Shorting activity on debt instruments linked to gambling operators has ramped up significantly following the UK's announcement of steeper-than-anticipated tax increases targeting the sector. The market reaction reveals something interesting—traders were caught off guard by how aggressive the taxation framework turned out to be. When policy shifts hit harder than consensus estimates, you typically see this kind of positioning shift in leveraged bets against specific debt securities. It's a textbook example of how macroeconomic headwinds can create trading opportunities for those positioning defensively.