The London-listed firm reported pre-tax losses of £549.1 million for 2025, more than double the £220.9 million loss recorded in 2024. Evoke attributed the bulk of the deterioration to a £440.3 million impairment charge linked to the recent UK duty increases.

The shop closures are expected to result in hundreds of job losses, though Evoke has not yet confirmed precise numbers. The company said the cuts are part of a wider operational restructuring aimed at offsetting tax-related costs and protecting shareholder value.

Tax shake-up reshapes the market

The closures follow Chancellor Rachel Reeves's autumn 2025 budget, which raised Remote Gaming Duty from 21% to 40% with effect from 1 April 2026. A new 25% online sports betting duty, covering all sports except horse racing, is due to come into force from 2027.

Evoke said in January that the duty changes could add up to £135 million a year to its tax bill from 2027 onwards. Chief executive Per Widerstrom described the November announcement as "a fundamental shift in the economics" of the group's largest market and said the response would have "a substantial impact across the regulated industry".

The same April 2026 date saw Bingo Duty abolished entirely, a move welcomed by bingo operators. The trade-off, however, is that the broader Remote Gaming Duty rise applies to online bingo and slot products offered by UK-licensed sites, squeezing margins for operators that run mixed gambling estates.

Takeover talks underway

Evoke confirmed last week that it is in discussions over a potential acquisition by Bally's Intralot, in a deal that would value the group at £225.3 million. The company effectively placed itself up for sale late last year when it launched a strategic review, citing mounting debt and rising regulatory costs.

A sale would mark a significant moment for the UK gambling sector, given that Evoke owns two of the most recognisable brands on the high street and online. The 888 business, in particular, operates the Dragonfish bingo network, which powers a long list of UK bingo sites including Wink Bingo, Costa Bingo and a number of smaller white-label brands.

What it means for bingo players

For UK bingo customers, the immediate impact of Evoke's restructuring is likely to be felt indirectly. Dragonfish-powered sites have not been singled out in the closure announcement, which centres on William Hill's retail estate, but the wider duty pressures affect every UK-licensed online bingo operator.

Players have already seen the effects of the broader regulatory tightening. The UK Gambling Commission's 10x wagering cap on bonuses and the ban on cross-product promotions, both introduced in January 2026, have prompted operators across the market to redesign their welcome offers and loyalty schemes. Higher duty costs add another reason for operators to streamline their bonus spend and product line-ups.

Bizzy has noted that consolidation is becoming a recurring theme in the UK industry, with smaller brands folding into larger networks and listed groups exploring sales or mergers. Should the Bally's Intralot deal proceed, it would add another layer of cross-border ownership to a market already dominated by a handful of multinational groups.

For now, Evoke's shop closures will play out over the coming months, and the company's full-year results suggest further cost actions are likely regardless of how the takeover talks conclude. Bingo players should expect continued change at the margins of the market, even if their favourite sites continue trading much as before.