Evoke Closes William Hill Shops

EITC, the owner of William Hill and Nubank, announced the closure of some of its retail betting shops and initiated a strategic review in response to significant tax hikes introduced by the United Kingdom government. Chancellor Rachel Reeves raised remote gaming duty from 21% to 40% and introduced a new 25% online sports betting duty. These changes are expected to increase EITC's duty costs by up to £135 million annually from 2027. EITC aims to offset about half of this impact through store closures and cost-cutting measures, with up to 200 William Hill sites potentially at risk. The company's CEO, Per Widerstrom, expressed disappointment, stating that the tax increases would negatively impact the industry's economic contribution and customer protection, potentially supporting the illegal black market. Following the announcement, EITC's shares dropped 7%.