Evoke Calls for Urgent Action as UK Black Market Gains Footing

(AsiaGameHub) –   William Hill parent company evoke has kept raising concerns about black market incursion in the UK, cautioning that the growing sway of unlicensed operators is responsible for the firm’s decline in online earnings.

In an update to investors, the operator’s Chief Financial Officer Sean Wilkins slammed the £26 million allocated by the government for stepping up black market enforcement as “insignificant when compared to the vast resources of the black market.”

evoke reinforced its complaints about tax hikes, urging the UK government to act with “far greater urgency” by using one of the multiple tools it has available to target and address the black market.

Wilkins emphasized that talks are currently underway between the Betting and Gaming Council, evoke, and the government regarding the most effective measures to crack down on the black market. He warned that as the balance tilts toward unlicensed operators, the effect on channelisation rates will be significant.

Moreover, the black market isn’t only hurting evoke’s performance in the UK. In Romania—where the gambling tax was raised from 21% to 27%—the unlicensed market is starting to grow rapidly and is having a major effect on the operator’s results.

Group Chief Executive Officer Per Widerström noted that, as a consequence, the company has had to “reduce marketing and promotional activities to safeguard profitability.”

In both the UK and Romania, skyrocketing tax rates have caused high-value players to leave for the black market—where the industry isn’t compelled to implement cost-cutting or reduce marketing.

Evoke outlook

evoke released its FY2025 results—one day later than originally scheduled—announcing a small rise in group revenue compared to the previous year, along with an uptick in EBITDA, though net debt is still climbing.

But the results also highlighted that impairment charges in UK and online retail continued to negatively impact the operator’s performance, with after-tax losses reaching £549.1 million for the year.

The difficulties facing the UK market have cast doubt on the feasibility of expanding there, a point hinted at by evoke’s possible sale of the William Hill brand—talks about which are still ongoing with Bally’s Intralot.

A new owner for William Hill?

William Hill’s chain of betting shops has been facing challenges for several years, and the operator has also changed ownership multiple times in a brief period.

These challenges persisted throughout 2025. After confirming earlier in the year that it would close 200 shops this year (on top of the 68 closed in Q4), William Hill’s future seems somewhat uncertain.

Revenue from the operator’s UK betting shops fell by 1%, and growth in its gaming division was held back by a general drop in sports betting engagement.

Earlier this month, evoke stated that it was in talks with Bally’s Intralot about selling William Hill, with a potential £225 million deal being considered.

Widerström didn’t offer any forward-looking comments during evoke’s earnings call due to the strategic review that has been ongoing since December last year, but he did mention that discussions with Bally’s Intralot about a potential offer “remain active.”

The CEO said: “Operationally, our priorities stay the same: disciplined execution, driving profitable growth, and strengthening the balance sheet.”

evoke’s FY25 financials

For FY25, evoke reported that its total revenue grew by 2% year-on-year (YoY) to £1.78 billion (FY24: £1.75 billion). This was driven by: a focus on profitability leading to declines in 888 UK&I online; new machine rollouts offsetting sports results in UK retail; and international operations hitting record revenue in Italy and Denmark, along with the Winner acquisition.

Revenue

• Total online: £1.28 billion, a 3% YoY increase (FY24: £1.25 billion).
• UK&I: £674 million, a 3% YoY decrease (FY24: £693.2 million).
• International: £606.8 million, a 9% YoY rise (FY24: £555.2 million).
• Retail: £501 million, a 1% YoY drop (FY24: £506.1 million).

The operator’s adjusted EBITDA increased by 14% YoY to £356.2 million (FY24: £312.5 million), thanks to “improved gross margins, more efficient marketing returns, and disciplined cost management.”

Adjusted EBITDA

• Total online: £326.5 million, 20% YoY growth (FY24: £272.9 million).
• UK&I: £151.3 million, 6% YoY increase (FY24: £142.7 million).
• International: £175.2 million, 35% YoY rise (FY24: £130.2 million).
• Retail: £55.1 million, 17% YoY decrease (FY24: £66.5 million).
• Central costs: £25.4 million, 6% YoY drop (FY24: £26.9 million).

Net debt kept increasing over the year, reaching £1.86 billion as of 31 December 2025 (up from £1.79 billion in December 2024 and £1.76 billion in December 2023).

“Operationally, our priorities remain unchanged: discipline execution, driving profitable growth and strengthening the balance sheet.”

Per Widerström, Chief Executive Officer of evoke

evoke also stated that Q1 2026 trading was in line with expectations, with revenue up 1% YoY to £440 million. Growth was seen in UK online gaming, Italy, Denmark, and retail, but there were declines in UK 888 operations, Spain, Romania, Rest of World (RoW), and international sports (due to sports results in Italy).

evoke added that more shop closures are planned after around 270 were shut down in response to a review of its retail portfolio, high street trading conditions, and UK gambling tax adjustments.

Q1 2026

• Total online: £318 million, 2% YoY increase.
• UK&I: £170 million, 5% YoY growth.
• International: £148 million, 2% YoY decrease.
• Retail (like-for-like): £123 million, 3% YoY rise.