Evoke mulls Italian withdrawal amid UK tax hike

• Sky News reports that evoke could potentially be looking to exit Italy
• The company is gauging interest from other gambling operators for its local operations
• The triggering event is the increased tax in the United Kingdom

Evoke, one of the largest gambling companies in the United Kingdom and Europe, is reportedly looking at all available options on the table, including a withdrawal from the Italian gambling market amid a tightening regulatory regime at home.

Evoke considers exit from Italian market over UK tax increase

The company is now bracing for a 40% remote gambling duty, which would significantly impact its operations not just in the United Kingdom, but probably in other rigidly regulated jurisdictions, with Italy among the first where the company is reportedly ordering a feasibility review to gauge potential business interest in its assets.

Sky News, a media outlet, said that evoke is trying to determine whether it could sell its existing assets to rival gambling operators, but no official confirmation has been given just yet. However, Italy is not a market where evoke would want to part from overnight.

Italy accounts for about one-third of evoke’s total group revenue and half of its EBITDA based on its most recent financial performance, with the company already spending time and resources to achieve local integration with its 888casino brand.

Evoke is worried about the knock-on impact of the gambling tax increase

Commenting on events at home, evoke said that the increased tax rate that would come into effect in April 2026 would effectively suppress investment and embolden black-market operators.

The Chancellor of the Exchequer, Rachel Reeves, who tailored the budget, has said that this type of industry scaremongering was not necessarily true. The Betting and Gaming Council estimates that as many as 40,000 jobs may have to go, with most companies now looking to dismantle their brick-and-mortar operations first.

Image credit: Unsplash.com