William Hill Faces Wave of Betting Shop Closures as Evoke Battles Losses and Rising Debt

William Hill’s new owner, Evoke, is preparing to shut as many as 200 betting shops in a sweeping cost-cutting effort to secure its financial standing in the face of mounting losses, ballooning debt and anticipated tax increases. The move could put up to 1,500 jobs at risk, representing up to 15 per cent of William Hill’s high street estate, as the company braces for change ahead of Rachel Reeves’s expected budget announcement in November.

Evoke, previously known as 888 Holdings before rebranding in 2024, acquired William Hill in a £2 billion deal in 2022. Since then, the group’s share price has dropped nearly 30 per cent over the past year and more than 83 per cent over five years. The company reported a pre-tax loss of £78 million for the first half of 2025, while total debt now sits around £1.8 billion compared with a market value of £210 million. Much of this burden stems from the financing of the William Hill takeover.

Industry sources indicate that the final number of closures is still under review, with one senior insider citing 120 sites earmarked for shutdown and others warning the tally could approach 200 shops. Should the higher estimate materialise, thousands of staff face redundancy as Evoke adapts to a more challenging high street environment.

The expected tax hikes are the driving force behind this wave of closures, following calls from former prime minister Gordon Brown and over 100 Labour MPs for increased levies on gambling to help fund anti-poverty initiatives. A recent report highlighted the potential to raise as much as £3 billion in additional revenue through tougher measures on the sector. The gambling industry, however, has warned of the damaging impact these changes could have on jobs and investment, while also raising concerns that higher taxes could drive punters to illegal markets.

Stella David, chief executive of Entain, parent company of Ladbrokes, recently suggested her firm would similarly be forced to shutter outlets and invest elsewhere should the new tax measures be implemented. With Evoke already contending with rising wage and National Insurance costs, the coming budget rounds off a period of significant cost inflation for high street gambling operators.

Despite these headwinds, Evoke says its retail division has shown signs of improvement, notching revenue gains in the second quarter of 2025 after an earlier dip. The company remains committed to driving further efficiencies, implementing new technologies and reviewing its estate as it seeks a sustainable route forward in uncertain times.