Evoke, the owner of William Hill, is set to close around 270 betting shops across the UK in an effort to offset a significant hit from higher taxes and substantial losses.
The debt-laden firm reported losses of £549.1m in 2023, more than double the £241.4m recorded the previous year. This increase in losses can be largely attributed to a hike in the gambling duty, which came into effect in November last year.
The tax increase, aimed at reducing problem gambling, has put a strain on Evoke's finances. In response, the company has identified approximately 270 shops for closure, citing the need to adapt to changing market conditions and reduce costs.
Industry experts have expressed concerns about the impact of the shop closures on local communities, particularly in areas where betting shops are a significant source of employment and revenue.
Evoke's decision to close betting shops comes as the UK government continues to review its gambling regulations. The review is expected to include measures to address problem gambling and protect vulnerable individuals.
While the exact timeline for the shop closures has not been confirmed, the move is expected to have a significant impact on the UK betting industry.