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Shares in betting firms leapt after Wednesday’s budget contained no rumoured tax changes, while a cut in beer duty provided cheer to pub operators.
Earlier this month, the Guardian suggested that the Treasury was considering proposals to increase gaming duty from two think-tanks which could have raised as much as £3 billion.
However, Reeves was silent on the subject, sending share prices higher.
Shares in Entain PLC, which owns bookmakers Ladbrokes and Coral, leapt 6.7% to 760.91 pence each in London on Wednesday. Shares in William Hill owner Evoke PLC soared 10% to 58.47p. Flutter Entertainment, which owns Paddy Power and Betfair, climbed 6.3% to 18,250.00p, while casino and bingo operator, Rank jumped 6.6% to 89.58p.
Entain was the best performer on the FTSE 100. The wider FTSE 100 index was down 0.2%.
Reeves also provided cheer for pub operators cutting the draught duty on alcoholic drinks by 1.7%, meaning ‘a penny off a pint in the pub’.
Shares in JD Wetherspoon climbed 2.9% to 667.50 pence and Marston’s PLC rose 6.6% to 42.32 pence.
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