TLDR
- Evoke Plc will permanently close around 200 William Hill betting shops starting in May, roughly 15% of its retail estate
- The closures follow the UK government’s increase to Remote Gaming Duty announced in the autumn budget
- Evoke is undergoing a broader strategic review that may include selling parts or all of the business
- Deutsche Bank cut Evoke’s earnings forecasts sharply, with EPS expected to fall by 40% in FY26 and 52% in FY27
- Industry experts suggest Evoke’s best move may be selling its international division to reduce debt
Evoke Plc, the company behind the William Hill brand, told staff on Tuesday that it plans to permanently close approximately 200 of its UK retail betting shops.
The closures will begin in May and represent about 15% of Evoke’s total retail estate. The company currently operates around 1,300 betting outlets across the UK.
Evoke said the shop closures are part of a broader strategic review that has been underway since December. That review may include potential asset disposals, including a part or full sale of the business.
The decision comes after Chancellor Rachel Reeves announced an increase to the UK’s Remote Gaming Duty and Remote Betting Duty in last year’s autumn budget. The Remote Gaming Duty increase came into force on April 1, 2026, while the Remote Betting Duty rise is set to go live in April 2027.
Evoke CEO Per Widerström first confirmed the planned closures back in January during a company trading update. The threat of closures had been raised even before the budget was announced.
Rising Costs Push Evoke to Act
In a statement, an Evoke spokesperson said the company had conducted a thorough review. The spokesperson pointed to increased cost pressures on the regulated gambling sector, including the tax increases from the autumn budget.
“From May we are closing a number of shops that are no longer sustainable,” the spokesperson said.
The company added that it would offer full support to retail staff affected by the closures.
“These decisions are never taken lightly, however in the face of rising cost pressures we must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations,” the statement continued.
Evoke is not the only operator feeling the pressure. Other retail bookmakers, including Betfred and Entain, warned that the tax hike could lead to closures across their estates.
Flutter closed 57 of its own shops in 2025 due to continuing retail declines.
Analysts Cut Forecasts as Strategic Options Weighed
Deutsche Bank cut its forecasts for Evoke in a January analyst note. The bank reduced FY26 and FY27 EBITDA estimates by 12% and 18% respectively.
Because of high financial leverage, the bank expects earnings per share to fall by 40% in FY26 and 52% in FY27. Deutsche Bank is assuming UK online growth of just 2.5% for both years, with margins dropping from 23% in FY26 to 13% by FY27.
The sharp forecast cuts have fueled speculation about who might buy Evoke or parts of its business. Ben Robinson, managing partner at Corfai, recently said that private equity is the most credible buyer for the group as a whole.
However, Robin Chhabra, CEO and president of Tekkorp Capital, believes Evoke should consider splitting up its international business instead.
“The jewel here is the International division; markets like Italy, Spain, Romania and Denmark offer double-digit growth,” Chhabra said. “They are untouched by the chancellor’s new duties.”
Chhabra added that selling those international assets is “the only quick route to deleverage” for the company.
The Remote Gaming Duty increase officially took effect on April 1, 2026.
