Table of Contents
Under CEO Per Widerström’s leadership since October 2023, the company has executed a major transformation. Revenue returned to growth in 2025 after three years of decline. The company operates through three divisions: UK & Ireland Online, UK Retail, and International. Its strategic focus centers on regulated gaming markets and operational efficiency improvements.
Company History
Evoke plc was founded in 1997 as 888 Holdings. The company pioneered online gaming in its early years. In July 2022, it completed a £2 billion acquisition of William Hill International from Caesars Entertainment. This combined two heritage UK betting brands. The company rebranded to Evoke in May 2024. This symbolized a new strategic direction. Today it operates over 1,300 retail betting shops across the UK. It also runs major digital gaming platforms across multiple regulated markets.
CEO Profile
Per Widerström became CEO in October 2023. He brought 17 years of gaming industry experience to the role. He previously led Fortuna Entertainment Group as CEO from 2014 to 2022. Under his leadership, Evoke returned to revenue growth in 2025 after three years of decline. The company achieved five consecutive quarters of year-over-year revenue growth through Q3 2025. Widerström implemented a comprehensive Value Creation Plan. This focused on operational efficiency, customer lifecycle management, and product innovation.
Key Business Segments & Revenue Streams
Evoke operates through three main divisions. The UK & Ireland Online division offers sports betting and gaming through William Hill and 888 brands. It generated 55% of online revenue in 2024. The UK Retail division runs 1,331 William Hill betting shops. This provides omnichannel betting experiences. The International division focuses on core markets: Italy, Spain, Denmark, and Romania. These markets now represent approximately 90% of group revenue. The company emphasizes regulated markets. In 2025, 95% of revenue came from locally-regulated or taxed markets. This provides a more sustainable business model.
Financial Profile
Evoke demonstrates improving financial health as of 2025. Revenue grew 5% in Q3 2025, marking the fifth consecutive quarter of growth. The company achieved this through retail resurgence and international expansion. Profitability improved significantly in 2024 and 2025. Adjusted EBITDA rose 44% to £165.9 million in H1 2025. The margin reached 18.7%, up from previous years. Net debt stands at approximately £1.79 billion as of 2024. The leverage ratio improved to 5.0x by mid-2025. Management targets leverage below 3.5x by 2027. Cost optimization delivered £30 million in savings during 2024. Additional £15-25 million savings are expected in 2025.
Financial Data
Core Financial Metrics (Last 3 Years)
| Metric | 2023 | 2024 | 2025 (9 Months) |
|---|---|---|---|
| Revenue | £1.71 B | £1.75 B | £1.32 B |
| Adjusted EBITDA | £300 M | £312.5 M | £331.8 M (TTM) |
| EBITDA Margin | 17.5% | 17.8% | 18.7% (H1) |
| Net Income | -£65 M | -£191 M | -£64.7 M (H1) |
| Net Debt | £1.76 B | £1.79 B | £1.81 B (H1) |
Revenue by Region (Last 3 Years)
| Division | 2023 | 2024 | 2025 (9 Months) |
|---|---|---|---|
| UK & Ireland Online | £658 M | £693 M | £532 M |
| UK Retail | £535 M | £506 M | £393 M |
| International | £517 M | £555 M | £398 M |
Latest Financial Report
Evoke reported Q3 2025 results in October 2025. Revenue reached £435 million, up 5% year-over-year. This marked the fifth consecutive quarter of profitable growth. UK & Ireland online revenue grew 1%. International markets delivered stronger performance, up 8%. Italy, Denmark, and Romania showed double-digit gains. UK retail revenue increased 6% year-over-year. New gaming cabinets and improved win margins drove this growth. The company reaffirmed full-year guidance. It targets adjusted EBITDA margin of at least 20%. This exceeds current market expectations of £362 million.
12-Month Earnings Summary
As of Q3 2025, Evoke’s trailing twelve months show strong momentum. Revenue growth accelerated from 3% in 2024 to 5% in Q3 2025. Adjusted EBITDA reached approximately £363 million on a TTM basis. The EBITDA margin expanded toward the 20% target. Net leverage improved to 5.0x by mid-2025. This represents a 1.7x reduction year-over-year. International markets became a key growth driver. Denmark revenue surged 19% after platform migration. Customer engagement metrics improved significantly. Average revenue per user increased 27% in Q4 2024.
References
- Evoke H1 2025 Results – InfoPlay
- Q3 2025 Results: Revenue Up 5% – iGaming Today
- FY2024 Results Statement – NEXT.io
- H2 Drives Revenue and EBITDA Growth – iGaming Business
- Appointment of Per Widerström as CEO – Evoke plc
- Board Leadership and Management Team – Evoke plc
- FY2023 Results and Value Creation Plan – Research Tree
- Evoke Views Path to Profits Following 2024 Changes – SBC News
