Evoke, the parent company of William Hill, 888, and Mr Green, reported a 7% decline in revenue for the third quarter, while urging the government to refrain from increasing gambling taxes in its upcoming autumn budget.
For the quarter ending on September 30, 2026, Evoke's total revenue reached £406 million. Adjusted for the closure of about 270 betting shops over the past year and at constant exchange rates, the revenue would have only dipped by 2%. The company noted that favorable football results for punters at the start of the season impacted growth, costing it one to two percentage points, although revenue remained stable on an underlying basis.
Chief Executive Per Widerström highlighted the company's resilience, stating, "On an underlying basis the business continues to show resilience and reflects our continued emphasis on profitability and cash generation following the substantial increases in gaming duties, particularly in the UK." He emphasized the significant impact that higher taxes have had on jobs, pointing to the closure of 270 shops and calling on the UK government to reconsider any further tax increases before the budget.
It is pertinent to note that betting shop taxes did not undergo modifications in the last budget. While duties on online gaming and betting saw an increase, machine games duty and taxes on in-shop bets remained unchanged. To mitigate the financial burden of the higher online tax bill, Evoke indicated that shop closures were necessary.
In addition to these revenue reports, Evoke confirmed that its acquisition by Bally’s Intralot is progressing as planned. Both companies’ shareholders have approved the deal, and most regulatory approvals have been secured. The deal's completion is anticipated by late Q4 of 2026 or early Q1 of 2027, with Widerström stating, "We remain focused on disciplined execution and operational efficiency as we progress towards completion of the acquisition."
The closures of Evoke's betting shops can be traced back to the budget announced last November, which raised the remote gaming duty from 21% to 40%, effective April 1, 2026. A new remote betting rate of 25% will take effect on April 1, 2027, although online bets on UK horse racing will maintain a rate of 15%. Evoke approximates that these changes will increase their duty costs by £125 million to £135 million annually once fully implemented, with plans to offset about half of these costs through various savings strategies, including reduced marketing spending and operational cuts.
Before the budget modifications, Evoke had anticipated needing to shutter between 120 and 200 William Hill shops, putting roughly 1,500 jobs at risk. In March, it announced the permanent closure of around 200 shops, about 15% of its retail locations, with closures commencing in May. The number of shop closures eventually grew to 270, resulting in significant job losses, although Evoke refrained from disclosing specific figures on job cuts.
This trend extends beyond Evoke; leaders of the six largest gambling firms in Britain reported over 600 betting shop closures and the loss or threat of redundancy for 10,250 positions in both online and retail sectors since the 2025 budget. They have urged the Chancellor to maintain the current machine games duty in the budget scheduled for October 28 and to delay the April 2027 betting duty increase until the effects of preceding tax hikes can be evaluated.
Evoke began exploring its options, including a potential sale, in December following tax increases that prompted a withdrawal of its medium-term forecast. By June, the company had made an all-share agreement whereby shareholders receive 0.537 shares in Bally’s Intralot for each Evoke share, valuing the company at 52 pence per share, or approximately £243.1 million.
The company faced significant debt, estimated at about £1.86 billion, primarily stemming from its 2022 acquisition of William Hill’s non-US operations from Caesars Entertainment. Bally’s Intralot has arranged approximately £889 million in financing from TPG Credit, Oaktree, and OHA to facilitate the deal and refinance Evoke’s pending obligations.
Evoke declined to comment further when contacted for additional details regarding these developments.
