Evoke, the gambling group behind William Hill and 888, has confirmed it is closing betting shops in response to higher taxes imposed by Chancellor Rachel Reeves in her November Budget.
The company said it had moved quickly to limit the financial impact of increased gambling levies, combining retail closures with wider cost-cutting measures across the business.
Evoke did not specify how many locations will shut, but it previously warned that as many as 200 betting shops could be at risk if duties were raised.
Per Widerström, chief executive of Evoke, said the business had taken decisive action following the Budget announcement.
He said: “We have moved quickly and decisively to execute on our mitigation plans including the closure of retail stores that are no longer sustainable as well as broader cost savings and we will update shareholders on our progress and updated strategic plan in due course.”
The company said it expects the store closures to offset around half of the additional costs arising from the higher tax rates.
Further savings are expected through changes to how customers are served, reduced expenditure with suppliers and a scaling back of certain market activities.
Evoke continues to explore a potential sale as part of a strategic review launched in December.
Company drops 90 per cent in value since taxes introduced
|
GETTY
The Gibraltar-headquartered firm has said the review could result in the sale of the entire group or individual business units.
Before the Budget, Evoke warned that higher gambling duties would have serious consequences for the industry and the wider economy.
The company said increased taxes would “drive customers to the black market, reduce overall tax generation, lead to thousands of job losses, and decrease investment in UK sports”.
Ms Reeves’s November Budget increased online gaming duty from 21 per cent to 40 per cent.
Both brands are owned by parent company Evoke | GETTY
Online sports betting duty has been raised from 15 per cent to 25 per cent, excluding horse racing, in a move Evoke says will significantly increase its tax bill and place further strain on its UK operations.
The company reported a three per cent year‑on‑year decline in fourth‑quarter revenue on Tuesday and declined to provide any financial guidance for 2026 while its strategic review continues.
For the year ending December 31, Evoke forecast adjusted core profit of between £355million and £360million, in line with market expectations.
UK betting revenue fell sharply in the final quarter of 2025, dropping 22 per cent compared with the same period a year earlier.
Group revenue for the quarter reached £464million, a seven per cent increase on the previous three months.
Total revenue for 2025 was projected at £1.786billion, around two per cent higher than the prior year.
The company withdrew its medium‑term financial targets following the November Budget, citing uncertainty over the impact of the tax changes.
The Chancellor’s levies have tanked the companies value
|
GETTYEvoke launched its strategic review in December after warning that the Budget measures could cost the business up to £135million a year in additional tax.
The betting operator carries net debt of £1.82billion.
Its market value has fallen by more than 90 per cent since it acquired William Hill’s network of 1,400 bookmakers for £2.2billion four years ago.
Morgan Stanley and Rothschild have been appointed to advise on the strategic review and examine potential options.
These include a sale of the entire group or disposals of individual brands and assets.
Mr Widerström has repeatedly warned that higher taxes risk undermining the regulated gambling sector.
He said: “We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market.”