A recent poll found that more than half of punters would find flutters less enjoyable if bookies were forced to remove enhanced odds.

Companies have warned that such promotions – like accumulators and bonuses – would be the first to go if the Chancellor squeezes the sector with more taxes.

A YouGov poll found 57 per cent of bettors believed fewer promotional deals would make the hobby less enjoyable.

Experts warn it would wipe out tens of thousands of jobs, hammer sports who rely on sponsorship, and drive profits into the arms of black market crooks.

Two left-wing think tanks – the IPPR and the Social Market Foundation – have been pushing for an increase in gambling taxes.

Their proposals include hiking levies on online sports betting from 15 to 25 per cent, while whacking online gaming from 21 to 51 per cent.

The Tories have warned that the Chancellor’s reported £1billion gambling tax grab will cost jobs, shut betting shops and rip cash out of racing, football, darts and rugby league.

Bookies help boost sponsorship and media deals, with the Conservatives highlighting that Horse Racing will lose funding.

Although Ms Reeves is understood to be considering an exemption for racing, MPs warn that higher taxes on profits from online will still damage the industry.

A report backed by Gordon Mr Brown suggests that reforms to gambling levies could generate £3.2 billion, potentially lifting half a million children out of poverty by scrapping the two-child limit and benefit cap.