Published on: November 27, 2025, 03:01h.

Updated on: November 27, 2025, 03:02h.

• UK Budget Confirms Tax Increases for Online Casino and Sports Betting
• Evoke and Entain Anticipate Profit Decline and Job Reductions
• New Tax Rates Set to Take Effect in April 2026

Shares of Evoke, a prominent betting company in the UK and owner of major brands like William Hill and 888, plummeted today following an announcement regarding a projected drop in profits and potential layoffs due to recent tax hikes on online gambling.

During the budget announcement yesterday, UK Finance Secretary Rachel Reeves revealed plans to elevate taxes on online gaming and slot machines from 21% to 40% (beginning April 2026) and raise sports betting taxes from 15% to 25% (effective April 2027).

“I am dedicated to overhauling gambling taxes in light of the rising prevalence of online gambling. Remote gaming poses significant harm,” she stated.

Evoke, which operates in sports betting, poker, and casino games while maintaining a robust retail betting presence in the UK, is listed on the London Stock Exchange and has its key markets in the UK, Spain, Italy, Romania, and Denmark. The anticipated annual duty costs are expected to increase between £125 million and £135 million.

Evoke Reviewing Investment Plans

In a statement released today, Evoke’s CEO Per Widerstrom commented: “We are setting immediate plans in motion to mitigate these challenges, which include substantially reducing our investments in the UK. Regrettably, this may require thousands of job cuts across the nation.”

With shares consistently declining, Evoke also retracted its medium-term objectives while it reevaluates its investment strategy. At 4:35 p.m. UTC, Evoke shares fell by 4.09% to 29.30 pence.

Flutter Entertainment plc also responded to the UK government’s tax hike announcement, indicating they are better-positioned to absorb the impact. The company estimates that adjusted EBITDA due to the tax adjustments, before any mitigation, will be around $320 million for fiscal year 2026 and $540 million for fiscal 2027.

Flutter Prepares to Manage Tax Impacts

“The tax increases announced today are an unsatisfactory outcome that will significantly disrupt our industry. While the Chancellor’s intent to address harm is commendable, these changes will provide undue advantages to illegal, unregulated gambling operators who will gain competitiveness in the market,” stated Kevin Harrington, CEO, Flutter UKI. “These illicit operators do not contribute to tax revenue and do not invest in safer gambling measures. With a 40% duty, the UK’s remote gaming tax is now higher than in countries like the Netherlands, where a recent tax hike led to increased illegal gambling and decreased government revenue.”

“Despite these challenges, I am confident that our scale, leading position in the UK market, and proactive cost initiatives will enable us to effectively navigate these changes.”