The UK market has dominated headlines over the past couple of months, with the prospect of a tax increase causing widespread trepidation for operators.
In this round-up, iGaming Expert takes a look at several UK operators’ performance in the first half of 2025, as well as any comments they have on the market and its regulatory future.
Entain reported that its UK & Ireland net gaming revenue growth of 9% year-over-year in constant currency to £1.09bn (H1 2024: £1bn), which is ahead of its expectations, demonstrating an improvement in product and player journeys. Underlying EBITDA increased by 37% to £273.6m (H1 2024: £199.4m).
A highlight was online revenue, which rose by 21% YoY cc to £565m (H1 2024: £466.9m), regaining market share with strong volume and player values growth following improving player experience and the levelling of regulatory restrictions.
Both online sports betting and iGaming underwent double-digit growth, with iGaming rising by 23% YoY cc to £417.6m (H1 2024: £338.8m), while sports increased by 16% YoY cc to £146.9m (H1 2024: £146.9m).
However, retail operations dipped slightly by 2% YoY cc to £527.2m (H1 2024: £537.8m), but Entain noted that this was broadly in line with its expectations.
When asked during Entain’s H1 earnings call about the potential tax increase, CEO Stella David commented: “We shouldn’t forget, we’re a great British company who generates a huge amount of tax for the government. We were a top 20 taxpayer anyway. And I think we should be proud of the success that this company generates not only here in the UK, but in many other markets. That’s point one.
“Point two on the conversation about tax hikes, which have been muted. I think people should be very cautious about the law of unintended consequences. There is already a large black market in the UK and driving up tax rates has the potential of reducing the tax take because people go to the black market.
“It is very easy access. There are very few controls that are in place to stop that right now. And there are examples in other markets, just take the Netherlands, when the tax rate went up significantly in January 2025. And they have already admitted, the chair of the regulator there, that has had basically an own goal. It hasn’t worked.
“And so I think people should look at the maths and be very careful about where we go forward because we want to protect players. If players go to the black market, they have no protections.
“They may not even have a guarantee of getting their winnings out. So it’s about being balanced and doing the right thing. And remember, we have 14,000 people in the UK. We’ve got a very large presence on the high street. Protecting the high street is also very important but whatever happens, we manage, and we go forward. But I do think looking at the consequences in the round is very, very key.”
Flutter Entertainment reported that its UK and Ireland revenue rose by 2% YoY in H1 to $1.82bn (H1 2024: $1.79bn), noting that both markets have continued to see growth despite safer gambling initiatives being introduced and UK regulatory changes.
The operator stated that the UK Government’s ongoing Gambling Act review may result in “more onerous regulation”, which could impact its operations, on top of the wagering restriction limits and mixed product promotion ban set to be implemented next year.
In addition, Flutter said nine million Sky Betting and Gaming customers have been successfully migrated onto its shared UKI platform, which is expected to incur $300m in cost savings by 2027.
Sportsbook revenue in the region fell by 7% YoY due to low handle in comparison to the UEFA European Championship taking place during the same period the previous year, a drop in horse racing handle outside of major festivals, decline in favourable sports results and an increase in customer generosity offset by investment in sports products and favourable foreign currency exchanges.
iGaming revenue rose by 15% YoY following continued product enhancements and generosity optimisation, being offset by player restrictions being implemented from the Gambling Act review and favourable foreign currency exchange.
evoke’s UKI revenue fell by 1.4% YoY in H1 to £588.4m (H1 2024: £597m), with declines occurring in both online and retail operations.
Online decreased by 0.7% YoY to £336.2m (H1 2024: £338.6m) following a drop in sports revenue with the Euro Championship taking place the previous year, William Hill seeing growth, but 888 declining due to a “disciplined marketing approach”. Adjusted EBITDA for the segment increased by 37.3% to £60m (H1 2024: £43.7m).
Retail revenue dropped as well by 2.4% YoY to £252.2m (H1 2024: £258.4m), due to challenging high street conditions and a drop in football wagers following tough YoY comparatives. Gaming grew by 7% thanks to the rollout of 5,000 gaming machines. Adjusted EBITDA for the segment declined by 22.1% to £29.6m (H1 2024: £38m).
During evoke’s earnings call, the UK Government was urged by CFO Sean Wilkins to be wary of any tax increases due to what has occurred in the Netherlands when they increased their gambling tax.
“We want to see a balanced approach from the government to get more cash, but also to ensure the protection of an industry we should be proud of,” commented Wilkins.
“Increased tax beyond a certain point we know leads to black market growth, which leads to less tax take and zero player protection and is completely against the objectives of the Government. This is not speculation, this is evidenced in the Netherlands.”
Rank Group declared an 11% increase in like-for-like net gaming revenue to £795m for the year ended 30 June 2025, following land-based and digital growth.
John O’Reilly, CEO of Rank Group, said: “We have had another successful year, delivering revenue growth and profit ahead of our expectations. Both online and in our venues the customer reaction to the investments we are making in our businesses has been excellent.
“We are growing profitability and have a strong net cash position which will enable both continued investment and progressive dividend returns for our shareholders. With the long-awaited legislative reforms for casinos now delivered, the Group is at an exciting inflection point.
“The Grosvenor business will benefit from the higher gaming machine allocations and the introduction of sports betting which will better meet existing customer needs and increase the attractiveness of casinos to a broader base of consumers.”
Meanwhile, for the second quarter, Bally’s Corporation noted that its UK online revenue improved by 8.8% YoY, driven by continued strong player retention and monetisation.
These operations contributed to an overall International Interactive revenue for Q2 of $206.1m, which is down 10.2% due to the divestment in Asia.
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