bookmakers joined the campaign promising that it would be 'lobbying hard' to overturn the higher duty. "We are assessing the extent of the damage the Budget will cause the industry. What's clear is that it has put thousands of jobs at risk almost immediately," the organisation said.
Since Wednesday, shares in William Hill and Ladbrokes, Britain's two leading bookmakers, have plummeted, with total loss of value standing at around us$ 826 million.
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