Evoke Posts Solid Q2 Gains, Holds Course on FY25 Targets

Betting and gaming giant Evoke, the parent company of William Hill, 888, and Mr Green, has reported a second-quarter surge in revenue and earnings, driven by robust growth across its international digital business and an impressive recovery in retail operations. CEO Widerström noted that the company would strive to maintain this trajectory and deliver lasting success.

Most Metrics Saw Substantial Improvements

In a post-close trading update for the half year to June 30, 2025, the Group reported Q2 revenue growth of approximately 5% compared to the same period last year. Online operations led the way, with 6% growth, propelled by stellar performance across core international markets. Retail also recovered from Q1’s headwinds, bouncing back following the full rollout of 5,000 new gaming terminals across Evoke’s brands.

While the sports segment struggled to match the other verticals due to a tough year-on-year comparison after the UEFA European Championship last year, the Group’s broader performance marked its second-best quarter since early 2023. Evoke CEO Per Widerström noted that these results demonstrate resilience in core markets and reflect continued progress toward strategic transformation. 

Our disciplined strategy with clear focus on our Core Markets and driving operational excellence is delivering improved profitability and enabling further deleveraging.

Per Widerström, Evoke CEO

Overall Group revenue increased around 3% in H1, underpinned by double-digit growth in gaming. Adjusted EBITDA for the period should settle between GBP 163 million and GBP 167 million ($220 million and $226 million), a jump of 43% at the mid-range, thanks to better cost control and improved marketing returns. On a trailing 12-month basis, EBITDA now surpasses £360 million ($487 million).

Innovation Remains Imperative for Success

These positive financials follow significant strategic restructuring at Evoke. The company finalized the rebranding of its business earlier this year, coinciding with a concerted effort to reshape its broader strategy. Some transformational highlights include the divestment of its US-facing digital business, coupled with continued investments in promising jurisdictions such as Romania.

In May, Evoke announced the formation of a new Technology Committee at the board level. This new body will oversee high-profile digital investments and ensure innovation initiatives align with the Group’s business objectives. The committee should have a key role in streamlining decision-making and exploring innovative ways to enhance efficiency.

We continue to transform the Group’s capabilities for the mid- and long-term. We are strengthening our competitive advantages and better aligning our leading brands and products to a clearer customer value proposition.

Per Widerström, Evoke CEO

Despite ongoing macroeconomic uncertainties and heightened regulatory scrutiny across many jurisdictions, Evoke remained confident in its full-year guidance. The board anticipates revenue growth of between 5% and 9% and an Adjusted EBITDA margin of roughly 20% for FY25. The company will post its detailed interim results on August 13, 2025.