UK Casinos Evoke, Entain Warn of Hit to Profit From Tax Hike

UK betting houses including Evoke Plc and Entain Plc warned of a looming hit to their profits after the British government imposed higher taxes on most forms of online gambling.

Evoke withdrew its medium-term financial targets and said the changes in tax rates would increase duty costs by about £125 million to £135 million ($165 million to $180 million) once fully implemented in April 2027. It expects to take an £80 million hit in the next fiscal year. Entain, parent of Ladbrokes and other brands, estimated the new taxes would add about £200 million to its annual costs before any steps to lessen the impact.