William Hill and Ladbrokes having a bad time
The UK's biggest bookie said that they'd seen a £20m increase in gambling duties thanks to the introduction of Point of Consumption Tax in in December. This new rule means that all bets placed online in Britain are subject to a 15% "point of consumption tax".
In addition to that, they lost £14m in the third week of January as the majority of football matches went in the favour of punters, who were laughing all the way to the pub after their accumulators came up trumps.
Likewise, Ladbrokes chief executive Jim Mullen was complaining about their own "disappointing" first quarter results. Their operating profits more than halved in just three months, again, thanks to taxes and a load of unfavourable football and horse-racing results (unfavourable in their eyes, not the punters, clearly).
"We don’t want to use that to hide that our financial results are disappointing. Ladbrokes hasn’t grown its recreational customer base - we need more of the customers coming in to put down £5 each way on a horse," said Mullen. "It’s great to have high-value customers but it does mean we take a bigger hit when we lose."
Hey! That's gambling isn't it? Suck it up.