Evoke Plans to Shut 200 William Hill Stores After UK Gambling Tax Hike

(AsiaGameHub) –   Evoke Plc informed its employees on Tuesday that it intends to permanently shut down around 200 of its retail locations in the UK.

These closures account for approximately 15% of Evoke’s retail portfolio. In a subsequent statement, the company noted that the store shutdowns will begin in May and are part of its broader strategic review, which may include potential asset sales.

This move was hinted at prior to the autumn budget, when Chancellor Rachel Reeves announced a substantial increase in the UK’s Remote Gaming Duty and Remote Betting Duty. Evoke’s then-CEO Per Widerström confirmed the decision in January as part of a company trading update.

The latter duty entered into force today, while the RBD will be implemented in April 2027.

Evoke, which operates roughly 1,300 betting outlets across the country, has been conducting a strategic review since December. The operator is considering options including a partial or full sale, as well as a “range of potential alternatives.”

Criticism and tax rises

In a statement sent to iGB, an Evoke spokesperson said: “Following a comprehensive review and in light of mounting cost pressures on the regulated sector—including significant tax increases announced by the government in last year’s autumn budget—we will be closing several shops starting in May that are no longer economically sustainable.

“We are providing full support to our retail team members impacted by these closures.

“These decisions are never made lightly, but amid rising cost pressures, we must take action to ensure we can continue investing in our core retail estate, with the right shops in the right locations.”

Several retail operators, including Betfred and Entain, warned that the tax hike could lead to closures across their portfolios. Flutter shut down 57 of its own shops in 2025 due to ongoing retail sector declines.

‘Highly damaging’ for the UK economy

In a January analyst note, Deutsche Bank cut Evoke’s FY26 and FY27 EBITDA forecasts by 12% and 18% respectively. Due to high financial leverage, earnings per share are expected to drop by 40% and 52%. The bank projects UK online growth of just 2.5% in FY26 and FY27, with margins falling from 23% in FY26 to 13% by FY27.

Stakeholders have speculated about potential buyers for Evoke or some of its assets in the short term. Ben Robinson, managing partner at Corfai, recently told iGB that private equity is the most credible buyer for the group as a whole.

However, Robin Chhabra, CEO and president of Tekkorp Capital, believes the best strategic move for Evoke would be to split its international business.

“The crown jewel here is the International division; markets like Italy, Spain, Romania and Denmark offer double-digit growth. They are untouched by the chancellor’s new duties. Selling these assets is the only quick route to reduce debt,” he said.