Evoke, the owner of William Hill and 888, has confirmed that approximately 270 betting shops are being closed as it seeks to offset the impact of higher taxes, amid ongoing talks about a £225.3 million takeover of the group.
Financial losses and tax impact
The debt-laden gambling firm reported that pre-tax losses more than doubled to £549.1 million in 2025, compared to £220.9 million in 2024. This sharp increase is largely attributed to UK tax hikes announced in the autumn budget.
The shop closures are expected to result in hundreds of job losses, although Evoke has not yet specified the exact number of employees at risk.
Takeover talks
Last week, Evoke announced it was in discussions regarding a potential takeover by Greek lottery and gaming firm Bally's Intralot, a deal that values the UK betting group at £225.3 million.
The company effectively put itself up for sale late last year when it launched a strategic review, struggling under mounting debts and the soaring costs of the betting tax hike implemented in November.
Cost-cutting measures
In January, Evoke stated it would close betting shops and reduce costs to offset an expected increase in duty costs of up to £135 million per year from 2027. This follows Chancellor Rachel Reeves' decision to raise remote gaming duty from 21% to 40% from April, with a new online sports betting duty of 25% set to take effect from 2027, covering all sports except horse racing.
Evoke noted that it fell deeper into the red last year primarily due to a £440.3 million impairment charge reflecting the gambling duty hike.
CEO statement
Per Widerstrom, chief executive of Evoke, commented: "The significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry. We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business."
