William Hill says budget would cost us £22 million

The UK’s largest bookmaker William Hill says that the recent UK budget announced by Chancellor George Osborne would have damaged the companies profits by 40% if the new levy on Fixed Odds Betting Terminals (FOBTs) had been introduced last year, hitting the firm with a drop in profits by £22 million.

Previously the bookmaker had said it would have impacted by £16 million but following discussion with the treasury the online and land based bookmaker increased its projections.

The new tax on FOBTs comes along at the same time as the online gambling tax increase to 15%, hitting William Hill both in their betting shops and their lucrative online operation.

Following the budget announcements William Hill shares slid 7%.