Shares in UK bookmakers rose sharply yesterday after news that there will be no taxation hit on fixed-odds betting terminals after the Chancellor of the Exchequer’s Spring Budget speech in the House of Commons.

Chancellor Osborne Source: Crown Copyright

Ladbrokes, William Hill and other bookmakers and betting companies all saw increases in share prices after the details of the Budget emerged.

The industry had also been concerned that there might be taxation hikes on digital gambling advertising, which is mostly based offshore and therefore avoids VAT.

There will be tax to pay, however, on free games - casino, poker and bingo – offered online as an incentive to customers. Free plays are not taxed, but free bets on horse racing and football are. Other free plays are now being brought into line from August 2017.

Pictured - Chancellor George Osborne (Image - Crown Copyright)