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Playtech shares rally on guidance despite hit from UK Budget
(Sharecast News) - Gambling services provider Playtech rebounded, with the stock rising 10% after reassuring investors that it would meet full-year expectations despite rises in online gaming duty as part of the Budget. The company on Wednesday said it expected to take a hit of millions of euros in the "high teens" before mitigation.
"However, given the group's geographic diversity across regulated markets and strong performance and prospects outside of the UK, Playtech remains comfortable that it can meet market expectations for the full year 2026," Playtech said in a statement.
Shares in the company surged by 10% to £2.83 in London trade.
Duty rises announced by Finance Minister Rachel Reeves - which targeted at online betting and gaming - will cost the industry an extra £8.3bn by 2030-31, according to the Office for Budget Responsibility (OBR).
Remote gaming duty, levied on online casinos, was increased to a higher-than-expected 40% from 21%, starting next April as Reeves looked to tackle the impact of addiction from an industry that rakes in billions every year from gamblers.
General betting duty, levied on sports bets, will rise to 25% from 15% for wagers placed online from April 2027, but there will be no change for bets placed in high street bookmakers.
Reporting by Frank Prenesti for Sharecast.com
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