UK gambling giant 888 Holdings announces its transformation to Evoke plc following the acquisition of William Hill, marking a significant shift in its business strategy amidst a challenging global market.
The UK-based gambling company 888 Holdings plc is set to transform its corporate identity to Evoke plc, pending shareholder approval. This strategic move follows the acquisition of William Hill in 2022 for close to £2 billion and is part of a broader initiative to integrate the two businesses at a cost of £115 million. The rebranding is designed to reflect 888’s ambition to “make life more interesting by delighting players” and comes during a period of business restructuring under the leadership of new CEO Per Widerstrom. Despite a 38% increase in revenue to £1.7 billion in 2023, fuelled by the William Hill acquisition, the company saw a pro-forma revenue decline of 8% and reported a net pre-tax loss of £121.3 million.
This move aligns with 888’s strategy to refocus on key markets such as the UK, Italy, Spain, and Denmark while divesting from unprofitable regions and exiting its US consumer sports betting operations. The rebranding to Evoke is part of 888’s comprehensive Value Creation Plan, aimed at enhancing player experiences, achieving ambitious revenue targets, and reducing financial leverage by 2026. Meanwhile, Flutter Entertainment, owner of rival firms Paddy Power and Betfair, also reported revenue growth but faced significant losses, highlighting the competitive and challenging nature of the global gambling market. As the industry undergoes shifts towards consolidation and strategic refocusing, both 888’s transition to Evoke plc and its strategic adjustments signify its efforts to navigate through these challenges and cement its footprint in the gambling sector.
