Peter Jackson, CEO of Flutter Entertainment, responded to ongoing speculation about a potential £3 billion ($3.92 billion) tax raid on the UK gambling industry.
Over the weekend, reports emerged that two influential think tanks had proposed a tax on the gambling sector, with UK Chancellor Rachel Reeves stating her desire to fill a £22 billion "black hole" in the nation's finances.
Only those claiming that the Treasury has accepted the proposal are calling for it, according to gambling insiders.
Meanwhile, Grainne Hurst, CEO of the Betting and Gaming Council (BGC), highlighted the potential impact of increased taxes on the industry's growth and the risk of the black market, which caused individual company stocks to fall following the news.
Flutter was one of the companies impacted, with its stock price falling nearly 5% on Monday morning. The CEO today posted on LinkedIn about his views on the tax raid rumors.
He wrote: "This week has seen a lot of speculation around taxation in our industry, and my interview in today's Financial Times warning of the unintended consequences of high taxation was perhaps timely.
"While my comments about balance were related to the US, the point also applies to the UK and other operational environments—setting taxes too high can reduce competition, weaken consumer purchasing power, and potentially lead to reduced tax revenues. This benefits no one."
Jackson made these remarks following his participation in the UK government's International Investment Summit, where he expressed a positive attitude towards the Chancellor's "desire to partner with businesses and prioritize economic growth."
At the summit, the Flutter CEO agreed with the former CEO of Google that under Labour's rule, UK regulation must be streamlined and implemented more swiftly, mentioning the review of the Gambling Act; the company supports the current implementation of the act, with pilots ongoing and rule implementation expected in the coming months.
Recently, Jackson gave an exclusive interview at the G2E expo, discussing the current gaming landscape and Flutter's development plans for 2025 in the US and other countries.
