William Hill owner Evoke blames black market penetration for hit to online revenues in the UK after 2025 results revealed

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William Hill owner Evoke said that penetration from the black market "particularly in horseracing" had hit online revenues as the company unveiled its full-year results for 2025 on Thursday morning.

Evoke, which also owns the 888 and Mr Green brands, said discussions were ongoing with Athens-listed lottery and gambling operator Bally's Intralot over a potential £225 million takeover. 

As had been flagged in a trading update in January, group revenue for 2025 was up two per cent to £1.78 billion, while adjusted underlying profit was 14 per cent higher at £356.2m.

Evoke results key takeouts:

•  Group revenue up two per cent to £1.78bn
•  Online revenue in the UK down three per cent, with black market penetration, particularly in horseracing betting, partly to blame
•  Discussions with Bally's Intralot over a potential takeover ongoing

However, after writing down the value of its UK online and retail to reflect the tax hikes on gambling announced in the budget last autumn, Evoke reported a loss after tax of £549.1m.

Online revenue in the UK and Ireland was down three per cent over the year, with growth in gaming driven by William Hill offset by a reduction at 888. Evoke said that sports declines were driven partly by results swinging in punters' favour and "increased black market penetration, particularly in horseracing".

Revenue in William Hill's betting shop estate was down one per cent, as growth in gaming was neutralised by a decline in sports betting. Evoke closed 68 betting shops in the fourth quarter of 2025 and has announced plans to shut around another 200 this year.

• Ranked: bookmakers in Britain by their number of open shops on the high street 

Chief executive Per Widerstrom said: "Throughout 2025 we delivered consistent operational progress, resulting in a more efficient, focused and disciplined business delivering improved marketing returns, stronger cost control, enhanced operating leverage, and a step-change in underlying profitability.

"However, the significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry. 

"We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business."

Evoke chief executive Per Widerstrom

Widerstrom said that trading in the first quarter of 2026 had been in line with expectations. The company said it had made a "solid" start to the year, with revenue up two per cent excluding betting shop closures.

UK online was up five per cent, driven by gaming growth, while retail was three per cent up on a like-for-like basis.

Widerstrom added: "While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet."

Evoke's share price closed at 38.85p, down just over five per cent.

Read these next:

William Hill owner Evoke in talks over £225 million takeover 

William Hill owner confirms shop closures after tax blow in budget 

William Hill owner Evoke considers sale or break-up of business following budget tax hikes 

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