Key Points
- William Hill’s parent company Evoke Plc plans to shutter approximately 200 retail betting locations beginning in May, representing roughly 15% of its store network
- The move follows the British government’s Remote Gaming Duty hike revealed in the autumn fiscal statement
- A comprehensive strategic assessment is underway at Evoke, potentially involving asset sales or complete business divestiture
- Deutsche Bank slashed its earnings projections for Evoke, forecasting a 40% EPS decline in FY26 and 52% drop in FY27
- Market analysts propose that divesting Evoke’s international operations could be the optimal path for debt reduction
Evoke Plc, the gambling operator that owns the William Hill franchise, informed employees on Tuesday of its intention to permanently shutter roughly 200 UK betting locations.
The shutdowns will commence in May and account for approximately 15% of Evoke’s complete retail footprint. The organization presently runs about 1,300 betting establishments throughout the United Kingdom.
According to Evoke, these location closures form part of a wider strategic assessment initiated in December. This evaluation could potentially involve divesting assets, including partial or complete sale of operations.
The move follows an announcement by Chancellor Rachel Reeves regarding increases to the nation’s Remote Gaming Duty and Remote Betting Duty in the previous year’s autumn fiscal statement. The Remote Gaming Duty elevation became effective on April 1, 2026, with the Remote Betting Duty adjustment scheduled for implementation in April 2027.
Evoke’s Chief Executive Per Widerström initially disclosed the anticipated closures in January during a corporate trading briefing. The possibility of shutdowns had been mentioned even prior to the budget announcement.
Mounting Financial Pressures Drive Decision
In an official communication, an Evoke representative stated the organization had undertaken a comprehensive assessment. The representative highlighted escalating financial burdens on the regulated gaming industry, including the tax elevations from the autumn budget.
“From May we are closing a number of shops that are no longer sustainable,” the spokesperson said.
The organization emphasized it would provide comprehensive assistance to 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 experiencing these challenges. Additional retail wagering operators, such as Betfred and Entain, cautioned that the tax elevation might trigger shutdowns throughout their properties.
Flutter shuttered 57 of its locations in 2025 because of ongoing retail sector deterioration.
Financial Institutions Slash Projections Amid Strategic Considerations
Deutsche Bank revised downward its projections for Evoke in a January research report. The financial institution lowered FY26 and FY27 EBITDA forecasts by 12% and 18% correspondingly.
Due to elevated financial leverage, the institution anticipates earnings per share will decline by 40% in FY26 and 52% in FY27. Deutsche Bank projects UK digital expansion of merely 2.5% for both fiscal periods, with profit margins contracting from 23% in FY26 to 13% by FY27.
The dramatic projection reductions have intensified conjecture regarding potential acquirers of Evoke or portions of its operations. Ben Robinson, managing partner at Corfai, recently stated that private equity represents the most plausible purchaser for the entire group.
Nevertheless, Robin Chhabra, CEO and president of Tekkorp Capital, maintains Evoke should evaluate 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 noted that divesting those overseas assets represents “the only quick route to deleverage” for the organization.
The Remote Gaming Duty increase officially took effect on April 1, 2026.
