William Hill owner considers sale after Budget gambling tax hikes

William Hill owner Evoke has said it could be sold after launching a review, as the gambling giant prepares to be hit hard by Budget changes to gambling taxes.

The company, which also owns 888, said its directors are undertaking a review of strategic options, “including but not limited to a potential sale of the group”.

It added that the sale of some of its assets or business units is also an option.

The company said the potential sale follows an update on the day of the autumn Budget last month, when Labour announced plans to increase gambling taxes.

Debt-laden Evoke had said changes to online gaming duties and a new online sports betting tax would see its duty costs rise by up to £135 million a year from 2027.

In the Budget, the Chancellor raised remote gaming duty from 21% to 40% from April next year.

There will also be a new online sports betting duty of 25%, which will cover all sports except horse racing, from 2027.

Evoke has said it expects to mitigate around half of the impact of the tax increases through store closures, potential “changes to the customer proposition”, supplier savings and reduced market.

It has not yet outlined how many sites it is likely to close but indicated prior to the Budget that it could shut up to 200 sites if gambling taxes were raised.

Bosses have hired bankers from Morgan Stanley and Rothschild to oversee the review process and stressed that there is “no certainty” any deal will take place.

Shares in the company hit a record low on Monday, having slumped by 60% over the start of the year.

They moved 10% higher on Wednesday after the review was announced.