Evoke Posts 2025 Results, Highlighting Strong International Segment Performance
Overview of Evoke’s 2025 Financial Performance
Evoke, a leading operator in the betting and gaming industry, has released its financial results for the fiscal year ending December 31, 2025. While the company’s performance in the UK showed a slight downturn, its international operations notably compensated for this decline.
Robust Growth in Evoke’s International Online Segment
Evoke, the parent company behind well-known gaming brands like 888, Mr Green, and William Hill, recorded its second consecutive year of adjusted profitable growth in 2025. The group’s revenue rose by 2%, reaching GBP 1.78 billion (approximately $2.4 billion), up from GBP 1.75 billion the previous year. This growth was sustained through five consecutive quarters, with the final quarter of 2025 standing out as the strongest.
Despite this, the UK & Ireland Online segment experienced a 3% decline in revenue. The William Hill brand continued to show growth, but 888 faced a decrease in revenue. This downturn in the UK & Ireland market is largely attributed to rising competition from the black market, especially within horse racing.
The strong growth in the International Online segment helped to balance the weaker UK & Ireland results. International Online revenue grew by 9%, with core international markets seeing a 17% increase. This segment’s growth was also supported by record revenues in Italy and Denmark, along with the recent acquisition of Winner in Romania.
Improved Profitability and Financial Metrics
In 2025, Evoke’s adjusted EBITDA rose by 14% to GBP 356.2 million (about $482.6 million), with its EBITDA margin increasing by 2.2 percentage points to 20%. This improvement was credited to enhanced marketing efficiencies. On a reported basis, EBITDA surged 43% to GBP 301.3 million (approximately $408.5 million).
However, the company reported a widened loss for the year totaling GBP 549.1 million ($744.4 million). This was primarily due to non-cash impairment charges of GBP 440.3 million ($596.9 million) related to UK Online and Retail segments, the impact of the UK’s new tax regime, and difficult trading conditions on the high street.
The loss per share stood at GBP 1.218 ($1.65).
As of the end of 2025, Evoke held GBP 128.4 million ($174.1 million) in cash. Including an undrawn revolving credit facility of GBP 81 million ($109.8 million), the company’s total liquidity was approximately GBP 200 million ($271.1 million).
Strategic Developments and Operational Focus
Alongside efforts to reduce debt, Evoke made significant strategic advances in executing its value creation plan, which aims to foster profitable growth and enhance operational efficiency.
During 2025, the company invested heavily in data analytics, automation, and artificial intelligence to secure long-term success. It also revitalized the William Hill brand with a fresh visual identity and introduced new innovative products.
In response to the UK tax changes and tough high street trading conditions, Evoke adjusted its strategy by deciding to close 270 retail shops across the country.
Reports indicated that Evoke’s performance in early 2026 has been positive and aligned with expectations, with overall business growth at 2% and a 5% recovery in the UK Online segment.
Nonetheless, the International segment faces challenges in Spain and Romania due to shifting competitive and market conditions.
The retail business remains stable, although additional store closures are planned for the second quarter of the year. The company is also reviewing its operations to better adapt to the evolving tax landscape.
Discussions continue regarding a potential merger and acquisition agreement with Bally’s Intralot, which remains an open opportunity.
CEO’s Outlook on 2026
Per Widerström, Evoke’s CEO, expressed satisfaction with the company’s consistent operational progress in 2025. However, he acknowledged that the significant tax increase in the UK presents a major challenge, prompting the company to reassess its business approach to mitigate negative impacts.
He remains optimistic about future growth prospects despite these hurdles, stating, “In the first quarter of 2026, our trading has met expectations. While the market environment remains challenging, we are focused on driving profitable growth, generating cash, and strengthening our balance sheet.”
