A week ago, Stella David, CEO of Entain, warned that a potential rise in gambling tax could force the company to close betting shops across the UK.
While no tax hike has been announced yet, Chancellor Rachel Reeves is expected to unveil the autumn budget on November 26 – rival operator Evoke is reportedly moving ahead with mass closures regardless.
According to The Times, the London-listed company has confirmed plans to shut down around 200 betting shops. The move is expected to affect thousands of employees, though Evoke has stated it will prioritize voluntary redundancies and redeployment where possible.
Evoke, formerly 888 Holdings, acquired the UK assets of William Hill in 2022 from Caesars Entertainment, which had purchased the heritage betting brand globally a year earlier. Caesars retained William Hill’s North American operations.
Despite signs of recovery in Evoke’s H1 financial results, the company remains weighed down by debt from the acquisition. The planned closures are seen as a cost-cutting measure amid falling foot traffic.
The retail betting sector has been under pressure since 2019, when the UK government slashed the maximum stake on Fixed-Odds Betting Terminals (FOBTs) from £100 to £2. William Hill closed 700 shops that year, and the shift to online gambling has only accelerated the decline of high-street bookmakers.
Although Evoke’s decision may have been inevitable, announcing closures ahead of the November budget could undercut industry claims that a tax rise would directly trigger job losses.
Gaming analyst Gavin Kelleher of Goodbody told the BBC that other major operators—including Betfred and Entain’s Ladbrokes and Coral are likely to follow suit. He predicts that 2,000 to 3,000 of the UK’s 5,931 betting shops could close, based on data from Gambling Commission in March 2024. Some industry observers view this not as a direct reaction to policy but as a long-overdue market correction following years of overexpansion.
Evoke has reaffirmed its commitment to improving retail performance but acknowledged the pressures ahead.
A spokesperson said:
As a regulated and licensed UK operator, we are mindful of potential tax increases in the forthcoming budget. As part of our ongoing planning, we are assessing the potential impact of different tax scenarios on our UK operations. This includes the difficult but necessary consideration for further shop closures.
