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Shares in UK gambling groups rise as no new taxes unveiled in budget

Reuters - UK Focus

LONDON, March 16 (Reuters) - Shares (Berlin: DI6.BE - news) in British gambling companies such as Ladbrokes (LSE: LAD.L - news) and William Hill (Other OTC: WIMHF - news) rose on Wednesday, with traders citing relief that the British budget did not unveil any strict, new taxes on the sector.

"No tax hikes, so positive for the sector," said Securequity sales trader Jawaid Afsar.

Ladbrokes' shares rose as much as 8.8 percent before settling back to stand 4.9 percent higher by 1400 GMT.

William Hill's shares rose 3.3 percent while shares in Paddy Power Betfair also advanced 1.7 percent. (Reporting by Sudip Kar-Gupta and Alasdair Pal, editing by Alistair Smout)