Evoke
Evoke plc, formerly known as 888 Holdings, is a global operator in sports betting and online gaming. Founded in 1997, the company has built a strong presence in the industry. Over the years, it has expanded significantly, strengthening its position through acquisitions and market growth. Its portfolio includes online casinos, poker, sports betting, and retail brands.
About
Growth and Market Expansion
Evoke plc has steadily expanded its offerings, gaining recognition among players worldwide.
In 2002, it launched 888poker, which quickly became one of the most popular online poker platforms. Then, in 2008, the company entered the sports betting sector with 888sport, further diversifying its business. As a result, it has secured a strong foothold in multiple gambling verticals.
Rebranding and Strategic Shift
In March 2024, the company announced its rebranding to Evoke plc. This decision aimed to better reflect its diversified brand portfolio and growing ambitions.
By shifting its identity, the company sought to align its image with its vision of delivering premium gaming experiences. Finally, in May 2024, the transition was officially completed.
Key Acquisitions and Market Presence
To solidify its market position, Evoke plc has pursued several strategic acquisitions. In June 2022, it acquired William Hill, which added more than 1,400 betting shops across the UK. Consequently, the company expanded its footprint in both online and retail gaming.
Additionally, it owns Mr Green, an established online casino brand known for its unique gaming experience. These acquisitions have significantly strengthened Evoke plc’s presence in key markets.
Financial Performance and Challenges
Although Evoke plc has grown extensively, it has also faced financial difficulties. In 2023, the company reported revenues of $1.71 billion, with an operating income of $33 million. However, despite its strong revenue stream, it posted a net loss of $56.4 million.
Moreover, in July 2024, it issued a profit warning due to weaker-than-expected first-half results. As a consequence, adjusted profits were projected to fall short by £35-£40 million.
Leadership and Strategic Direction
Since taking over as CEO in October 2023, Per Widerström has introduced a “value creation plan” to drive revenue growth and improve margins.
As part of this plan, the company has launched a £30 million cost-saving initiative. Furthermore, it aims for an annual revenue growth rate of 5-9%, reinforcing its long-term strategy.
Exit from the U.S. Market
In March 2024, Evoke plc announced plans to sell its U.S. online gambling assets to Hard Rock Digital. This decision marked a significant shift in its market focus.
Consequently, it signaled the company’s strategic withdrawal from the highly competitive American market. Nevertheless, the move is expected to generate an annual EBITDA benefit of £25 million starting in 2025.
Future Outlook
Looking ahead, Evoke plc remains committed to adapting to changing market conditions. While it continues to optimize its portfolio, the company is also focusing on cost efficiency and brand diversification. As a result, it aims to maintain its position as a leading force in the iGaming industry.