The British-facing betting business Evoke has posted some mixed financial results for the year of 2025, reporting a 22% decline in year-on-year revenue.
However, the final quarter of the year was its strongest of the year, with revenue reaching £464 million, up 7% quarter-on-quarter.
Evoke announces closure of 200 shops
The 2026 UK Budget announced by chancellor Rachel Reeves last November spawned an immediate response from Evoke plc, which announced a strategic review, employing the services of Morgan Stanley and Rothschild & Co to run it.
The results of that review appear to have been laid out , with the company confirming it will sell off some 200 of its William Hill shops among other assets on its books. It is estimated the closures will cost around 1,500 jobs throughout the UK.
“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,” said Per Widerstrom, chief executive of Evoke plc, in a statement.
He added: “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.”
Debt-ridden Evoke remains silent on future plans
The board will not reveal any future plans as it continues to restructure throughout the strategic review. They are expected to update the market in due course
Evoke plc carries £1.7billion worth of debt, according to the latest report. Since purchasing William Hill back in 2022 for £1.8 billion, the business has not made profit in any annual numbers. The first half of 2025 saw the company make pre-tax losses of £78 million.
Some analysts believe Evoke’s debt situation stems primarily from an expensive, debt-financed acquisition of the ancient British betting institution, with post-deal integration and restructuring costs, profit and cash flow pressures, and external cost headwinds like tax hikes proving difficult to navigate.
The business operated for decades as 888 Holdings before rebranding as Evoke plc in May 2024. Established in 1997, the group is based in Gibraltar, where it maintains its corporate headquarters.
Evoke plc lagging behind rest of UK industry
The company lags behind the rest of the UK betting industry, where total gross gambling yield (GGY) increased over 7%, and many operators, particularly in online betting, posted stronger year-on-year gains, according to industry-wide data.
On the profitability front, Evoke plc delivered some positive momentum, with adjusted EBITDA up to the 14–15% range, suggesting improved cost management. However, larger peers like Entain and Flutter not only operate at much larger scales, but also maintain stronger earnings bases and more robust profit margins.
Analysts believe Evoke plc’s strategic position remains riskier than many competitors due to its heavy reliance on the UK market and exposure to new tax headwinds.
While the company shows signs of operational discipline, its limited scale and concentration in a single regulatory environment contrast with the diversification and global reach of peers, which allows companies like Entain and Flutter to better weather regulatory or market pressures, experts argue.
Tax hikes estimated to cost Evoke plc additional £10 million
The UK budget caused a massive rupture within the British-facing gambling industry, with leading figures criticising Reeves for what many deemed an overzealous targeting of the sector.
Operators are set to be hit hardest by a sharp increase in Remote Gaming Duty (RGD), which is due to rise from 21% to 40%. The levy applies to all companies offering remote gambling services to UK customers, regardless of whether they are licensed domestically or offshore.
Online sports betting will also face higher taxation, with rates increasing from 15% to as much as 25%. However, horse racing bets have been excluded from the hike, and high street bookmakers will not face any additional tax changes.
Parry Jackson, a partner at leading UK chartered accountancy and business advisory firm, Price Bailey, reflected the general view of the sector at the time: ““This remote gaming duty hike is so steep, it feels like the odds have suddenly shifted against the house. What was once a game of chance is now a near certainty of higher costs for operators and, ultimately, for players.”
