Evoke Restructures for Efficiency and Profit Growth
Key Takeaways
- Evoke, the parent company of William Hill, 888casino, and 888sport, plans to save £25 million to offset rising wage costs.
- Revenue growth in Q1 2025 falls short of expectations.
- Strategic measures include automation, use of AI, cost reduction, and a focus on core markets.
- Sale of U.S. operations and acquisition of Winner.ro in Romania.
- Strong focus on sustainable, profitable growth despite operating losses.
Background: Who is Evoke?
Evoke is the new name of the former gambling group 888 Holdings. Its portfolio includes well-known brands such as William Hill, 888casino, and 888sport. The rebranding took place in 2023, aiming for clearer positioning in the regulated gambling market.
Financial Status and Developments
In 2024, Evoke reported a pre-tax loss of £168.8 million—an increase from £130.1 million the previous year. Despite the loss, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 4% to £312.5 million. Revenue increased by 3% to £1.75 billion. However, only low single-digit growth is expected for Q1 2025—falling short of the annual target of 5–9%.
Cost Reduction in Response to Rising Wages
To offset the pressure from higher personnel costs, Evoke plans additional savings between £15 and £25 million. A comprehensive savings program of £48 million was already launched in 2024. It includes:
- Reduction in marketing expenditures
- Implementation of automation and artificial intelligence
- Streamlining of corporate structure
Strategic Realignment
In 2024, Evoke sold its U.S. operations to Hard Rock Digital and acquired Winner.ro in Romania. This move strengthens the company’s presence in regulated markets, which now account for 95% of total revenues. The focus is on core markets such as the UK, Italy, Spain, Denmark, and Romania.
Market Development and Product Strategy
Despite a 5% decline in retail operations, the UK online market grew by 9%. Over 55% of online revenue now comes from the UK. William Hill holds a 9% online market share and 22% in the retail segment. In Romania, Winner.ro holds a 7% market share through sports betting and casino offerings.
To improve retail performance, Evoke is installing new betting terminals in all William Hill locations. Online, the company focuses on personalized offers, features like Bet Builder, and revamped pages for football and horse racing.
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Detailed Operating Results
Gross profit remained stable at £1.15 billion. However, operating profit turned negative: a loss of £200,000 compared to a gain of £24.2 million the previous year. The result was impacted by:
- £20 million in costs related to the U.S. exit
- £10 million for the acquisition of Winner.ro
Focus on Efficiency and Sustainable Growth
CEO Per Widerström, in office since October 2023, views the ongoing transformation as both necessary and promising. The goal is to make the company leaner and more competitive. The focus is on efficiency, product improvement, and profitable expansion in regulated markets.
Our Assessment
Evoke is undergoing a period of significant restructuring. The strategy of withdrawing from less profitable markets while investing in regulated regions is understandable. Cost-saving measures are necessary to counter rising expenses. While these efforts may weigh on short-term results, they could lay the foundation for stable long-term growth. For players, this means that well-known brands like William Hill and 888casino will remain—with improved offerings and a stronger focus on regulated markets. Those who play there can expect further product enhancements.
Sources
- Astute Analytica
- Wynn Macau Financial Reports
- Buenos Aires Regulatory Updates
- Spain Online Gaming Market Data
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