The gambling industry loves a comeback story, and Evoke's dramatic turnaround in 2025 is a classic example. After years of adjustments, this gambling giant has finally achieved stable growth, attracting widespread attention within the industry.
Evoke's predecessor can be traced back to 1997, founded by Israeli brothers Shaked and Ben-Yitzhaq in the British Virgin Islands as 888 Holdings. Their Casino-on-Net quickly became a well-known online casino. Meanwhile, William Hill, with its rich experience since 1934, became a renowned gambling brand in the UK.
In July 2022, 888 Holdings acquired William Hill for 2.2 billion pounds, and in 2024, it was renamed Evoke, integrating William Hill, 888casino, 888sport, 888poker, and Mr Green to form a global gambling powerhouse.
Since October 2023, Swedish executive Per Widerström has served as CEO, focusing on structural transformation by streamlining management from 10 levels to 6, enhancing operational flexibility.
In terms of performance, Evoke's revenue in the first half of 2025 grew by 3% to 887.8 million pounds, with adjusted EBITDA significantly increasing by 44% to 165.9 million pounds, and pre-tax losses reduced from 147 million to 77.7 million pounds. Core markets in the UK, Italy, Spain, Denmark, and Romania contributed about 90% of the revenue, with international market revenue growing by 13% year-on-year. Italy and Denmark achieved double-digit growth, and Romania saw triple-digit growth.
Evoke actively embraces technology, using Mindway AI's GameScanner to detect problematic gambling behavior, and launching the world's first AR-based virtual slot machine advertisement. Meanwhile, the company's diversified product portfolio includes sports betting, online casinos, poker, and bingo games, maintaining its competitive edge in a fiercely competitive market.
In terms of debt, after acquiring William Hill, the net debt reached 1.79 billion pounds, but the leverage ratio has been reduced from 6.7 times to 5.0 times, with management aiming to reduce it to 3.5 times by the end of 2027. Full-year revenue growth is expected to be 5-9%, with an EBITDA profit margin increase to 20%, and continued growth is anticipated in the future.
