October 23, 2018 / 12:48 PM / a month ago

BUZZ-British gambling cos: Shares fall on report of increase in remote gaming duty

** Shares of British gambling companies extend losses for the second straight day after Financial Times reported that British Chancellor Philip Hammond is set to increase taxes paid by offshore gambling companies

** 888 down 2.5 pct, William Hill down 3.7 pct, GVC down over 7 pct, Paddy Power Betfair down nearly 5 pct, Playtech down over 2 pct

** Hammond has chalked plans to increase the remote gaming duty paid by overseas operators who offer online casino-type games such as blackjack, according to FT on.ft.com/2CzC3un, citing government aides

** The move, which could come during the budget announcement on Oct. 29, could raise about 1 bln pounds over 5 years for British government - FT

** Remote gaming applies to gambling via internet, telephone, television, radio or any other electronic means. Remote gaming duty is currently 15 percent of a gaming provider’s profits from remote gaming (Reporting by Sangameswaran S in Bengaluru)

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