The boss of William Hill’s parent company warned that thousands of jobs in the UK are now at risk after the Chancellor announced a sharp rise in gambling taxes that would almost double the levy paid on online gambling.
Shares in Evoke, which owns William Hill, fell as much as 8% to a record low after Rachel Reeves decided to increase the online gambling tax from 21% to 40%, one of the steepest tax hikes in the budget. At the same time, the levy on online sports betting will increase from 15% to 25%, while the rate for betting shops will remain unchanged at 15%.
Evoke chief executive Per Widerström said the company had no choice but to significantly cut investment and staff at its UK operations, which include around 1,300 high street betting shops.
“We will immediately begin implementing our remedial plans, which include a significant reduction in investment in the UK,” he said. “And, very unfortunately, the likely need to cut thousands of jobs across the country.”
The warning reflects growing concern across the gaming industry, with operators saying the scale of the tax hike threatens profitability, investment and the viability of large market segments.
Evoke was already under pressure from higher regulatory costs and reduced consumer spending, but the Chancellor’s move – aimed at raising billions of pounds in additional revenue – has heightened concerns about job security in its retail betting and online gaming divisions.
Analysts said other operators could now follow Evoke and cut spending in the UK or shift future investment overseas, particularly as the online gaming sector accounts for a large share of the industry’s overall tax revenue.
The Treasury has defended the tax hike as a move to ensure a “fairer contribution” from digital betting platforms, but industry leaders argue the sudden rise risks accelerating store closures and job losses on the UK’s high streets.
