William Hill, a leader in the online betting and gambling sector, has decided to close up to 200 of its UK betting shops in a bid to stabilize its financial situation. This move comes as its parent company, Evoke, grapples with financial challenges exacerbated by potential new tax hikes expected in next month’s national budget.
The potential closures put approximately 1,500 jobs in jeopardy, a stark reminder of the industry’s vulnerabilities. The decision coincides with discussions by the Treasury and the Gambling Commission about introducing tighter regulations and higher levies on the betting industry. This sector has already been significantly impacted by the GBP 2 stake limit imposed on fixed-odds betting terminals—a regulation designed to curb problem gambling.
A Treasury spokesperson has indicated that there are consultations underway to streamline the regulation of online betting, suggesting that aligning it with other forms of online gambling could reduce bureaucratic hurdles. The Treasury remains open to a broad range of opinions on the proposed changes.
Evoke, having rebranded from 888 Holdings in May 2024, is focusing on aligning its shop portfolio with its long-term vision for sustainable growth. The company asserts that continual review and adaptation are crucial to maintaining profitability in a rapidly evolving market. Sources from The Times suggest that the closure of up to 200 shops represents about 10% of William Hill’s total 1,300 locations, a move reflective of Evoke’s broader cost-cutting strategy. This strategy is vital for reducing Evoke’s considerable debt, which stands at GBP 1.8 billion, overshadowing its market valuation of roughly GBP 210 million.
Evoke’s financial difficulties are underscored by its report of a GBP 78 million pre-tax loss in the first half of 2025, paired with a 2% decline in retail revenue. These financial strains are compounded by the anticipation of Chancellor Rachel Reeves potentially increasing gambling taxes in the upcoming budget on November 26. Former Prime Minister Gordon Brown, speaking at the Institute for Public Policy Research, described the gambling sector as under-taxed. He supported raising the remote gambling duty from 21% to 50%, suggesting this could generate over GBP 3 billion for the state.
However, industry leaders are wary of such measures. Stella David, CEO of Entain, which owns the Ladbrokes and Coral brands, cautioned that increased taxes could render numerous betting shops unsustainable. She emphasized that any tax increase would have a tangible impact on the viability of many retail locations. This, in turn, could push players toward the black market, as observed in the Netherlands, where stringent regulations have had unintended consequences.
In response to these looming challenges, Evoke expressed its commitment to the retail business, though it acknowledges the need to remain pragmatic in light of the potential tax implications. “We are mindful of potential tax increases in the forthcoming Budget, which would impact investment in the UK and drive more customers to the black market. This includes the difficult but necessary consideration for shop closures,” a spokesperson for Evoke explained.
As the UK high street bookmakers brace for these potential changes, the industry might be on the cusp of another significant transformation. While some believe that increased taxation and regulation could secure better consumer protection and state revenue, others argue that such measures might undermine the economic viability of legitimate operators, pushing them out of the market. This debate highlights the delicate balance policymakers must strike to ensure both economic sustainability and social responsibility in the gambling industry.
