Evoke Reports 149% Surge in Losses to £549M and Confirms Store Closures
Posted on: April 30, 2026, 05:38h.
Last updated on: May 1, 2026, 05:28h.
- Group revenue increased by 2%, while adjusted EBITDA grew by 14%.
- Confirmed the closure of 230 William Hill retail locations to optimize the footprint.
- Management is shifting focus to digital growth and cost efficiencies to counter regulatory headwinds.
Evoke CEO Per Widerström stated the company remains committed to shareholder value and long-term sustainability despite reporting a 149% increase in losses for the fiscal year ending December 31, 2025.
EBITDA gains
Evoke is a UK-based betting and gaming company that owns brands like William Hill, 888 and Mr Green.
In 2025, group revenue rose 2% to £1.78 billion, driven by a strong online gaming performance and solid momentum through Q4. Adjusted EBITDA increased 14% to £356 million, with margins reaching 20%.
The company attributed the higher margins to more efficient promotional and marketing expenditures, combined with ongoing cost efficiencies and disciplined investment.
Addressing the EBITDA gains, Widerström noted that over the past two years, the company has simplified its organizational structure, strengthened accountability, and embedded a sharper focus on customer value and ROI.
Widerström also pointed to the double-digit increase in EBITDA as a sign the company is deleveraging and focused on growth after years of decline in terms of profitability and revenue.
Mounting loss
Despite the gain in EBITDA, Evoke’s financial report also confirmed that the company’s net loss jumped to £549.1 million in FY 2025, compared with a £220.9 million loss in FY 2024.
“Throughout 2025 we delivered consistent operational progress resulting in a more efficient, focused and disciplined business delivering improved marketing returns, stronger cost control, enhanced operating leverage, and a step-change in underlying profitability,” said Widerström.
“In Q1 2026 we have traded in line with our expectations. While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet,” the Evoke CEO added.
Tax Hike Marks ‘Fundamental Shift’
In November, UK Chancellor Rachel Reeves announced a tax increase on online games and slots to 40%, up from 21%, effective this month, and an increased tax on sports betting from 15% to 25%, effective April 2027.
The change in taxation on both verticals is expected to hit the sector hard, with anticipated revenue declines arising from the more challenging operational environment.
Addressing the increases in duty, Widerström suggested they represented a “fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry,”.
“We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business,” he added.
Despite the downbeat remarks, Evoke CFO Sean Wilkins told analysts in Evoke’s earnings call that the company has not yet seen any impact from the government’s recent tax hike.
“On the first 30 days the truth is we haven’t seen any impact to date, and we are pleased with the way UK, particularly UK online, is performing,” he said.
Addressing the wider market impact Wilkins said the tax hikes will negatively impact smaller operators disproportionately higher, leading to market consolidation, and will improve the company’s market share.
Store Closures
In terms of retail, the company confirmed it was closing 230 William Hill stores after a review of their retail estate, which “will deliver significantly improved retail profitability and enhance long-term sustainability,” the company said in a statement.
Sixty-eight of those stores closed in Q4 2025, with the balance to be closed in Q2 2026, which will add $11 million to EBITDA on a fully annualized basis, Wilkins said. He added over 1,000 shops are still open and providing service to customers.
Last week it was reported that the debt-laden company, as part of an ongoing strategic review, was weighing a £225.3 million takeover by from Greek lottery and gaming firm Bally’s Intralot. News of those talks April 20 sent share prices up nearly 16%.
However, Evoke has said that talks are ongoing, declining to take questions from analysts during the call.
International Online Performance Strong
Evoke’s United Kingdom and Ireland online revenue was down 3% year over year, caused by a 12% decline in sports betting revenue on fixed or flat stakes.
However, international online revenue increased 9% with 17% growth across international core markets, driven by market share gains and record revenues in Italy and Denmark.
That was coupled with the Winner acquisition in Romania, offset by its U.S. B2C exit at the end of 2024 and focus on profitability in rest of world markets.
UK retail revenue was down 1%, with gaming up 5% with market share gains following the successful rollout of new gaming machines across the estate, offset by sports -5%.
De-Leveraging
One analyst asked Widerström and Wilkins when the company will see shareholder value, since the share price has dropped “significantly” and debt has increased since the two joined the company.
“Being a shareholder myself, I can reassure you that we are absolutely focused on delivering shareholder value,” said Widerström. “Over the two years now where we had the privilege to manage this company, after years of decline in terms of revenue profitability, we are back to growth.
“We have substantially improved, expanded the EBITDA margin, and we are de-leveraging. That is what we can control. That is what we are focusing on – profitable growth, expanding the EBITDA margin and de-leveraging, and we will continue to do that. It’s the absolutely key three pillars of our plan,” the Evoke CEO concluded.
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