Evoke weighs major sale as UK tax overhaul hits hard.

Evoke announced that it has launched a full strategic review following the UK government’s Autumn Budget, which introduced significant tax increases on online casino-style gaming and sports betting. The Remote Gaming Duty will rise from 21% to 40% by April 2026, while the duty on online sports betting will increase from 15% to 25% the following year. According to the company, the tax reforms could raise its annual costs by £125 million to £135 million from 2027 if no mitigating actions are taken.

The operator’s financial position has intensified the urgency of the review. Evoke’s market valuation has fallen from £1.7 billion in 2021 to less than £100 million, while net debt stands at £1.82 billion. Despite reporting four consecutive quarters of growth earlier this year, the company now faces renewed instability. International operations, particularly in Italy, have been strong contributors, yet Evoke has begun exploring potential divestments in response to the UK’s shifting fiscal landscape.

The broader industry has reacted strongly to the government’s decision. The Betting and Gaming Council has warned that the tax increases represent one of the largest hikes ever applied to a regulated gambling sector, with concerns that steep duties could drive customers toward unlicensed operators. Industry modelling suggests thousands of jobs may be at risk if regulated operators face severe cost pressures.

Evoke has appointed Morgan Stanley and Rothschild to assess a wide range of options, including restructuring, asset sales, or a complete acquisition. The review marks one of the most consequential moments for a major UK gambling operator in recent years and underscores the far-reaching impact of the country’s evolving regulatory environment.