Evoke reported a 5% year-on-year increase in group revenue for the third quarter, with improvements seen in its UK online and retail operations, though the most significant growth was observed in its international segment. For the three months ending 30 September, group revenue reached £435.4 million, surpassing the £416.6 million from the same period last year, as announced in a trading update on Tuesday.
This marked the fifth consecutive quarter of year-on-year growth for Evoke, showcasing revenue gains across all its core divisions. Earlier in the year, only the international segment had shown growth. The company’s strategy, focused on enhancing competitive capabilities and building efficiency, continues to transform its operations and profitability, stated Evoke CEO Per Widerström.
In the UK and Ireland, Evoke’s online business was the primary revenue driver, generating £163.3 million in Q3, a 1% increase from the previous year. Betting revenue in the UK rose by 8% to £50.7 million, benefiting from weaker prior-year win margins, although gaming revenue experienced a 2% decline to £112.6 million. The reduced marketing spend for the 888 brand was noted as a factor slowing growth, yet it aimed for higher marketing returns.
UK retail revenue also grew, up 6% year-on-year to £121.7 million, with consistent growth in both betting and gaming sectors. The improvement in retail sports betting was attributed to weaker win margins last year, and gaming revenue climbed after the introduction of new gaming cabinets earlier in 2025. Evoke’s strategy to refine UK online marketing for profitability has slightly impacted top-line performance but has delivered a fifth consecutive profitable growth quarter.
Evoke’s international segment outperformed others, with an 8% revenue increase to £150.4 million, although betting revenue dropped by 26%. Gaming revenue, however, surged by 13% to £137 million, comprising 91% of the international segment’s total revenue. Significant growth was reported in countries such as Italy, Denmark, and Romania. In Denmark, platform migration and product upgrades bolstered performance, while in Italy, localized product features on 888 aided growth. Romania saw the completion of 888’s migration to the Winner.ro platform, which, despite an initial slowdown, enabled significant product and localization enhancements.
Despite these international successes, Evoke witnessed setbacks in Spain and non-core markets, which hampered further segment growth. In its year-to-date performance, Evoke recorded a 3% increase in group revenue to £1.32 billion, with international business revenue rising by 11% to £449.9 million, driving overall growth.
Looking ahead, Evoke maintains a target of 5-9% annual revenue growth and at least a 20% adjusted EBITDA margin for the full year. The company is confident of exceeding current market expectations with adjusted EBITDA. Furthermore, medium-term goals include an annual revenue growth of 5-9% and a yearly adjusted EBITDA margin expansion of approximately 1% by the end of 2027. Plans to boost revenue in Q4 through product enhancements and customer lifecycle management improvements are in place. These advancements, along with operational efficiencies, are expected to support Evoke’s long-term success and value creation.
While the trading update did not address the potential UK gambling tax increase, anticipated in the upcoming budget on 26 November, reports indicate Evoke might close up to 15% of its William Hill shops if taxes rise. Sources suggest that such closures could result in significant job losses. An Evoke spokesperson mentioned that various tax scenarios are being evaluated, including the possible need for shop closures.
Additionally, Evoke recently appointed Mark Summerfield as its new non-executive chairman, succeeding Lord Jonathan Mendelsohn, who stepped down in mid-October. Mendelsohn had been with Evoke’s board since September 2020 and served as non-executive chair starting March 2021, including a period as interim executive chair in 2023.
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