"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."
"During November's Budget Reeve's announced there will be tax hikes for online gambling firms, Evoke which is heavily in debt said in 2025 the gambling duties and the sports betting tax will see their costs rise by £135 million from 2027, in another blow to the industry. Evoke is expecting to offset half of the impact of the Chancellor's tax rises by closing stores and could impose "changes to the customer proposition.""
Evoke, owner of 888 and William Hill, faces higher costs after the November UK Budget introduced tax hikes for online gambling firms. Changes to gambling duties and a new sports betting tax will raise Evoke's costs by £135 million from 2027. The company expects to offset roughly half the impact through retail closures and broader cost savings and may alter the customer proposition. The board is assessing strategic options focused on maximising shareholder value and may consider a sale. The company warns the tax increases could harm economic contribution, customer protection, and expand the illegal black market.
Read at London Business News | Londonlovesbusiness.com
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