Bookmakers Entain, Flutter, Evoke, and Rank have all seen a significant drop in their stock prices following the release of new reports on proposed gambling tax reforms. The companies, which are some of the largest in the gambling industry, have all experienced a tumble in their share prices as investors react to the potential impact of the proposed changes.
The new tax reports, which were released by the government earlier this week, suggest that a new tax on gambling revenue could be implemented in the near future. This tax would see bookmakers and online gambling companies required to pay a percentage of their revenue to the government, which could have a significant impact on their bottom line.
Entain, formerly known as GVC Holdings, saw the biggest drop in its stock price, with shares falling by over 10% in early trading. The company, which owns popular brands such as Ladbrokes and Coral, is one of the largest gambling companies in the UK and has a significant presence in international markets as well.
Flutter Entertainment, which owns popular brands such as Paddy Power and Betfair, also saw a drop in its share price, with shares falling by over 5% in early trading. The company, which is based in Ireland, is one of the largest online gambling companies in the world and has a significant presence in the UK and other European markets.
Evoke Gaming, a Swedish-based online gambling company, also saw a drop in its share price, with shares falling by over 7% in early trading. The company, which owns popular brands such as Redbet and Bertil, is one of the fastest-growing online gambling companies in Europe and has a significant presence in the Nordic region.
Rank Group, which owns popular brands such as Mecca Bingo and Grosvenor Casinos, saw a drop in its share price as well, with shares falling by over 4% in early trading. The company, which is based in the UK, is one of the largest land-based gambling operators in the country and has been expanding its online presence in recent years.
Investors are watching closely as the gambling industry reacts to the proposed tax reforms, with many concerned about the potential impact on company earnings and profitability. While the full details of the proposed tax have yet to be released, industry experts are already warning that it could have a significant impact on the bottom line of many gambling companies.
As the debate over the new tax reforms continues, bookmakers Entain, Flutter, Evoke, and Rank will be closely monitoring the situation and working to mitigate any potential impact on their businesses. In the meantime, investors will be keeping a close eye on the stock prices of these companies as they react to the uncertainty surrounding the proposed tax changes.