Business
William Hill owner Evoke explores sale as higher gambling taxes hit profits
Evoke, the heavily indebted gambling group that owns William Hill in the UK as well as the 888 brand, has put itself up for sale as it grapples with rising costs and regulatory pressure.
The company said it is undertaking a review of its strategic options, which includes the possibility of selling the business. Investment banks Morgan Stanley and Rothschild have been appointed as joint financial advisers to oversee the process, although Evoke cautioned that there is no certainty any transaction will result or what form a deal might take.
The move comes just weeks after Evoke warned it would close around one in ten of its betting shops next year as part of efforts to stabilise its finances. The group has struggled to reverse declining performance while carrying a significant debt burden.
Pressure on the business has intensified following changes announced in the recent Budget, which sharply increased taxes on online gambling. From April 2026, the rate of remote gaming duty will rise from 21 per cent to 40 per cent, while tax on online sports betting will increase from 15 per cent to 25 per cent.
Evoke has already withdrawn its medium-term financial targets in response, warning that the new tax regime will add between £125 million and £135 million to its annual duty bill once fully implemented. An £80 million hit is expected in the next financial year alone.
The group said the impact of the tax rises, combined with ongoing operational challenges, had prompted the board to reassess the company’s future direction.
Any sale would mark a significant moment for the UK gambling sector, with William Hill remaining one of the most recognisable names on the high street despite years of consolidation and regulatory tightening across the industry.
Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
