William Hill owner confirms shop closures after tax blow in budget

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Betting giant Evoke, whose retail brands include William Hill and 888, reported lower revenues than expected for the final quarter of 2025 and confirmed the closure of betting shops.

In a statement accompanying its 2025 post-close trading update, Evoke chief executive Per Widerstrom highlighted positive news from the company's core businesses in Denmark and Italy, but reiterated his disappointment with "the outcome of the UK budget," with tax increases delivering "a significant blow to both Evoke and the wider regulated industry". 

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

Shares in the debt-laden bookmaker fell almost 9 per cent on Tuesday, giving up some recent gains following rumours that all or part of the business might be sold.

Revenues for the last three months of the year were £464m, down three per cent on the same period in 2024, and full year revenues were £1.786 billion, an increase of two per cent year-on-year.

Key Takeouts

• Evoke CEO Per Widerstrom says the company has moved swiftly to mitigate the effects of the UK budget, with measures including shop closures.
• Evoke's fourth quarter performance was its best of the year, and revenue for 2025 as a whole is forecast to be around £1.786 billion, a year-on-year rise of two per cent.
• Betting revenue for the fourth quarter was down 22 per cent compared to prior year 
• Evoke is undertaking a 'review of strategic options' with the sale of all or part of the business remaining an option. 

Widerstrom said: "During Q4 we made good progress against our strategic plans, delivering our best quarter of the year and demonstrating the underlying momentum in the business. Our focus on core markets continued to drive our profitable growth, with Italy and Denmark both delivering record quarterly revenues in Q4. This positive momentum has continued into 2026 with a strong start to the year with good growth across all divisions.

Evoke chief executive Per Widerstrom reiterated the company's fears for the effects of tax increases in the UKCredit: 888 Holdings

"While the strong strategic and financial progress we made throughout 2025 was encouraging, we were very disappointed with the outcome of the UK budget in November that dealt a significant blow to both Evoke and the wider regulated industry. We continue to believe these tax increases will negatively impact the industry's economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market. As a result of these significant UK tax increases, the board is assessing its strategic options, with a resolute focus on maximising shareholder value.

"We have moved quickly and decisively to execute on our mitigation plans including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course."

William Hill operates around 1,300 betting shops and has yet to announce how many it plans to shutter. Betfred has been rumoured as a potential buyer of its retail estate.

Analyst David Brohan of Goodbody said: “This is a mixed conclusion to the year for Evoke. Revenue in Q4 was lower than expected, driven by betting revenue [of] -22 per cent. 

"Sports margin was broadly in line with company expectations in Q4; however, it was a six points drag to Q4 revenue growth when compared to last year’s elevated sports margin. 

"Adjusted Ebitda [earnings before interest, taxes, depreciation, and amortisation] is a touch below market expectations. The key driver of the share price in the near term will continue to be the outcome of the ongoing strategic review."

In December the bank Morgan Stanley was appointed by the Evoke board to help with a strategic review which would consider either sale of the group as a whole or else parts of the business. 

As recently as June, the company's net debt stood at £1.82bn, while the strategic review was launched as Evoke warned that tax rises announced by chancellor Rachel Reeves in the budget the previous month would result in an annual hit of around £125-135m a year. 

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