Sky News has reported speculation that Evoke, parent company of William Hill, may consider selling its Italian gaming operation in response to potential UK tax increases, though the actual impact of any budget changes on the gambling sector remains unclear.
Sky News reported that Evoke has engaged Morgan Stanley to evaluate options for its Italian online gaming business, citing unnamed industry sources. However, the report emphasizes these are contingency plans tied to speculation about potential UK gambling tax increases—not confirmed policy changes.
The speculation comes ahead of Chancellor Rachel Reeves’s budget announcement, with various reports suggesting the government could seek between £1 billion and £3 billion in additional gambling tax revenue. However, no official proposals have been confirmed, and the actual impact on operators like Evoke, Flutter Entertainment, Entain, and Betfred remains uncertain.
Unclear Tax Impact on Operators
While Sky News reports that Evoke has appointed bankers to assess sale options, the actual financial impact of any tax changes on the company’s operations is unknown. The company’s Italian business generates approximately one-third of total revenue and roughly half of group EBITDA, but how UK tax policy would specifically affect an Italian operation remains speculative.
Industry sources have suggested various scenarios, but without concrete budget details, operators are working with incomplete information. The reported contingency planning may reflect general business prudence rather than response to known threats.
Industry-Wide Uncertainty
Multiple gambling operators have issued warnings about potential betting shop closures if tax increases materialize, but these statements are based on hypothetical scenarios rather than confirmed policy changes. An EY report commissioned by the Betting and Gaming Council projected significant job losses and market impacts, though these figures depend on assumptions about the scale and structure of any tax changes.
The speculation reflects broader industry anxiety about the budget, but the actual impact on William Hill, its competitors, and the wider gambling sector will only become clear once the Chancellor announces concrete policy measures.
An Evoke spokesperson declined to comment on the reported contingency planning.
Source: Sky News
