Evoke said it had moved “quickly and decisively” to mitigate gambling tax changes in the Autumn Budget, as the betting company announced store closures and cost saving measures in Q4.

The William Hill and 888 owner said it was “disappointed with the outcome” of the Budget, although still reported a 2% year-on-year jump in annual revenue to £1.79bn.

In the Budget in November, the Chancellor’s gambling tax changes included an increase in the rate of remote gaming duty from 21% to 40% from April 2026, as well as the introduction of a new remote betting rate within general betting duty from April 2027.

Evoke today announced a Q4 trading update covering the three-month period to 31 December and reported its strongest quarter of the year, with Q4 revenue totalling £464m, up 7% on a quarterly basis. The group said its Q4 performance was driven by its gaming division which was up 9% year-on-year.

However, betting revenue was down 22% year-on-year for the group due to a strong trading period in Q4 the year previously, it said.

Reflecting the cost savings it made throughout the year, Evoke is expecting its adjusted earnings for the full year to be in the range of £355m-360m, in line with market expectations.

Evoke CEO, Per Widerström, commented: “While the strong strategic and financial progress we made throughout 2025 was encouraging, 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.”

As announced last month, Evoke is currently undertaking a strategic review which it said includes the consideration of “a range of potential alternatives” to maximise shareholder value.

Evoke confirmed that this includes a potential sale of the group, or at least some of the company’s assets or business units.

Widerström 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.”

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