Evoke Reports £549M Loss as William Hill Owner Proceeds with Shop Closures

(AsiaGameHub) –   Evoke posted a far larger 2025 loss, as elevated UK gambling taxes and a sizeable impairment charge weighed on the firm that owns William Hill and 888.

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Good to Know

• Evoke recorded a £549.1 million pre-tax loss in 2025, an increase from the £220.9 million posted the prior year.
• Revenue climbed 2% to £1.78 billion, whilst EBITDA rose 43% to £301.3 million.
• The firm intends to shut down roughly 270 William Hill betting outlets.

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Evoke’s Financial Results Reveal the Pressures Driving Retail Store Cuts

Evoke saw revenue growth in 2025, yet elevated UK duties and a £440.3 million impairment charge pushed the group further into the red. Pre-tax losses more than doubled to £549.1 million ($741 million), up from £220.9 million ($298 million) recorded in the previous year.

The firm nonetheless noted stronger underlying trading performance. Total group revenue rose 2% to £1.78 billion, while EBITDA increased 43% to £301.3 million. Still, the UK and Ireland remained a struggling region, with revenue down 2% to £1.17 billion as both online and in-store sales softened.

Chief Executive Officer Per Widerström stated that the November changes to UK betting duties shifted the market’s economic dynamics. He commented:

“The substantial UK duty hikes announced in November marked a fundamental change in the economics of our biggest market, and will have a significant impact across the regulated gambling sector.”

Finance Director Sean Wilkins noted that Evoke has thus far experienced minimal short-term disruption from the new rules:

“In the first 30 days, honestly, we haven’t seen any impact. The company is satisfied with how the UK&I online business is performing.”

Outside of the UK and Ireland, Evoke saw more positive performance. International revenue climbed 9.3% to £606.9 million, while EBITDA rose 49.2% to £175.4 million. Italy, Denmark and Romania contributed to this growth, though Romania has grown more challenging for regulated gambling operators.

“Romania is experiencing robust black market growth following the tax hike, and as regulated operators, this is negatively impacting our business,” Wilkins stated.

This financial pressure is now leading to a more streamlined retail strategy. As iGaming.org reported earlier in April, Evoke will shut down roughly 270 William Hill betting shops after reviewing underperforming locations. The closures are projected to result in hundreds of job losses, though Evoke has not confirmed a specific number.

Widerström commented:

“We conducted a highly detailed review of our retail store portfolio, and have identified 230 locations that we will close. We have over 1,000 excellent shops that deliver top-tier service and entertainment to our customers, and obviously, with this more efficient retail network, we have sufficiently enhanced long-term sustainability, cash flow and profitability.”

This review is part of broader initiatives to cut costs, safeguard cash flow and tackle the roughly £1.9 billion in net debt the firm holds. Widerström stated:

“We have taken decisive action to lessen the impact of these changes and preserve long-term shareholder value, including launching a strategic review and rolling out major operational changes across the entire business.”

A potential change in ownership is still a possibility. As we reported last week, Evoke is in discussions regarding a potential takeover by Bally’s Intralot, in a deal that values the company at around £225.3 million.

“Our priority for 2026 is firmly focused on cash generation and balance sheet strength,” Wilkins noted