William Hill owner Evoke considering sale or break up, shares spark

(Sharecast News) - William Hill and 888 owner Evoke surged on Wednesday after saying it was considering putting itself up for sale or breaking up the company. Responding to recent media speculation, the company said it had decided to undertake a review, which will include "the consideration of a range of potential alternatives to maximise shareholder value, including, but not limited to a potential sale of the group, or some of the company's assets and/or business units".

It said there is no certainty that any transaction will materialise, nor as to the terms of any transaction.

"Further announcements will be made when and if appropriate," Evoke added.

Morgan Stanley and Rothschild have been appointed joint financial advisers in connection with the review.

In the aftermath of the Budget on 26 November, Evoke withdrew its medium-term financial targets and said it expected the gambling tax rises announced to increase duty costs by about £125m to £135m on annualised basis once fully implemented.

It also said it would likely need to cut "thousands of jobs" up and down the country.

At 1350 GMT, the shares were up 9.2% at 23.85p.

Chancellor Rachel Reeves announced in the Budget that from April 2026, there will be an increase in remote gaming duty from 21% to 40% and the abolition of bingo duty from its current 10% rate.

Reeves also said that from April 2027, a new rate of general betting duty for remote betting will be introduced at 25%. This will exclude self-service betting terminals, spread betting, pool bets, and horseracing.

In addition, the government announced a freeze in casino gaming duty bands in 2026-27, with the usual retail price index uprating thereafter.