Evoke Considers Selling William Hill and 888 as UK Gambling Tax Increases Put Pressure on Operators

^{Pictured: Per Widerström, CEO of Evoke plc}

Evoke has issued a statement announcing that it is considering the sale of its entire business or selected parts of it. The company’s portfolio includes major gambling brands such as William Hill, 888 and Mr Green. The review follows the UK government’s decision to approve a sharp increase in online gambling taxes, significantly raising the financial burden on bookmakers and casinos.

Under the new rules, the tax rate for online casinos will rise from 21% to 40%, while the betting duty will increase from 15% to 25%. For Evoke, this amounts to additional annual costs of up to £135 million.

Against this backdrop, the company said its current structure may become financially unsustainable, and management is evaluating a wide range of options — including breaking up the business into separate divisions or selling key assets.

Evoke is being advised by Morgan Stanley and Rothschild & Co, both experienced in asset sales and corporate restructuring.

The market reacted unexpectedly positively: according to Reuters, Evoke shares jumped more than 10% following the announcement.

Investors see the strategic review as an opportunity to streamline the group’s structure, reduce debt and unlock asset value. The brands William Hill, 888 and Mr Green could attract different categories of buyers, particularly if sold individually.

Evoke stressed that no decisions have been made at this stage, and the company will continue to assess all options, including retaining a downsized or restructured version of the business.

Gambling Park previously reported that Evoke was considering the sale of its Italian operations and had closed 200 William Hill betting shops. William Hill, founded in 1934, is one of the oldest gambling brands in the world.