William Hill Owner Delays FY25 Results With Strategic Review Ongoing

Renowned UK betting and gaming giant Evoke has raised eyebrows over the predicament facing William Hill after announcing it would delay publishing its full Financial Year (FY25) results until the end of next month.

William Hill is one of several reputable betting brands in Evoke’s stable; however, there has been frenzied speculation about its future given the challenging gambling climate.

Evoke’s FY25 results will now not be released until April 29. This is unusual, given the full FY23 report was released on March 26 2024, and the FY24 findings were shared on the same date a year later. However, the FY25 results won’t be unveiled until nearly a month into Q2 2026.

What is causing the hold-up?

Speculation has been rife about William Hill in the wake of the Autumn Budget delivered in November. After the UK government confirmed Remote Gaming Duty (RGD) paid on online casino bets would rise to 40% of gross profits from April this year, and general betting duty paid on sports wagers would climb to 25% next year, betting companies have been bracing themselves for the worst.

Naturally, the rise in online taxes has forced gambling companies to pivot and act quickly. William Hill hired banking giants Morgan Stanley and Rothschild at the end of last year to conduct a full strategic review, but talks remain ongoing.

It was intimated Evoke, which has accrued a debt pile of £2 billion, were also exploring the option of selling off William Hill’s retail estate. Per Widerstrom, Evoke’s CEO, didn’t shy away from this possibility, as he said after the tax hikes:

“The decision by the UK government to substantially raise taxes is highly damaging for the economy and consumers.

“As an industry, we have consistently warned of the significant impact on jobs, investment in the UK, and player protection that these changes would have, yet sadly the Government has chosen not to listen. It is clear these changes will significantly harm businesses, employees, and customers.”

Early 2026 financial picture

Despite the delay in the FY25 results, Evoke claimed Q1 of 2026 had started on a positive note. In a statement, the London Stock Exchange-listed (LSE) company confirmed the projections were in “line with the board’s expectations”.

It was suggested revenue and adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) would be around £360 million, representing roughly a 14% increase Year on Year (YoY), and aligning with the trading update provided on January 27.

Trying to tackle the strong headwinds

The buffeting winds sweeping through the UK betting industry are undeniable. William Hill has already felt some of the force, with its market cap dropping to £123.8m; however, were they to be sold, it would be the third time the iconic UK brand has been bought out within the past decade.

Nevertheless, Evoke remains convinced it can still be successful in the UK, as they previously said:

“The group currently expects to be able to mitigate approximately 50% of the impact from higher duties over the medium-term through supplier savings, reduced marketing, retail store closures, and potential changes to the customer proposition.

“As one of the leading and largest operators in the UK market, the group is better positioned than many to navigate this increase and, over time, potentially stands to benefit from further consolidation of market share with the likely exit of smaller operators due to the rising costs.”

Investors may feel they are in the dark over the direction William Hill is taking. However, things should become clearer next month.