William Hill Finishes 2025 On High But Shop Closures Inevitable

William Hill finished a challenging 2025 on a positive note after publishing its latest financial results. The results, which reflected the fourth quarter (Q4), proved to be the strongest of last year, providing a bit of respite.

In a trading update released this morning, Evoke, the parent company of William Hill, detailed the encouraging earnings for 2025. However, there were also a few numbers that were flagged in the report which may be a cause for concern.

Drilling down into the figures

At first glance, there were reasons to celebrate. Group revenue for Q4 stood at £464 million, which was up 7% Quarter on Quarter (QoQ), but down 3% Year-over-Year (YoY). The uptick in revenue was influenced by a 9% increase across casino games, brought out by one of Evoke’s other brands, 888Casino, returning to growth in the UK.

That said, the trading results showed a 22% decline in UK betting revenue, which in part, is attributed to the budget announcement in November. Chancellor Rachel Reeves announced that Remote Gaming Duty (RGD) will see an increase in gambling taxes paid on online casino gambling, rising from 21% to 40% in April, while general duty paid on online sports betting will climb from 15% to 25% in April 2027.

Discussing the figures, Evoke CEO, Per Widerström, said in a statement: “During Q4, we made good progress against our strategic plans, delivering our best quarter of the year and demonstrating the underlying momentum in the business.

“Our focus on core markets continued to drive our profitable growth, with Italy and Denmark both delivering record quarterly revenues in Q4. This positive momentum has continued into 2026, with a strong start to the year, with good growth across all divisions.”

Placing the results into a wider context

Perhaps it is wise to place these financial results into the wider context of developments at William Hill. A report emerged yesterday that William Hill is considering selling off some of its assets, with Bally’s and Betfred among the mooted suitors.

It is believed William Hill has built up a £2 billion debt pile, and the company is currently carrying out a strategic review of all areas of its operation. However, as of yet, there has been little movement on that front.

Retail empire crumbling

With over 1,000 shops established across the UK, William Hill has forged a strong reputation as one of the country’s most trusted bookmakers. That said, it seems that the retail empire is crumbling, with Widerström confirming fears that the offline business is disintegrating.

In relation to the budget, he added: “We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market. As a result of these significant UK tax increases, the board is assessing its strategic options, with a resolution, with a resolute focus on maximising shareholder value.

“We have moved quickly and decisively to execute on our mitigation plans, including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course.”

The road ahead

Clearly, the road ahead for William Hill is quite bumpy and uncertain, although the latest trading update was pleasing. Betting.co.uk reached out to Evoke for further comment.