UK's Healey increases taxes on gambling companies in budget

UK Increases Taxes on Gambling Companies, Warns Industry of Job Losses

Government Announces Tax Hike on Gambling Sector

Details of the Tax Increase

LONDON, Oct 28 (Reuters) - British finance minister John Healey announced an increase in taxes on gambling companies on Wednesday in his annual budget.

Healey said in his budget statement the government would raise Machine Games Duty, a tax on the net takings from some slot machines, to 25% from 20%.

Companies Affected by the New Tax

The new taxes will impact companies such as Ladbrokes owner Entain and Evoke, the owner of William Hill UK and 888.

Industry Response and Warnings

Concerns Over Job Losses

Gambling companies warned ahead of the budget that higher taxes could lead to job losses in a sector already grappling with tax increases announced in last year's budget.

Analysis from the Betting and Gaming Council

Analysis commissioned by the Betting and Gaming Council, an industry lobby group, claimed in recent months that doubling Machine Games Duty could lead to the closure of up to 1,470 betting shops and the loss of 15,900 jobs across the industry.

Reporting Credits

(Reporting by Andrew MacAskill; Editing by Toby Chopra)