Key Highlights
- Approximately 200 William Hill retail outlets will close permanently from May, representing 15% of Evoke Plc’s shop portfolio
- Shop closures stem from UK government’s Remote Gaming Duty hikes revealed in last autumn’s budget announcement
- The gambling operator continues comprehensive strategic assessment potentially involving partial or complete business sale
- Deutsche Bank slashed profit projections dramatically, forecasting EPS declines of 40% for FY26 and 52% for FY27
- Analysts recommend divesting international operations as fastest path to reducing company debt levels
Evoke Plc, parent company of the William Hill gambling brand, informed employees this week of plans to shut down roughly 200 brick-and-mortar betting locations throughout the United Kingdom.
The shutdown program launches in May and impacts approximately 15% of the operator’s physical retail footprint. Evoke maintains roughly 1,300 betting establishments across Britain.
According to company statements, the outlet closures form part of an extensive strategic evaluation initiated in December. This ongoing assessment could result in asset sales, potentially including portions of the business or the entire operation.
The move follows Chancellor Rachel Reeves’ announcement regarding increases to Remote Gaming Duty and Remote Betting Duty during the previous autumn’s budget presentation. The Remote Gaming Duty elevation became effective April 1, 2026, with the Remote Betting Duty adjustment scheduled for April 2027.
Evoke’s chief executive, Per Widerström, initially disclosed the closure intentions in January during quarterly trading results. Discussion of potential shutdowns had emerged even prior to the budget reveal.
Mounting Expenses Force Business Restructuring
A company representative stated that Evoke undertook extensive analysis before reaching this decision. The spokesperson highlighted growing financial burdens facing regulated gaming businesses, particularly the duty increases from government budget measures.
“From May we are closing a number of shops that are no longer sustainable,” the spokesperson said.
Evoke pledged comprehensive assistance for retail employees impacted by location closures.
“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 confronting these challenges. Rival bookmaking companies, including Betfred and Entain, cautioned that taxation increases could trigger closures throughout their shop networks.
Flutter shuttered 57 locations during 2025 amid ongoing retail sector difficulties.
Financial Projections Reduced as Strategic Alternatives Explored
Deutsche Bank revised its Evoke forecasts downward in analyst commentary published in January. The financial institution lowered EBITDA projections for FY26 and FY27 by 12% and 18% respectively.
Given substantial financial leverage, analysts anticipate earnings per share declining 40% in FY26 and 52% in FY27. Deutsche Bank projects UK online expansion at merely 2.5% annually for both years, with profit margins contracting from 23% in FY26 to 13% by FY27.
The dramatic forecast reductions have intensified market speculation regarding potential acquirers for Evoke or specific business segments. Ben Robinson, managing partner at Corfai, recently suggested private equity represents the most viable purchaser for the complete organization.
Alternatively, Robin Chhabra, CEO and president of Tekkorp Capital, advocates for separating the 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 emphasized that divesting international holdings represents “the only quick route to deleverage” for the organization.
The Remote Gaming Duty increase officially took effect on April 1, 2026.
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