Gaming stocks down

-A +A

KUALA LUMPUR: Gaming related counters fell in early trade on Friday, on July 2 after the Ministry of Finance raised the pool betting duty.
At 9.02am, Tanjong fell six sen to RM7.10, MPHB lost five sen  RM1.91 and Berjaya Sports Toto three sen to RM4.11.
The FBM KLCI lost 4.10 points to 1,304.66. Turnover was 12.97 million shares valued at RM10.47 million.
MPHB said its subsidiary Magnum Corporation Sdn Bhd has received a letter about the higher pool betting duty. The MoF had informed it that that the pool betting duty imposed on Magnum has been increased to 8% from 6% previously. The higher tax takes effect from June.
Also affected by the higher tax rate is power to gaming company Tanjong. Its unit Pan Malaysian Pools Sdn. Bhd. was also notified by the MoF of a revision in betting duties to 8% from 6% previously.
Tanjong had said betting duties are based on gross sales proceeds after deducting gaming tax of 8%. Hence, the effective rate of betting duties will be 7.36% from 5.52% previously.
"This revision is not expected to have a material impact on the results of the Tanjong Group," it said.