William Hill and 888casino: Evoke considers exiting Italy amid mounting UK tax pressure
Evoke plc, the group that controls, among others, William Hill and 888casino, is reportedly considering the sale of its Italian operations. The company has appointed leading investment bank Morgan Stanley to prepare an exploratory mandate aimed at assessing market interest in a potential divestment.
According to reports from Sky News, the move is not imminent but forms part of a contingency plan that would be activated only if the United Kingdom proceeds with a heavier-than-expected increase in gaming taxes. Political discussions in recent weeks have fuelled significant concern across the gambling industry, with estimates pointing to potential additional tax revenues exceeding one billion pounds a year.
The trigger: UK’s new tax regime puts the sector under pressure
Tax pressure is at the heart of the issue. The British government, led by Chancellor Rachel Reeves, announced significant increases to online gaming taxation in the “Budget 2025”. The remote gaming duty is set to rise from 21% to 40% from April 2026, while the general betting duty applied to online wagering is expected to increase in the months that follow.
Official forecasts suggest that the new fiscal framework could generate around £1.1 billion in additional annual revenue by 2030. The government has justified the reform as a necessary measure to curb gambling-related harm and to fund social policies, including the removal of the two-child benefit cap.
For Evoke, the change of landscape comes at a challenging moment. The group is carrying substantial debt, a legacy of the William Hill acquisition, and now faces potential additional costs that could severely erode margins. Internal analyses point to the possible closure of 120–200 betting shops in the United Kingdom, with up to 1,500 jobs at risk – a figure that alone illustrates the impact of the new fiscal policies.
It is within this climate of uncertainty that Evoke is reportedly assessing the option of withdrawing from Italy. This signal reflects growing concern within the company’s leadership about the repercussions of British political decisions on its wider business.
Why Italy remains a key market for Evoke
Italy is far from a secondary market. It is one of the four core jurisdictions for Evoke’s international division, alongside Spain, Denmark and Romania. This business unit is entirely online, offering high margins and regulatory stability.
In the third quarter of 2025, Evoke reported revenues of £435.4 million, with the international division growing by 8%. Italian performance played a crucial role in driving these results.
Available data show that the international division now accounts for just under one-third of the group’s total revenues but nearly half of consolidated EBITDA – a clear indication of Evoke’s reliance on markets outside the UK to maintain sustainability and profitability.
For this reason, any sale of the Italian business would be approached with extreme caution and considered a genuine last resort.
What an Evoke exit would mean for the Italian and European gaming markets
A potential withdrawal from Italy would have far-reaching consequences. The gaming market – both online and retail – is highly sensitive to the strategic moves of major international operators.
The sale of the William Hill and 888 brands to a new player could attract interest from several European operators already active in the country, eager to strengthen their presence in a solid and well-regulated jurisdiction like Italy. Such a move could set off a chain reaction: acquisitions, mergers and a reshaping of the competitive landscape.
Conversely, the departure of a long-established operator like William Hill could create temporary gaps in employment, marketing investments and consumer confidence in the legal offer. This is a concrete risk, particularly at a time when international competition is increasingly fierce.
The situation also shows how fiscal decisions taken in London are generating ripple effects well beyond the UK’s borders, with the potential to impact an entire European value chain.
Evoke at a crossroads: accept the UK tax burden or double down on international growth
The exploratory mandate assigned to Morgan Stanley does not represent a final decision but rather a strategic safety net in the event of unsustainable increases in UK taxation. Evoke has made clear that it will only activate the plan if the new measures significantly undermine the profitability of its domestic operations.
CEO Per Widerström has reaffirmed the group’s commitment to operational efficiency, digital enhancement and strengthening its position in international markets. However, the industry is watching closely: Evoke’s response will serve as a key indicator of the overall health of the European gaming sector.
Should the company opt to sell its Italian operations, the message to the market would be immediate and unequivocal: online gaming profitability is fragile and can be swiftly compromised by political and fiscal shifts.
This article was first published in Italian on 27 November 2025.
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