William Hill owner to close shops after ‘significant blow’ from Rachel Reeves’ Budget
Gambling giant to follow through on pre-Budget threat
- Evoke, the parent company of betting giants William Hill and 888, is implementing shop closures and significant cost reductions to mitigate the financial impact of recent government changes to gambling taxes.
- The measures follow Chancellor Rachel Reeves' November Budget announcement of increased taxes, including a rise in remote gaming duty from 21 per cent to 40 per cent from April next year and a new 25 per cent online sports betting duty from 2027.
- Evoke had previously warned that these new duties could inflate its annual costs by up to £135 million from 2027 and suggested up to 200 retail locations might close.
- Per Widerstrom, Evoke's chief executive, expressed disappointment, stating the tax increases would negatively impact the industry and potentially support the illegal black market, prompting the company to assess strategic options.
- Despite a 4 per cent decrease in fourth-quarter revenues year-on-year, Evoke expects a full-year revenue increase of approximately 2 per cent to £1.79 billion, though its shares fell 7 per cent following the announcement.