Evoke (EVOK): UK gambling duty increases

This situation live

£189m · 42.1p · +13% since the first step

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UK gambling duty increases

Mitigation delivering; over half of H1 hit offset

Next: Online betting duty rises to 25% from April 2027

Every step · 5

26 Nov 2025 Budget announced; mitigation plans starting immediately – We will begin immediately on executing our mitigation plans, which involve a significant reduction in investment into the UK, and, very regrettably, the... ↗
27 Jan 2026 Mitigation under way: store closures, cost savings – 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... ↗
30 Apr 2026 Mitigation under way; impairments booked – We still expect to mitigate approximately 50% of this impact from the first full year of implementation ↗
5 Jun 2026 Mitigation under way; bid cited as response – On the evoke Group's initial estimates, prior to mitigating actions, these changes would increase duty costs by approximately GBP 125-135 million on an... ↗
12 Aug 2026 Mitigation delivering; over half of H1 hit offset – Decisive action taken to mitigate the increased gaming duties, offsetting over half of the gross year-on-year increase in gaming duties through commercial... ↗

What is happening

Evoke: UK gambling duty increases – Mitigation delivering; over half of H1 hit offset. ['Mitigation delivering; over half of H1 hit offset']

In short: The November 2025 Budget raised Remote Gaming Duty to 40% from April 2026 and set a 25% online betting duty from April 2027, costing £125-135m a year before mitigation. In H1 2026 duties added £46m of cost, and over half was offset through marketing, promotions and cost savings. Adjusted EBITDA still fell 10%, and net leverage rose to 5.6x. About 200 shops closed in May 2026.
Announced: 26 Nov 2025 · Budget announced; mitigation plans starting immediately
Latest: 12 Aug 2026 · Mitigation delivering; over half of H1 hit offset
Annual cost: £125-135m before mitigation once fully implemented (dossier)
Mitigation: Over half of the gross H1 increase offset
Impairments: GBP 440.3m non-cash charges in UK Online and Retail
Shop closures: c.200 retail shops closed in May 2026
H1 duty cost: £46m year-on-year increase in gaming duties, mainly UK
Leverage: Net leverage 5.6x at 30 June 2026, from 5.2x at year end

Online betting duty rises to 25% from April 2027.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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