Evoke 2025 Results Reveal 22 Percent Annual Revenue Decline

Evoke closed 2025 with a quarter that felt steadier than the rest of the year, even as the wider picture stayed challenging. Trading improved late in the year, costs stayed under pressure, and leadership signaled openness to major structural change.

Good to Know

• Q4 revenue reached £464 million, up 7% from Q3
• Full-year revenue still fell 22% year on year
• Up to 200 William Hill betting shops face closure in the United Kingdom

Evoke, which operates William Hill, 888, and several international betting brands, delivered its strongest quarter of 2025 in the final three months of the year. Revenue rose 7% quarter on quarter, landing at £464 million. Compared with Q4 of the prior year, revenue slipped 3%, but internal momentum improved as the year closed.

Gaming activity carried much of the late lift. Online casino revenue grew 9% year on year, supported by gains at 888casino in the United Kingdom. Retail betting also improved, posting a 10% year on year increase. International markets added further support, with revenue up 14% compared with the same period last year.

Even with that late rebound, the full-year outcome looked weaker. Total revenue for 2025 dropped 22% year on year, reflecting how strong the previous year had been and how sharply market conditions shifted across the United Kingdom and other core regions.

Looking ahead, Evoke now estimates 2026 revenue at about £1,786 million. That projection points to 2% year on year growth. Adjusted EBITDA is expected to land between £355 million and £360 million, implying a 14% to 15% increase and broadly matching market expectations.

Strategic uncertainty sits alongside those forecasts. On December 10, the Board confirmed a review of strategic options aimed at increasing shareholder value. Options under consideration include a potential sale of the Group, selected assets, or specific business units. Evoke said it will not issue forward-looking statements while the review continues and will update the market later.

Retail decisions already started to take shape during Q4. In October, Evoke announced plans to close up to 200 William Hill betting shops across the United Kingdom. The closures are scheduled to begin during 2026 and could affect as many as 1,500 roles.

Pressure around William Hill has built since Evoke acquired the brand in 2022 for £1.8 billion. The business has reported losses since the deal, including a pre-tax loss of £78 million in the first half of 2025. Recent tax changes add another layer of strain, with an estimated £10 million in extra costs tied to higher duties.

Government policy played a clear role in timing. The scale of closures depended in part on the United Kingdom budget announcement on November 26. Evoke said outcomes would vary under different tax scenarios, a view shared by other operators. Entain, which runs Ladbrokes, also warned that higher taxes could force further shop closures across the sector.

Political pressure intensified ahead of the budget. More than 100 Labour MPs urged Chancellor Rachel Reeves to introduce new levies on gambling companies, with estimates suggesting as much as £3 billion in potential revenue for the Treasury.

Once the measures became official, the cost impact sharpened. Changes include a 40% remote gaming duty starting in April, up from 21%, alongside a new 25% duty on online sports betting. In its Q4 update, Evoke said the company acted “quickly and decisively” to move ahead with retail closures as part of broader cost-saving efforts.

FAQ

How did Evoke perform in Q4 2025?

Q4 revenue rose 7% from Q3 to £464 million, making it the strongest quarter of the year.

Why did full-year revenue still fall?

The 22% year on year decline reflects tougher market conditions and a very strong prior-year comparison.

Which brands drove late-year growth?

Gaming growth came from online casino performance, including 888casino in the United Kingdom, plus gains in retail and international markets.

What changes are planned for William Hill shops?

Evoke plans to close up to 200 United Kingdom betting shops starting in 2026, with potential job losses tied to the move.

Is Evoke considering a sale?

The Board is reviewing strategic options, which include a possible sale of the Group, certain assets, or business units.

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