The gambling industry could be hit with thousands of job losses following a tax raid on the industry. Rachel Reeves announced in her budget on Wednesday (November 26) that online casinos and bookmakers will now pay billions more in tax.

The Chancellor confirmed that the changes will raise an additional £1.1billion a year by 2029/30. Although horse racing has been spared from the hikes, remote gaming duty on online casinos will rise from 21% to 40% from April. Meanwhile, the levy on online sports betting will increase from 15% to 25%.

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As reported by This is Money , Evoke, the owner of William Hill and 888, described the move as "ill-thought-through and

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