William Hill Evoke, a FTSE 250-listed bookmaker, has agreed to a takeover deal with Greek gaming group Bally's Intralot worth £52p per share. The move comes as UK Chancellor Rachel Reeves' high-stakes tax raid on the betting industry raises uncertainty over the future of physical shops.
The deal, which is subject to regulatory approval, marks a significant shift in the industry's landscape as William Hill Evoke becomes part of Bally's Intralot. This development has sparked concerns about the long-term viability of high-street betting shops, which have already been facing challenges from online competitors and changing consumer habits.
According to a recent report by market research firm Verdict Retail, the UK's physical bookmaking industry saw a decline in revenue by 12% between 2020 and 2022. This trend is expected to continue as more consumers turn to digital platforms for their gaming needs.
The Chancellor's tax raid has added further pressure on the industry, with many operators warning of potential job losses and store closures. Industry insiders predict that this move could have a ripple effect throughout the economy, impacting local communities and small businesses that rely on betting shops as customers.