On December 10, 2025, Evoke announced a strategic review of the group, signaling potential major changes, including the sale of the company or parts of its business. In a brief statement released via the London Stock Exchange, Evoke confirmed it is evaluating a range of potential alternatives aimed at maximizing shareholder value.
The company emphasized that there is no guarantee a transaction will occur from this review process. Yet, it has engaged financial heavyweights Morgan Stanley & Co International and Rothschild & Co to guide the assessment, underscoring the seriousness of the endeavor.
Evoke has been considering various strategies to boost shareholder returns, one of which could be the sale of the entire group or select assets and business units. “Further announcements will be made when and if appropriate,” the company stated, leaving room for future developments.
This strategic move by Evoke comes shortly after reports suggested a potential sale of its Italian business. Sky News reported on November 25 that Evoke had formulated contingency plans to find a buyer for its Italian operations. This decision seems to be a response to the anticipated financial strain from increased taxation in the UK.
The speculation gained momentum as UK Chancellor Rachel Reeves’ autumn budget confirmed that the Remote Gambling Duty would rise to 40% from April, up significantly from the current 21%. Additionally, a new general betting duty for remote betting is set to be introduced in 2027, increasing to 25% from the previous 15%.
CEO Per Widerström voiced strong opposition to these hikes, describing them as “highly damaging” to the UK economy and its players. He highlighted the industry’s repeated warnings about the potential job losses, reduced investment, and compromised player protection due to these changes. “Yet sadly, the government chose not to listen,” he remarked, expressing disappointment over the government’s disregard for industry concerns.
Evoke’s statement on the strategic review subtly acknowledged the link to the UK tax increase, referencing a prior statement from November 26 and recent media coverage. However, details about which parts of the business might be up for sale were not disclosed.
Evoke’s international portfolio includes prominent brands like William Hill, 888, and Mr Green, with operations spanning online and retail platforms in the UK and Europe. Italy, a core market for Evoke, alongside Spain, Denmark, and Romania, has shown remarkable growth, particularly in the third quarter of 2025. The international division reported an 8% revenue increase, reaching £150.4 million, driven by a substantial 13% rise in gaming revenue, despite a notable 26% decline in betting revenue.
In Italy, Evoke operates William Hill online and has a strong presence across casino, sports betting, and poker through dedicated 888 websites. The company observed double-digit growth in Italy, Denmark, and Romania, with Italy experiencing further gains.
Overall, Evoke’s Q3 performance showed a 5% revenue increase, totaling £435.4 million. The UK and Ireland online business remained a major revenue source, contributing £163.3 million, a slight 1% increase year-on-year. Meanwhile, UK retail revenue grew by 6%, reaching £121.7 million.
During the Q3 results, Evoke maintained its guidance of an adjusted EBITDA margin of at least 20%, expressing confidence in exceeding current market expectations. Looking ahead, the company reiterated its medium-term financial targets, including an annual revenue growth of 5% to 9% and around 1% annual expansion of the adjusted EBITDA margin by 2027’s end.
The strategic review announcement sent Evoke’s share price soaring by 12% from the morning’s opening price of £21.76, reflecting investor optimism.
Despite the strategic review’s implications, some market analysts question the viability of selling parts of the business in such a turbulent fiscal environment. Skeptics argue that potential buyers may be deterred by the looming tax changes in the UK, which could impact future profitability. “It remains to be seen whether the market conditions will support such a sale at favorable terms,” they cautioned.
While Evoke navigates through these challenges, the broader igaming sector remains under scrutiny. The tax increases have ignited a debate about the sustainability of the current regulatory framework and its impact on the competitiveness of the UK gambling market. Some industry experts suggest that operators might shift focus to more favorable markets or diversify their offerings to mitigate risks.
As Evoke evaluates its next steps, the industry watches closely, aware that its decisions could set a precedent for others facing similar challenges. The outcome of this strategic review might not only shape Evoke’s future but also influence broader industry strategies amid evolving regulatory landscapes.
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