From shop closures and redundancies to black market growth, the UK government was warned of the perils of hiking Machine Games Duty (MGD) in their Autumn Budget. Some anti-gambling campaigners, including former Labour leader Gordon Brown, had called for MGD to be doubled from 20% to 40% in a move that would have decimated the […]
BetGoodwin Plots £80m Stock Exchange Listing Despite UK Market Gloom
There were some interesting comments made by Ronan McDonagh, the CEO of Matchbook, at a gambling industry summit this week. He believes, despite the slump in profits, the tax grabs and the tighter regulation that the sector faces, that the UK still presents a growth opportunity – with peer-to-peer betting, which is the foundation for […]
Flutter to Cut 1,400 Jobs Due to Tax Increase Pressures
Flutter Entertainment is the latest gambling industry giant to confirm mass redundancies, with as many as 1,400 jobs expected to be lost. The Betfair and Paddy Power owner will make the cuts across their UK and Irish operations. They amount to around 15% of their total workforce. A statement made by the firm pointed the […]
Matchbook Completes Betdaq Acquisition in Bid to Become UK’s Premier Betting Exchange
The Betfair Exchange could have major competition on its hands after Matchbook completed the acquisition of Betdaq this week. Although the fee paid has not been disclosed, it’s thought that the deal will see Matchbook also acquire Racecourse Data Technologies, a software platform that enables on-course bookmakers to hedge positions and balance books automatically within […]
Bookies Turn Their Backs on Horse Racing as Sponsorship Revenue Plummets 17%
UK horse racing is facing another financial crisis as bookmakers and betting sites turn their back on the sport. Analysis by the Racing Post has confirmed that operators have cut their sponsorship spending in racing by 17% – figures released almost a year to the day since the government announced their Gambling Tax hikes. And […]