Evoke, the operator behind William Hill and 888, has confirmed that closures across its UK retail estate are imminent, as it seeks to offset rising domestic tax pressures despite delivering its strongest quarter of the financial year.
For Q4, Evoke reported revenue of £464m, representing a 7% increase on the previous quarter. However, the figure still marked a 3% year-on-year decline, underlining the continued pressure on the group’s UK-facing operations.
While management pointed to signs of stabilisation, it reiterated that cost reduction remains central to its ongoing strategic review, with asset disposals firmly under consideration.
The implications of the update were explored on the latest episode of the iGaming Daily podcast, where SBC News Editor, Ted Orme-Claye, and iGaming Expert Editor, Joe Streeter, joined host Charlie Horner to assess Evoke’s financial position and future direction.
A key theme to emerge was that the confirmed shop closures represent a deliberate rationalisation of Evoke’s retail footprint rather than a signal of financial distress. The trio suggested that trimming underperforming locations could streamline the portfolio and enhance the attractiveness of its UK retail assets amid persistent M&A speculation.
Reflecting on the wider fiscal backdrop, Streeter argued that Evoke’s move dispels any remaining belief that the retail betting sector would be shielded from the impact of recent tax changes. While last November’s Budget avoided direct retail-specific hikes, rising operating costs have made retrenchment unavoidable. In Streeter’s view, the closures could also be interpreted as positioning assets such as William Hill for a potential sale later in the year.
Despite Q4 being described as the strongest quarter of the year, the panel cautioned that expectations remain tempered by difficult comparatives from 2024, which benefitted from major sporting events including the Euros. Evoke is forecasting full-year 2025 revenue growth of around 2%, taking total revenue to approximately £1.7bn.
Following the trading update, Evoke’s share price fell by around 2%. Orme-Claye noted that the reaction appeared driven more by investor uncertainty surrounding the strategic review and the scale of future shop closures than by concerns over the group’s underlying financial health.
Speculation around a potential sale of Evoke’s retail assets continues, with rivals such as Betfred frequently cited as possible suitors. However, any deal involving major high-street operators could face scrutiny from the Competition and Markets Authority, potentially complicating an already delicate strategic process.
