By 2025, Evoke, the parent company of 888casino, 888sport, and William Hill, plans to reduce its operating expenses by £25 million ($32.37 million). The action is intended to address the first quarter’s slower-than-expected revenue growth and offset growing labor costs.
After changing its name from 888 in 2023, the company’s pre-tax losses for 2024 increased from £130.1 million ($168.4 million) in 2023 to £168.8 million ($218.5 million). Adjusted EBITDA climbed 4% to £312.5 million ($404.5 million), while revenue climbed 3% to £1.75 billion ($2.27 billion). Nevertheless, growth in early 2025 is predicted to be in the low single digits, missing the full-year goal of 5% to 9%.
CEO Per Widerström, who took over in October 2023, remains optimistic. “Whilst a transformation of this scale is never easy, I am pleased with the strong progress we made during the year,” he said.
Strategic Moves and Market Performance
Evoke started a £48 million ($62.1 million) cost-cutting project in 2024 that included lowering marketing costs, incorporating automation and artificial intelligence, and simplifying operations. By purchasing Romania’s Winner.ro and selling its US-facing 888 business to Hard Rock Digital, the corporation also made adjustments to its global presence. The company’s regulated market exposure climbed to 95% of total revenues as a result of these actions.
Despite difficulties, Evoke performed well in the second half of 2024, contributing 63% of EBITDA for the entire year. Despite a 5% drop in retail sales, the UK market expanded by 9% and now accounts for more than 55% of the company’s online revenue. at an effort to boost retail performance, the company is also installing new betting machines at all of the William Hill locations.
Widerström attributed success to a shift towards high-value players, improved personalization, and enhanced features like bet builders on the William Hill platform.
Though gross profit remained stable at £1.15 billion ($1.49 billion), operating profit turned negative, with a £200,000 ($258,930) loss, compared to £24.2 million ($31.3 million) in 2023. The company also faced £20 million ($25.8 million) in costs from exiting the US and £10 million ($12.9 million) from acquiring Winner.ro.
To combat rising labor costs, Evoke plans to cut another £15 million ($19.4 million) to £25 million ($32.3 million) in expenses. These reductions follow a wave of redundancies in 2024.
The company remains focused on its key markets—UK, Italy, Spain, Denmark, and Romania—while refining its products. Updates, including revamped football and racing pages, are expected throughout 2025 as Evoke targets “sustainable profitable growth.”
Currently, William Hill Online holds a 9% share of the UK market, while its retail segment leads with 22%. In Romania, its newly acquired business holds a 7% share across sportsbook and casino operations. Although net debt increased slightly by 0.5%, the company believes its turnaround strategy and tighter operations will strengthen its position for upcoming regulatory shifts and market developments.
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