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

about 9 hours ago
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Evoke, the London-listed gambling company that owns William Hill and the 888 online casino brand, has said it is considering a sale or breakup of the group, after warning of a £135m hit from tax increases announced in last month’s budget,In a statement to the stock market, the heavily indebted company said it had appointed bankers at Morgan Stanley and Rothschild to explore potential options to secure its future,The decision comes only four years after the business, then known as 888 Holdings, paid £2,2bn to buy William Hill’s network of 1,400 bookmakers, in an unexpected foray into bricks-and-mortar betting,Shareholders have since watched the value of the company plummet by more than 90% to less than £100m as of Wednesday.

The shares rose almost 9% after news of the potential sale or breakup.One industry source said they did not believe there was much appetite for Evoke’s assets and speculated that bondholders might take control of the company and strip its assets, such as William Hill high street shops, to recoup some of their money.Evoke, which is headquartered in Gibraltar, has net debt of £1.82bn.Last month, after the chancellor, Rachel Reeves, announced significant increases in the duty levied on online sports betting and casino games, Evoke said it expected to pay extra tax of up to £135m a year.

It withdrew its medium-term financial targets at the time and said the decision would “drive customers to the black market, reduce overall tax generation, lead to thousands of job losses, and decrease investment in UK sports”.On Wednesday, Evoke told investors it had “decided to undertake a review of the company’s strategic options, which will include the consideration of a range of potential alternatives to maximise shareholder value, including, but not limited to a potential sale of the group, or some of the company’s assets and/or business units”.Reeves increased duty on online gaming from 21% to 40%, while duty on online sports betting was increased from 15% to 25%, with an exception for horse racing.Evoke, founded in the late 1990s by a group of Israeli web tech specialists, said it would be hit hard by tax rises in the budget.Its troubles have not been limited to external pressures, however, with a series of high profile compliance problems that have weighed heavily on the business.

In 2023, it removed its chief executive and suspended VIP customer accounts in the Middle East amid an internal investigation into a failure to follow anti-money laundering processes.The company said certain “best practices have not been followed” in relation to “know your client” and anti-money-laundering regulations, sending its shares down by more than a quarter on the day.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionA year earlier the company agreed to pay a £9.4m fine, then the third highest in the history of British gambling regulation, over multiple failings that led to customers racking up huge losses during the depths of the Covid pandemic.In 2017, the Gambling Commission penalised 888 with a £7.

8m fine, then a record, for “outrageous” failings, after more than 7,000 people who had voluntarily banned themselves from gambling were still able to access their accounts.Evoke’s persistent underperformance led to an abortive attempt to take control of the company in 2023, fronted by Kenny Alexander and Lee Feldman, who previously ran Entain, the owner of Ladbrokes and Coral.The backroom discussions that led to and ultimately scuppered that deal are now the subject of a civil lawsuit at the high court.Alexander and Feldman claim the Gambling Commission breached their privacy, by causing Evoke to issue a stock market update about their proposed takeover.In the update, 888 said the regulator was reviewing its licence to operate over concerns that Alexander and Feldman had presided over Entain during a period in which it was under investigation for alleged bribery in its Turkish operation.

In cross-examination, Feldman confirmed that he had been aware at the time of the talks with 888 that Alexander was a suspect in the investigation,Both men have since been charged with conspiracy to bribe and conspiracy to defraud,
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Nick Sirianni slams ‘ridiculous’ calls to bench Jalen Hurts amid Eagles’ skid

Philadelphia Eagles coach Nick Sirianni moved quickly on Wednesday to shut down the rising speculation around Jalen Hurts’ job security, calling talk of a potential quarterback change “ridiculous” despite his team’s three-game losing streak and their franchise star’s sudden dip in form.Hurts committed five turnovers – four interceptions and a lost fumble – in Monday night’s 22-19 defeat to the Los Angeles Chargers, punctuating one of the ugliest outings of his career. The final mistake, an interception near the goalline in overtime, sealed another deflating loss for an Eagles side that has averaged just 16 points across the past five games. The 8-5 Eagles have not won since 10 November.Hurts’ performance tied several unwanted marks: the most giveaways by an Eagles player since tracking began in 1978 and the first four-interception game by a Philadelphia quarterback since Michael Vick in 2012

about 4 hours ago
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Imran Sherwani obituary

Imran Sherwani, who has died aged 63 of Alzheimer’s disease, was a star of the Great Britain hockey team that won Olympic gold in 1988 with a 3-1 win against West Germany in the final, a match in which he scored twice.Sherwani’s second goal, which put the game beyond the opposition, came as he ran in behind the defence to knock in a cross from Stephen Batchelor – a breathless passage of play that led to a much-replayed piece of TV commentary from the BBC’s Barry Davies. Referring to the lack of marking on Sherwani, Davies asked: “Where were the Germans?” before abandoning any pretence of impartiality to add: “But frankly, who cares?”Davies’s brief departure from objectivity was understandable, given that Sherwani’s decisive goal led Great Britain’s men to their first Olympic hockey gold since 1920. In nine Olympic Games subsequently, they have come nowhere near repeating that feat, with a best position of fourth.At Seoul, where Sherwani played in all seven matches, Great Britain struggled in the early stages before pulling themselves together under the leadership of their forceful coach, Roger Self, a man who insisted on new levels of professionalism in his amateur charges and who was able to instil great self-belief in the squad

about 5 hours ago
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A sporting superhero: can anyone stop Luke Littler at the world darts championship?

Defending champion is a phenomenon and the indisputable titan of the game with a sense of inevitability at the Alexandra Palace extravaganzaYou will be seeing plenty of Batman and Wonder Woman over the coming weeks; Spiderman, Mr Incredible, perhaps even a Ninja Turtle or two. Yes, Christmas at Alexandra Palace is always a good time for spotting superheroes. But only one of them will not be wearing a costume.In fact, it is when he is in his normal human clothes, doing normal human things, that Luke Littler looks at his most incongruous. Standing with his fellow Manchester United fans in the away end at Molineux

about 5 hours ago
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Leicester’s Parling backs crackdown on escort defenders as ‘pretty positive’

Geoff Parling, the Leicester head coach, has defended the crackdown on escort defenders, saying the impact of refereeing changes that promote more kicking has been “pretty positive”.Parling’s comments come after Ross Byrne attacked the revised law interpretations around contestable kicks on Monday. The Gloucester fly-half argued a potential knock-on effect would be for international coaches to convert second-rows into wings for the next men’s Rugby World Cup in 2027.Byrne believes the sport risks becoming one-dimensional but before the Tigers’ Champions Cup pool meeting with Leinster on Friday, Parling acknowledged World Rugby’s move has led to more kicking, but that had not altered his tactical approach.“The change has been positive,” Parling said

about 6 hours ago
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Chaos reigns at Wests Tigers: how did things get so dire at the embattled NRL club? | Nick Tedeschi

A return to glory for the longsuffering Wests Tigers appears increasingly distant after a high-level purge which has accounted for four independent board members and CEO Shane Richardson, and created instability that threatens to consign the Tigers to NRL irrelevance for years to come – and maybe even the existence of the club.Despite a quarter of a century passing since the Western Suburbs Magpies and Balmain Tigers merged, traditional divisions have persisted and the uneasy alliance within the club has been thrown into the spotlight by the recent upheaval, led by the Magpies-aligned majority owners of the club, the Holman Barnes Group (HBG).Despite the longstanding partnership, the Western Suburbs and Balmain factions have rarely both been happy with the merger and, in particular, the public-facing look of the club. The Magpies faction has tended to believe the Tigers appeared to be more Balmain than Wests.Among other issues, the proposed jerseys for next year have reportedly played a key role in the recent turmoil

about 7 hours ago
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The Spin | From jaffas to the corridor of uncertainty – revel in cricket’s rich language of bowling

Every act in cricket’s history has begun with a bowler delivering a ball to a batter 22 yards away. Delivering. Like a postman delivers a council tax bill. Like a waiter delivers a round of drinks. Of all the verbs used to describe the bowling of a ball, this one speaks to the deep-seated cultural inequity that has plagued this sport since its inception

about 11 hours ago
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Fed cuts interest rates by a quarter point amid apparent split over US economy

about 2 hours ago
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Leon to cut jobs and close fast food restaurants

about 3 hours ago
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Musk calls Doge only ‘somewhat successful’ and says he would not do it again

about 5 hours ago
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ICE is using smartwatches to track pregnant women, even during labor: ‘She was so afraid they would take her baby’

about 8 hours ago
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‘Dadgummit, let’s freaking go’: 44-year-old grandfather Rivers could start for Colts

about 2 hours ago
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NHL warns top players will not show up for Winter Olympics if venue is unsafe

about 2 hours ago