Key Points
Contents
- Around 200 William Hill betting locations will shut down beginning in May, affecting approximately 15% of Evoke’s physical retail network
- The decision stems from the UK government’s Remote Gaming Duty hike unveiled in the autumn budget
- Parent company Evoke is conducting a comprehensive strategic review potentially involving asset sales or complete business disposal
- Deutsche Bank slashed Evoke’s profit projections dramatically, forecasting EPS declines of 40% for FY26 and 52% for FY27
- Analysts recommend Evoke consider divesting its international operations to alleviate debt burden
Evoke Plc, William Hill’s parent company, informed employees on Tuesday of its intention to shutter roughly 200 physical betting locations throughout the United Kingdom.
The shutdown process will commence in May, impacting approximately 15% of Evoke’s entire retail footprint. The gambling operator maintains around 1,300 betting establishments across Britain.
According to Evoke, the shop closures form part of an extensive strategic evaluation initiated in December. This assessment could result in selling off assets, potentially including portions of the company or the entire operation.
The move follows Chancellor Rachel Reeves’ announcement of increased Remote Gaming Duty and Remote Betting Duty rates in the previous autumn budget. The Remote Gaming Duty elevation became effective April 1, 2026, with the Remote Betting Duty adjustment scheduled for April 2027.
Evoke’s CEO Per Widerström initially revealed the closure plans in January during a company performance briefing. The possibility of shutdowns had been discussed even prior to the budget announcement.
Mounting Expenses Force Strategic Shifts
An Evoke representative stated the organization had undertaken an exhaustive evaluation, citing escalating financial burdens on the regulated betting industry, particularly the autumn budget’s tax increases.
“From May we are closing a number of shops that are no longer sustainable,” the spokesperson said.
The company pledged comprehensive assistance for retail employees impacted by the shutdowns.
“These decisions are never taken lightly, however in the face of rising cost pressures we must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations,” the statement continued.
Evoke isn’t alone in confronting these challenges. Fellow retail bookmakers, including Betfred and Entain, cautioned that the tax elevation might trigger closures throughout their networks.
Flutter shuttered 57 locations in 2025 due to persistent retail sector contraction.
Financial Projections Slashed as Sale Options Explored
Deutsche Bank revised its Evoke projections downward in a January research report, trimming FY26 and FY27 EBITDA estimates by 12% and 18% respectively.
Due to elevated financial leverage, the investment bank anticipates earnings per share will decline 40% in FY26 and 52% in FY27. Deutsche Bank projects UK online expansion of merely 2.5% for both fiscal years, with profit margins contracting from 23% in FY26 to 13% by FY27.
The dramatic forecast reductions have intensified conjecture regarding potential acquirers for Evoke or segments of its operations. Ben Robinson, managing partner at Corfai, recently stated that private equity represents the most plausible buyer for the entire group.
Conversely, Robin Chhabra, CEO and president of Tekkorp Capital, suggests Evoke should explore separating its international operations instead.
“The jewel here is the International division; markets like Italy, Spain, Romania and Denmark offer double-digit growth,” Chhabra said. “They are untouched by the chancellor’s new duties.”
Chhabra emphasized that divesting those international holdings represents “the only quick route to deleverage” for the organization.
The Remote Gaming Duty increase officially took effect on April 1, 2026.
