In a major blow to the UK’s retail betting sector, William Hill has confirmed layoffs and the closure of 200 betting shops starting May 24.
The move, which represents 14.3% of the bookmaker’s total physical estate, is expected to lead to approximately 1,500 job losses. Parent company Evoke cited the mounting fiscal pressure from the government’s Autumn Budget as the primary catalyst for the downsizing.
The “Autumn Budget” Fallout
The layoffs within William Hill coincide with the implementation of new tax rules taking effect today, April 1. Remote Gaming Duty has surged from 21% to 40%, with a further increase in General Betting Duty scheduled for next year. Evoke explained that the rising costs have made many high-street locations commercially unviable.
In a statement obtained by The Sun, the company noted:
“Following a thorough review and further to increased cost pressures on the regulated sector including significant tax increases… we are closing a number of shops that are no longer sustainable. We must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations.”
Strategic Review and Debt Struggles
This news comes while Evoke is in the midst of a broader strategic review. Following a 70% collapse in share price and a debt pile of £1.8 billion, the company has hired Morgan Stanley and Rothschild to explore a potential sale. Reports suggest that Bally’s Intralot could acquire most of the company’s assets, potentially involving a side-deal with Betfred.
Further complicating the situation, the company recently dealt with glitches at 888Casino and William Hill that led to accidental multi-million pound payouts. While funds have been partially recovered, the legal fallout is expected to continue as the company fights for its long-term survival.
