The owner of William Hill, Evoke, has agreed to a £243m takeover by a Greek gaming group. The move follows a Budget tax raid that forced the company to put itself up for sale after Chancellor Jeremy Hunt's decision to cut tax relief on sports betting companies. Evoke will be renamed as part of the deal, which is expected to be completed in the coming months. The Greek gaming group, which has not been named, will assume control of Evoke's assets, including the William Hill brand and its associated businesses.
Evoke's decision to sell follows the Budget tax raid, which saw tax relief on sports betting companies cut from 50% to 30%. The move was designed to reduce the tax burden on the UK's high street, but it had a significant impact on the gaming industry. Evoke was forced to put itself up for sale as a result, and it has now agreed to a takeover by the Greek gaming group.
The takeover has been welcomed by some in the gaming industry, who see it as an opportunity to bring new investment and expertise to the sector. However, others have raised concerns about the impact on jobs and the potential for a reduction in competition.
As part of the deal, Evoke will be renamed, and the company's assets will be transferred to the Greek gaming group. The takeover is expected to be completed in the coming months, although the exact date has not been confirmed. In the meantime, Evoke will continue to operate as normal, with no disruption to customers expected.
The takeover has significant implications for the gaming industry in the UK, and it remains to be seen how it will impact customers and staff. However, one thing is certain - the deal marks a significant change for Evoke and the William Hill brand.