Evoke who owns 888 and William Hill has said they are “disappointed” with the outcome of Rachel Reeves Budget in November.
Evoke has hit out at the Chancellor as her Budget has “dealt a significant blow” to the growth of the industry and as a result will now close stores and cut costs and considering selling the business.
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.”
Per Widerstrom, chief executive of Evoke, said, “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.”
He added, “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.”
