Flutter CEO Warns UK Government Against Raising Gambling Tax
Flutter Entertainment’s CEO, Peter Jackson, has responded to the recent speculation about a suggested £3bn tax hike on the UK’s gambling industry.
Flutter CEO, Peter Jackson, warns against increasing gambling taxes in the UK.
LISTEN TO THIS ARTICLE:Over the weekend, there were reports that two influential think tanks have proposed the tax to UK Chancellor Rachel Reeves as a means to address the alleged £22bn deficit in the nation’s finances. However, these claims have come primarily from those advocating for the tax increase, with no confirmation from the Treasury regarding its acceptance.
Industry Leaders Warn of Potential Effects
Betting and Gaming Council (BGC) CEO Grainne Hurst voiced concern over the potential effects of higher taxes on the industry’s growth, warning that it could push consumers toward the black market. The news had an immediate impact on the stock market, with several gambling companies experiencing declines. Flutter, one of the affected companies, saw its share price drop nearly 5% on Monday morning.
In a LinkedIn post, Jackson gave his perspective on the tax rumors:
With plenty of speculation around the taxation of our sector this week, it was perhaps timely that I warned of the unintended consequences of high taxes in an interview with the Financial Times published today. While my comments about balance were in relation to the US, the point can also be applied to the UK operating environment and elsewhere – setting too high a tax rate reduces competition, weakens the consumer offering and can lead to a reduction in tax revenue. This is in no one’s interest.
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Flutter Supports Streamlining Regulation
Jackson’s remarks followed his attendance at the UK Government’s International Investment Summit, where he took note of the Chancellor’s focus on forming partnerships with businesses and prioritizing economic growth. He expressed optimism after the event, aligning with former Google CEO Eric Schmidt’s comments that regulation on UK online casinos needs to be streamlined and implemented more efficiently under a Labour government.
Jackson also referred to the Gambling Act Review, which Flutter supports. The company is currently participating in pilot programs and is due to implement updated regulations in the coming months.
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