“ It’ s clear investors really like the B2B model. I think they find that very attractive”
valuation are due to industry trends rather than the change in listing.”
TAX BURDEN
Although UK incumbents are starting to see green shoots after a difficult period, the market could be facing additional pressures from a government review of the current remote gambling tax model, which sees betting taxed at 15 % of operator profits and iGaming at 21 %. Stakeholders are worried the government could increase remote betting tax to come in line with iGaming under a new consolidated structure, and that would likely hit operators quite hard. An update on the process is expected in the Autumn Budget.
The market is increasingly being compared to Germany and the
“ It’ s clear investors really like the B2B model. I think they find that very attractive”
Mark Segal, Gaming Realms
Netherlands, where player restrictions and increased tax rates are stifling the industry. Valuations and share prices in the UK reflect increasing market risks and ultimately, according to Jones, the UK is“ feeling flattish”.
“ Equity investing is about evaluating risk and, most importantly, paying the right price for it,” he says.“ Gaming has been disappointing in terms of the balance of risk, and that’ s the best way to put it.”
While the market’ s remaining listed companies don’ t look set to leave soon, methods to appease investors outside of improving UK performance are becoming more common, including diversifying their geographic reach, while reasons to remain listed in the UK are becoming less so.
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