William Hill's owner is being acquired by an international gambling group after the Labour Government's tax raid pushed 270 betting shops to close for good.
Greek gambling operator Bally's Intralot has agreed to purchase Evoke, the parent company of William Hill and 888, for £243million in a deal valued at 52p per share.
The Athens-listed firm's offer comes after approximately two months of negotiations and represents an increase from an initial approach of roughly £225million.
This acquisition follows the Labour Government's substantial tax rises on the betting sector, which have placed considerable pressure on operators across Britain.
William Hill's owner has been pushed into a corporate takoever
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Chancellor Rachel Reeves' Autumn Budget delivered a significant blow to the gambling industry, nearly doubling remote gaming duty from 21 per cent to 40 per cent effective from April.
An additional 25 per cent levy on online sports betting, with horse racing exempted, is scheduled to take effect in 2027.
Evoke has indicated these measures could increase its annual tax burden by as much as £135million.
In response to the mounting financial pressure, the company revealed plans in April to shut approximately 270 William Hill betting shops across the country.
Labour's gambling tax reforms are in response to the rise in online gambling | GETTYLATEST DEVELOPMENTS
Evoke also owns 888 sport | GETTYChairman Mark Summerfield stated the board had examined its options due to "significant UK duty changes" and the pressure on Evoke's balance sheet.
The company has struggled under substantial borrowings since acquiring William Hill's non-US operations for £2billion in 2021, with recent figures showing debt of nearly £1.9billion.
Summerfield expressed confidence that the merger would establish a worldwide online betting operation boasting enhanced brand strength and improved scale.
The financial strain from both the acquisition debt and the Government's tax reforms left Evoke's leadership seeking a strategic solution to secure the company's future in an increasingly challenging regulatory environment.
The Chancellor's tax raids have came under fire
| GETTYBally's chairman Soo Kim outlined his ambition to unite William Hill and 888 with Intralot's technological capabilities to create a "European gaming champion".
However, the deal arrives amid mounting sector anxiety that stricter verification requirements for customers could push punters towards unregulated platforms.
Consultancy H2 Gambling Capital has cautioned that almost one in five online wagers could shift to the black market by 2028, with illegal betting stakes potentially doubling from £17billion to £33billion.