Barclays says Flutter Entertainment’s (FLUT) and Entain’s (GMVHF) tax overhang has been removed “for now” after the UK government released its budget today with gaming tax rates left unchanged. The news is a positive for shares, but risk to the company’s tax rate “probably can’t be written down to zero,” the analyst tells investors in a research note. The full UK Autumn budget, also released today, notes the government will consult next year on proposals to bring remote gambling taxes into a single tax, rather than through a three-tax structure, adds Barclays. The firm keeps an Overweight rating on Flutter and Equal Weight rating on Entain.
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