In what may go down as the longest whinge in iGaming history, Evoke CEO Per Widerström is continuing to evoke last year’s gambling tax hike as the cause of slamming the storied UK omnichannel against the wall of failure and potential demise.
In a Q4 and FY25 Trading Update released today (January 27), the putative executive champion–appointed in October 2023 to revive the former 888 Holdings from the rash corporate excesses of former CEO Itai Pazner, which saw the company taken to the cleaners and condemned to long-term debt by paying too much, way too much for William Hill’s High Street estate–once again intimated that Evoke is on “the brink”.
The “brink” has not been made totally clear but it seems to imply that Evoke are seriously considering selling their 1,300 iconic retail betting shops–which they bought for around £2.2 billion (US$3.01bn) in July 2022 from U.S. heavy-hitters Caesars Entertainment–and radically reassembling–or divesting–their gambling business, which includes top brands 888 and Mr Green.
Budget Blow
“While the strong strategic and financial progress we made throughout 2025 was encouraging, we were very disappointed with the outcome of the UK Budget in November that dealt a significant blow to both Evoke and the wider regulated industry,” Widerström informed stakeholders.
“We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market.
“As a result of these significant UK tax increases, the Board is assessing its strategic options, with a resolute focus on maximising shareholder value.
“We have moved quickly and decisively to execute on our mitigation plans including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course.”
…including the closure of retail stores that are no longer sustainable as well as broader cost savings…
According to reports in rival gambling media, it’s believed that both the UK’s Betfred and Rhode Island, U.S.-based Bally’s are interested in snapping-up Evoke’s retail estate; although Betfred’s interest, by current metrics, seems somewhat paradoxical given their Founder-Chair Fred Done’s own recent dire warnings about the sustainability of bricks-and-mortar sites because of rising taxes and employment costs.
With Evoke’s debt currently standing at £1.82 billion (US$2.49bn), as of mid-2025, the company is reporting revenue of approximately £464 million (US$635.84m) for Q4, ending December 31 – the strongest quarter of the year for the iGaming-focused group.
Revenue Up, Despite Fears
Revenue increased by seven percent, quarter-on-quarter, but declined by three percent year-on-year. Gaming activity across Entain’s portfolio rose nine percent, y-o-y.
Retail operations recorded an increase of 10 percent, compared to Q4 the previous year and international operations grew by 14 percent, highlighting continued momentum in non-UK iGaming markets.
Adjusted EBITDA for FY25 is expected to be up to £360 million (US$493.45m), a projected increase of 15 percent, against FY24.
Fiscal stats like these beg the question: “So where’s the hit?”
To which Evoke has answered, somewhat cryptically: “The process remains ongoing. [We] do not consider it appropriate to issue forward-looking financial guidance.
“[we] will provide further updates to the market on the strategic review when appropriate and will publish our full-year results in due course.”
Watch this space!
