Evoke Reports Q2 Rebound Driven by Efficiency Gains

Evoke is turning a corner after a slower start to the year. The parent company behind 888, William Hill, and Mr Green just shared its Q2 2025 results, showing a 5% revenue increase compared to the same time last year. That growth comes despite a tough sports betting environment and weaker win margins.

Good to know

• Q2 revenue went up 5%, driven mainly by online growth and stronger international markets.
• Sports betting performance dipped, but overall profitability improved.
• Evoke kept its full-year guidance unchanged, aiming for 5–9% revenue growth and 20% EBITDA margin.

After missing its targets in the first quarter due to tighter U.K. regulations, Evoke has bounced back in Q2 with renewed focus on its international operations. Growth in online activity hit 6% (or 7% at constant currency), while the company also began rolling out 5,000 new gaming machines across its retail locations. These moves helped bring retail back into growth mode.

CEO Per Widerström expressed satisfaction with the rebound, saying, “I am pleased to report an improvement in the growth rate during Q2, with Retail returning to growth and continued double digit performance in our International Core Markets.”

Sports results drag, but not enough to slow momentum

The absence of a major tournament like the Euros hurt sports betting revenue. Win margins were also lower than in 2024. Still, Evoke managed to deliver what it called the second-best quarterly revenue performance since early 2023.

“Q2 2025 marked our second strongest quarterly revenue performance since the beginning of 2023, a particularly encouraging result given the tough comparator from lapping the Euros,” said Widerström.

He also pointed out that growth was profitable and helped support the group’s “strong deleveraging trajectory.”

Tight operations lift profit expectations

Evoke said efficiency gains across its operations had a meaningful impact in Q2. Lower costs, better marketing returns, and a clearer product focus helped the company boost profitability. Adjusted EBITDA is now expected to fall between £163 million and £167 million for the first half, setting the company on track to exceed £360 million for the year.

The company still expects to meet its full-year financial goals, which include 5–9% revenue growth and an EBITDA margin of at least 20%.

Focus stays on core markets

Widerström emphasized that Evoke’s current strategy is about sharpening its competitive edge and sticking to markets where it already performs well.

“Our disciplined strategy with clear focus on our core markets and driving operational excellence is delivering improved profitability and enabling further deleveraging,” he said.

He remains confident about Q3 and the rest of the year, hinting at more updates during the company’s Interim Results event in August.

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