In light of the nation's intentions to raise taxes on online gaming and sports betting, is the UK-based betting company Evoke for sale?
Following UK tax increases on sports betting and online gambling, the owner of William Hill and 888 is "reviewing strategic options," which may include selling the business.
UK Financial Minister Rachel Reeves revealed on November 26 that taxes on online gaming and slots will rise from 21% to 40% starting in April 2026, while taxes on sports betting would rise from 15% to 25% starting in April 2027.
The day following the announcement of the tax increase, Evoke CEO Per Widerstrom stated that the company is probably considering "thousands of jobs to be cut up and down the country."
Evoke is listed on the London Stock Exchange and has a significant retail betting presence in the UK in addition to its online activities, which include sports betting, poker, and casino games. The UK, Spain, Italy, Romania, and Denmark are the company's primary markets.
On Wednesday, Evoke shares, which had been steadily declining, saw a 10% increase. Compared to rivals like Entain and Flutter, the company has a significant amount of debt. As it reevaluates its investment plans, Evoke has also declared that it is removing its medium-term goals.
In response to the news of the tax rise by the UK government, Flutter Entertainment released a statement claiming that they are better positioned than Evoke to weather the financial blow. The CEO of Entain, Stella David, stated that the company is "well positioned" to achieve sustained growth.
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