Amid ongoing speculation over its future, troubled British gambling giant evoke, owner of the storied William Hill betting brand, has reported a two percent increase in Group Revenue, to £1.78 billion (US$2.4bn) for its Full Year 2025 — and a Net Loss after tax of -£549.1 million (-US$740.66m).
Adjusted EBITDA for the iGaming group, formerly 888 Holdings, increased by 14 percent to £356.2 million (US$480.28m), with margins expanding to 20 percent.
The company’s loss was primarily driven by £440.3 million (US$593.75m) “impairment charges linked to [our] UK online and retail operations following changes to gambling duties and market conditions”, evoke explained in its financial statement.
In the headlines over advanced take-over talks by U.S. casino giant Bally’s Intralot, evoke–also numbering top sites Mr Green and 888, among its clutch of leading digital brands–reported mixed regional performance.
Weaker Sportsbook
UK and Ireland online revenue, affected by weaker sportsbook performance, declined by three percent; although International online revenue increased by a notable nine percent, powered by growth in core markets including Italy and Denmark, and contributions from recent acquisitions in Romania.
Retail revenue in the UK declined by one percent, again reflecting lower sportsbook activity, although other iGaming revenue increased by five percent following the rollout of new machines.
evoke also confirmed plans to close approximately 270 retail locations “as part of efforts to improve long-term profitability and adapt to high street trading conditions”.
Strategic Review
A strategic review is currently underway following changes to UK gambling duties announced in November 2025.
As part of this process, evoke confirmed it is in discussions with Bally’s Intralot S.A. regarding a potential offer for the business — although no agreement has been reached to date.
Concurrently, evoke reported that rading in early 2026 was in line with expectations, with Group Revenue up two percent on a like-for-like basis in the first quarter.
The company argued that their FU25 results highlighted: “Ongoing structural changes within the iGaming sector, where operators are balancing growth, regulatory pressures and cost management, particularly in mature markets such as the UK.”
Fundamental Shift
Commented evoke CEO Per Widerström: “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.
“However, the significant UK duty increases announced in November 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.”
