Evoke financial chief warns against dangers of tax harmonisation after reporting improved results for first six months of 2025

The Treasury and the government have been urged to take a balanced approach to potential tax harmonisation by the owner of William Hill to ensure it protects an industry “that the UK should be proud of”.

Speaking on an investor call on Wednesday following the release of the half-year results for Evoke, the owner of William Hill, 888 and Mr Green, the bookmaker’s chief financial officer Sean Wilkins said it was clear “the government do need some cash” and that the “gaming industry is a reasonably easy target”.

He added: “I think the caveat I put to that is increased tax beyond a certain point leads to black market growth. Black market growth leads to lower tax take and zero player protection, so is completely against the objectives of the government.

“Our expectation is to see a balanced approach from the Treasury; balance between a requirement to get more cash in, but also to protect an industry that the UK should be proud of and also to continue to see decent performance such that the tax take increases rather than decreases.”

International operations and gaming helped Evoke report improved revenue and earnings for the first six months of 2025.

Group revenue was up three per cent compared to the same period last year, while adjusted Ebitda grew up 44 per cent following a range of initiatives including more effective marketing, cost savings and higher gross margins for the bookmaker.

While online revenue for UK and Ireland dropped by one per cent, Evoke said gaming had outperformed sports betting digitally, internationally and in retails shops following the rollout of 5,000 new betting cabinets during 2025.

Evoke, which also owns brands such as 888 and Mr Green, was still able to post a 37 per cent increase in Ebitda for its British and Ireland online division despite the drop in revenue, stating that William Hill was “showing good momentum, particularly in gaming”.

Retail revenue dropped by two per cent, but "returned to growth" as a consequence of the gaming terminals, while international revenue grew by 16 per cent, Evoke said.

Per Widerstorm: 'We are seeing clear evidence of the transformation and operational reset we've undertaken'Credit: Mark Cassar

Per Widerstrom, Evoke's chief executive, said the organisation would have a "laser focus" on its five core markets – the UK, Italy, Spain, Romania, and Denmark – as it attempted to progress through the remainder of the year.

He said: "We are seeing clear evidence of the transformation and operational reset we've undertaken, with the group delivering continued revenue growth, significantly improved profitability and meaningful deleveraging during the first half of the year.

"The improved financial performance is a result of substantial strategic progress, focusing resources on our core markets and executing a short-term turnaround, while investing in building stronger capabilities to support long-term sustainable and profitable growth."

Evoke shares rose 2.7 per cent on the London Stock Exchange following the announcement, and David Brohan, gaming and leisure analyst at stockbrokers Goodbody, said: "While the valuation for Evoke remains undemanding, we expect the ongoing noise around UK taxes to be the key driver of the share price in the coming months."

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