Shares in leading gambling firms Ladbrokes and William Hill fell in London today after the UK government announced a new tax on fixed-odds betting machines in its 2014 Budget. The bingo industry was celebrating however as bingo duty was finally reduced.

Bingo duty will be halved from 20 per cent to 10 per cent, bringing the taxation of bingo into line with most forms of gambling in the UK including sports betting, football pools and online gambling, and closer to the effective level of sales tax for general retail.

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