BOOKIES yesterday warned of a rise in dangerous black market gambling after the Chancellor’s £1.1billion tax raid.
Paddy Power owner Flutter said Rachel Reeves’ Budget tax raid will slice £434mn from profits.
The Chancellor sparked fury after announcing online casino duties will jump from 21 per cent to 40 per cent in April.
Meanwhile, general betting taxes on sports excluding horse racing will rise from 15 to 25 per cent.
Flutter chief Kevin Harrington warned the move will have a “significant adverse impact on our industry”.
He said: “The Chancellor rightly wants to address harm, but these changes will hand a big win to illegal, unlicensed gambling operators who will become more competitive overnight.
“These black-market operators don’t pay tax and don’t invest in safer gambling.”
The owner of William Hill and 888 warned of thousands of job cuts in the wake of the £1.1billion Budget raid.
And Ladbrokes owner Entain said it will face a £200m hit.
Shadow Culture Minister Louie French yesterday warned the sting on the industry will “fuel the illegal black market”.
The Sun’s Save Our Bets campaign is urging the Chancellor to stop clobbering betting firms to protect jobs and the vital contribution firms make to British sports.
