Evoke Says Thousands of Job Cuts Coming After UK Gambling Tax Hikes
Posted on: November 27, 2025, 03:01h.
Last updated on: November 27, 2025, 03:18h.
- New UK budget confirms tax hikes on online casino and sports betting
- Evoke and Entain warn of profit hit and layoffs
- Tax increases start in April 2026
Shares of Evoke, the UK-based betting firm, owner of William Hill and 888, tumbled today after the company warned of diminishing profits and thousands of potential job cuts in light of new UK tax hikes on online gambling.
In the budget rolled out yesterday, UK Finance Minister Rachel Reeves announced an increase in taxes on online games and slots to 40%, up from 21% (effective April 2026), and increased tax on sports betting from 15% to 25% (effective April 2027).
“I will reform gambling taxes in response to the rise in online gambling. Remote gaming is associated with the highest levels of harm,” she said.
Evoke, with online operations covering sports betting, poker, casino games, plus a large UK retail betting presence, is listed on the London Stock Exchange with its core markets in the UK, Spain, Italy, Romania and Denmark. The company is looking at a more significant impact because if its focus on the UK. Evoke expects the annual duty costs to rise between 125-135 million pounds.
Evoke Reassessing Investment Strategies
According to a statement today from Evoke’s CEO Per Widerstrom: “We will begin immediately on executing our mitigation plans, which involve a significant reduction in investment into the UK. And, very regrettably, the likely need for thousands of jobs to be cut up and down the country.”
Evoke, with shares on a steady slide, also withdrew medium-term targets as it reassesses its investment strategies. Evoke shares were down 4.09% at 29.30 pence on the London Stock Exchange at 4:35 p.m. UTC today.
Flutter Entertainment plc also issued a statement in response to the UK government’s tax increase announcement, adding they are in a better position to absorb the tax hit. The company said adjusted EBITDA as a result of the changes in tax rate, before mitigation, is expected to be approximately $320 million in fiscal year 2026 and $540 million in fiscal 2027.
Flutter Looks to Better Absorb Tax Hit
“Today’s tax increases are a very disappointing outcome and will have a significant adverse impact on our industry. The Chancellor rightly wants to address harm, but these changes will hand a big win to illegal, unlicensed gambling operators who will become more competitive overnight,” said Kevin Harrington, UKI CEO, Flutter. “These black market operators don’t pay tax and don’t invest in safer gambling. At 40 percent, the UK’s remote gaming duty is now above countries such as the Netherlands, where a recent tax increase saw a rise in illegal gambling and a fall in Government receipts. D
“Despite this impact, I am confident that through both our scale and leading position in the UK, as well as the proactive cost initiatives that we are taking, we are well placed to navigate through today’s changes.”
According to Stella David, CEO of Entain: “We are deeply disappointed by today’s decision to punitively increase UK gambling taxes, putting at risk an industry which already contributes £7 billion annually to the UK economy and supports over 100,000 jobs across the country. Disproportionately increasing gambling taxes will not only have a detrimental impact on our industry but also heightens the risk for customers. As seen in other countries, punitive tax increases often lead to lower tax revenues overall, whilst also driving players to illegal, unregulated operators with no player protections.
“The Government must now urgently tackle the black market and the consequences of today’s decision. Entain remains well positioned to deliver sustainable growth, underpinned by the Group’s diverse geographic footprint and strong portfolio of leading positions in attractive markets.”
Super Group Says It Supports “Reasonable Taxation”
In a statement, Super Group, parent company of Betway, indicated it has several mitigation strategies in motion intended to offset the tax impact.
“Super Group supports the reasonable taxation of online gaming in the UK,” said company CEO Neal Menashe. “We rely on the government to ensure that today’s very substantial increase should be paired with robust and strict enforcement against non-paying offshore operators. This is essential to protect the regulated sector’s investment in jobs, technology, and responsible gaming in the UK.”
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