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Evoke reported a much deeper 2025 loss as higher UK gambling taxes and a large impairment charge weighed on the owner of William Hill and 888.
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Evoke grew revenue in 2025, but higher UK duties and a £440.3 million impairment charge left the group deeper in the red. Pre-tax losses more than doubled to £549.1 million ($741 million), compared with £220.9 million ($298 million) a year earlier.
The company still pointed to stronger underlying trading. Group revenue increased 2% to £1.78 billion, while EBITDA rose 43% to £301.3 million. However, the UK and Ireland remained a weak area, with revenue down 2% to £1.17 billion as both online and retail softened.
Chief Executive Per Widerström said the November UK duty changes altered the economics of the market. He said:
“The significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry.”
Finance chief Sean Wilkins said Evoke has so far seen little short-term disruption from the new regime:
“In the first 30 days, the truth is we’ve not seen any impact. The company is pleased with the way UK&I online is performing.”
Outside the UK and Ireland, Evoke had more support. International revenue rose 9.3% to £606.9 million, while EBITDA increased 49.2% to £175.4 million. Italy, Denmark and Romania helped drive that growth, although Romania has also become harder for regulated operators.
“Romania is seeing strong black market growth following tax increase, and as regulated operators, this is hurting us,” Wilkins said.
The financial pressure now feeds into a leaner retail plan. As iGaming.org reported earlier in April, Evoke will close around 270 William Hill betting shops after reviewing underperforming locations. The closures are expected to cost hundreds of jobs, though Evoke has not confirmed a number.
Widerström said:
“We have done a very in-depth review of our retail estate, and we identified 230 shops that we are closing, We have some fantastic 1,000+ shops that are providing excellent service and entertainment to our customers, and obviously, with this more efficient retail estate, we have sufficiently improved the long-term sustainability, cash flow and profitability.”
The review also sits alongside wider efforts to reduce costs, protect cash flow and address roughly £1.9 billion in net debt. Widerström said:
“We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business.”
A possible ownership change also remains on the table. As we reported last week, Evoke is in talks over a potential takeover by Bally’s Intralot in a deal valuing the business at about £225.3 million.
“Our focus for 2026 is very much on cash generation and balance sheet strength,” Wilkins commented