William Hill owner Evoke considers sale or breakup after budget tax rises

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CodeWhirl

Evoke, the parent company behind William Hill and 888 online casino, is re-evaluating its future amid a £135m tax hit from recent budget changes. The company has appointed bankers at Morgan Stanley and Rothschild to explore options for securing its financial health.

Four years ago, Evoke purchased William Hill's network of 1,400 bookmakers in an unexpected move into brick-and-mortar betting. However, the value of the company has plummeted by over 90% to less than £100m as of Wednesday. The shares rose nearly 9% after news of potential sale or breakup was announced.

Industry experts believe there is limited appetite for Evoke's assets and speculate that bondholders may take control of the company, stripping its high street shops to recoup some losses. Evoke has net debt of £1.82bn.

The recent budget, announced by Chancellor Rachel Reeves, saw significant increases in duty on online sports betting and casino games, with tax rates rising from 21% to 40% for online gaming and 15% to 25% for online sports betting, excluding horse racing.

Evoke warned of the impact of these changes, stating that they would lead to thousands of job losses and decrease investment in UK sports. The company has faced several compliance issues in recent years, including a £9.4m fine over multiple failures to follow anti-money laundering processes and a £7.8m penalty for "outrageous" failings.

A failed takeover attempt by Kenny Alexander and Lee Feldman last year, who previously ran Entain, the owner of Ladbrokes and Coral, has also led to a civil lawsuit at the high court.
 
😂 I mean, £135m tax hit? That's like getting fined for eating too many biscuits! 🍪👀 But seriously, Evoke's financial health is as fragile as my grandma's hopes of winning the lottery 🤣. They're exploring options, which means they might sell off their shops to pay off debt... kinda like how I sell off my snacks during a Netflix marathon 🍿😂.

Industry experts think there's no one interested in buying Evoke's assets? That's like saying I don't want a 5-course dinner because the food looks too expensive 🤮. But hey, at least bondholders will get to be the new "owners" of the company... or they might just take all their cash and run 🏃‍♂️.

The recent budget changes? That's like adding an extra tax on online gaming... for people who already have too much time on their hands 😅. I mean, can you imagine having to pay 40% tax on your £100 betting win? "Sorry mate, can't afford that new Xbox"... 😂
 
😬 this whole thing is super sus, ya know? like, first they're talkin' about savin' the company, but now it's all about divvyin' up assets and makin' bondholders happy 🤑. 90% of its value in 4 years is crazy talk, and I feel bad for all those bookies who got affected by the new tax rates ⚠️. Evoke really dropped the ball on this one, what with all the compliance issues and stuff... it's like, you gotta take responsibility for your own mess 🤦‍♂️. And now we're facin' the possibility of high street shops closin' down? that's just devastating for communities 🌆. I'm rootin' for some sorta restructuring or salvation plan, but I ain't holdin' my breath 😔
 
omg did u know that William Hill's parent company just got hit with a £135m tax bill from the gov? 😱 now they're trying to sell off their assets or break them up it's crazy how much their value has plummeted in the past 4 yrs 🤯 and its not just them, other bookies are getting crushed too 💸 anyone else think this is gonna affect the high street? 🏙️ heard there's even a civil lawsuit against Kenny Alexander lol what's goin on?! 🤔
 
omg u won't bliev what's happnin 2 Evoke lol they're sellin or breakin up prob bc their shares are worth like pennies now 🤣📉 they got into brick-and-mortar betting like 4 yrs ago & it's been a complete fail 🚮👎 their debt is like 1.8bn lol what a mess 💸💔
 
🤔 I mean, I know it sounds like bad news for Evoke's future, but think about it this way... all that debt they've got? £1.8bn is a huge number, but hey, it's not like they're going bankrupt or anything just yet! And those bankers at Morgan Stanley and Rothschild are already on the case, exploring options to secure their financial health. That means they're thinking outside the box, right?

And let's be real, £100m might seem like a lot of money now, but it's not like Evoke was always making bank (pun intended). They've been through some tough times, and this recent tax hit is just another speed bump on their journey.

I'm not saying everything is gonna work out in the end, but I think there are still some silver linings here. Maybe this is the push Evoke needed to get back on track? Or maybe, just maybe, they'll be able to come out stronger and more resilient than ever. 💪
 
I'm telling you, it's like they're playing Monopoly with Evoke's assets 🤑. First, it's a £135m tax hit, and now they're trying to sell or break up the company? I mean, what's left? The shares go up 9% just because they think someone might buy them? That's not how it works! 😂 Back in my day, we didn't need all these bankers and lawyers to figure out how to run a business. We just used our common sense and worked hard, you know?

And what about the high street shops? They're gonna be like, "Oh no, they're closing!" Meanwhile, the people running this company are making bank 💸. I'm not saying they did anything wrong, but it's like they're playing a game of financial roulette 🎲. And don't even get me started on those compliance issues... It's like, basic stuff, you know? Not exactly rocket science 🚀.

Anyway, I guess we'll just have to wait and see what happens next with Evoke. Maybe someone will come along and buy them out or something. But till then, I'm just gonna shake my head and say, "Back in my day..." 😂
 
I'm totally stoked they're re-evaluating their future lol, £135m tax hit is crazy tho! 🤯 I mean, I get it, online gaming can be volatile but 90% value drop? That's wild. Four years ago Evoke bought William Hill's network of bookmakers like that's a bold move right? 🤑 It's hard to imagine how things went so sour for them. Industry experts saying there's limited appetite for their assets... yeah, that makes sense, they've had some compliance issues in the past, which isn't ideal. 🤦‍♂️ With bondholders possibly taking control and stripping high street shops... that's a harsh reality check. Evoke has £1.82bn net debt, wow! 💸 I hope they can navigate this mess without too much more financial pain.
 
💸😬 Oh man, I'm literally shakin' thinking about Evoke's future 🤯! They're like, £135m in debt now? 😲 And with tax rates skyrocketing, it's like, no wonder they're re-evaluating their options 💡. Four years ago they bought William Hill's bookmakers and thought they'd strike gold 🎉, but it's been a total flop 🤦‍♂️! I mean, 90% drop in value? That's just crazy talk 😱! Now industry experts are saying bondholders might take control and strip the shops to recoup losses? That's like, harsh 💔. And what about all those job losses? Thousands of people gonna lose their jobs because of this 🤕... not a good vibe at all 😓. I hope they can find a way out of this mess 🙏, but it's looking pretty grim right now ☹️
 
Ugh, I'm not surprised that Evoke is re-evaluating its future 🤔. All this tax increase on online gaming is just going to lead to more problems for these companies, like massive job losses... I mean, thousands of people already losing their jobs? That's horrific 😓. And now they're trying to sell off the company or break it up? It's like they're throwing in the towel 🚫.

I don't get why industry experts are so optimistic about Evoke's assets though. The value of the company has dropped by 90%... that's a huge drop 💥. And all this tax increase is just going to make it even harder for them to recover. I'm not sure what the banks are thinking, trying to explore options like that... 🤑.

It's also super worrying about the compliance issues they've had in the past 😬. £9.4m fine and a £7.8m penalty? That's serious business 🤯. And now there's even a civil lawsuit pending from a failed takeover attempt? This company is just a ticking time bomb 💣.
 
omg what's going on with evoke? i mean, 90% of its value gone in just four years 🤯 like, that's crazy! so they're selling or breaking up, but who wants all this debt and stuff? £1.8bn is a lot to take care of 💸 and now the chancellor makes these big tax changes and it's like, no wonder they're struggling 🙄

i feel bad for the people losing their jobs tho 😔 thousands of them. and what about the high street shops? are we just gonna see them disappear too? 😢 i hope bondholders don't take over and mess everything up even more... that'd be a disaster 💥
 
this is crazy! £135m tax hit? that's like getting hit with a ton of bricks 🤯 they need to rethink their whole strategy, but I feel bad for the people who lost their jobs already. i mean, bookmakers should be helping not hurting the community, right? 🤔 and now they're talking about stripping away high street shops... it's just another example of how online gaming is taking over everything. we need to make sure we protect these physical spaces that bring so much life to our towns and cities 💸
 
Ugh, this is so sad 🤕. I feel bad for all those people who are going to lose their jobs because of Evoke's financial struggles. It's like, these changes in taxes were supposed to help the company right? But instead it's just pushed them further into debt 💸. And now they're exploring options that might mean stripping away some of their high street shops... it's just so sad for the community 🏠.

I also can't help but think about how this reflects on the state of online gaming in the UK 🤔. We're always talking about how it's changing and evolving, but sometimes it feels like it's at the mercy of big corporations like Evoke 💸. I wish there was more support for smaller operators and more regulation to protect people's interests 👊. Anyway, can't wait to see what happens next... fingers crossed 🤞.
 
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