Evoke Sees Revenue Growth in Q3 2024 Driven by Strong Online Markets
Evoke has reported a 3% increase in revenue for the third quarter of 2024, marking its first growth since early 2022. This upturn is attributed to significant advancements in its online core markets and strategic focus on Italy and Romania.
Strong Performance in Online Core Markets
For Q3 2024, Evoke’s revenue reached £417 million, a 3% rise compared to the same period last year. This growth signifies the company’s first reported revenue increase since the opening quarter of 2022, coinciding with its strategic shift away from the UK market.
The company’s online core markets played a pivotal role, with revenues enhanced by 11% in its most targeted regions. Evoke’s gaming segment grew by 10%, underpinning the positive trajectory for the firm during this period.
Expansion in Italy and Romania
Evoke intensified its focus on the Italian market, achieving a 31% revenue growth and solidifying its podium position in the region. Additionally, the company’s entry into the Romanian market through the acquisition of Winner.ro has enabled it to establish a leadership position in this new core market.
Under the leadership of CEO Per Widerström, Evoke is undergoing a period of transformation. “I have now been in position for a year, and I am pleased that the turnaround of the business is working, with the first quarter of revenue growth since Q1 2022 and positive underlying trends. We are achieving our plans to improve trading in the short-term, while simultaneously radically transforming the Group’s capabilities for the long-term”, stated Per Widerström.
“Our online business is a clear growth engine for the Group and we saw a return to double-digit online revenue growth in our core markets in Q3 2024 underpinned by our focused market strategy and supported by important product investments and the results of our clearer customer value proposition and segmentation”, he added.
“I am pleased to report a strong quarter of progress as we continue to implement our strategy for success and deliver our value creation plan. We are moving decisively and at pace to position Evoke for long-term growth, and I look forward to providing further updates about our progress in the coming months”, he highlighted.
Mixed Results in UK and Ireland
Despite overall growth, Evoke experienced varied results in the UK and Ireland. Online gaming revenues increased by 12% to £115 million; however, this was offset by a 13% decline in sports betting revenues, which fell to £47 million.
Evoke’s year-to-date revenues stand at £1.27 billion, a slight decrease of 1%. The company has confirmed that expectations for the second half of 2024 are in line with its mid-term target of 5-9% year-over-year growth.