WILLIAM Hill owner Evoke has said it could be sold after launching a review as the gambling giant prepares to be hit hard by a Budget tax raid.
The company, which also owns 888, said its directors are undertaking a review of strategic options, “including but not limited to a potential sale of the group”.
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Evoke had said changes to online gaming duties and a new online sports betting tax would see its duty costs rise by up to £135million a year from 2027Credit: Reuters
It added that the sale of some of its assets or business units is also an option.
The company said the potential sale follows an update on the day of the Autumn Budget last month, when Labour announced plans to increase gambling taxes.
Rachel Reeves will hike taxes on online gaming such as casino games and slots to 40% from 21% and on sports betting to 25% from 15%.
The Treasury claims the measures, which come into force in April 2026, will raise £1.1billion.
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However, the UK-focused Evoke is likely to be more impacted than its listed peers as the tax hikes could see a big increase in its leverage, analysts had warned.
Evoke had said changes to online gaming duties and a new online sports betting tax would see its duty costs rise by up to £135million a year from 2027.
The board has now appointed Morgan Stanley & Co. International plc and Rothschild & Co as its joint financial advisers in connection with the strategic review.
Shares of the company, which sunk more than 36% since the November 26 Budget, rose over 10% following the announcement.
Gambling chiefs have long warned a tax raid would put jobs, investment and sponsorship at risk and drive punters to illegal sites, whose UK market share has trebled to 9% in three years.
The industry says up to 40,000 roles across betting shops, casinos, bingo halls and pubs could go, with more than 3,400 shops at risk of closure.
A further shift to the black market could cost another 20,000 jobs as billions drain from the sector.
The Chancellor will keep duty at 15% for shop gaming terminals, in‑person pool betting and horseracing.
Bingo duty in halls will be abolished, while casinos face a squeeze as tax thresholds are frozen.
Despite these measures, the industry fears illegal gambling will still double following Chancellor Rachel Reeves’ tax‑raiding Budget.
Experts forecast more than £6billion in stakes could be diverted to the black market – a 140% hike.
The Betting and Gaming Council said the figures, based on modelling from analysts EY, were backed by figures from the Treasury’s own watchdog.
The Office for Budget Responsibility said extra levies are likely to see tax takes missing targets by £500million as punters leave the regulated sector.
Grainne Hurst, chief executive of the BGC, said: “These tax plans will cause significant damage.
“They also threaten shop closures, further job losses and a less competitive online market.
“That means lower long-term tax revenues.”
But the Treasury hit back: “This blatantly misrepresents the OBR, which is clear our reforms will raise £1billion a year even after behaviour changes.”
The Gambling Commission will get £26million more to hit illegal sites.
SAVE OUR BETS
The Sun launched a major campaign to Save Our Bets ahead of the Chancellor’s budger, amid major concerns that harsh duty hikes will kill jobs, damage high streets and impinge on the ability of punters to enjoy the odd flutter.
We took our campaign to save punters to Cheltenham, the home of jump racing, where we sponsored the 2.20pm at the course’s prestigious November meeting.
Save Our Bets secured the backing of senior politicians, including Tory leader Kemi Badenoch and Reform chief Nigel Farage.
Caroline Iggulden, in charge of campaigns at The Sun, said: “We’ve had a fantastic response to our campaign, which has been backed by sporting legends, politicians on all sides, and major sporting bodies worried about the future.”
The campaign is still urging the Chancellor to ditch her gambling raid.
