Evoke, the parent company of William Hill, 888, and Mr Green, has posted a positive post-close trading update for the six months ending 30 June 2025, showing solid momentum across both online and retail channels. The group reported a 5% increase in revenue for Q2, bringing first-half revenue growth to 3% year-on-year.
Retail revival and online strength propel Evoke’s first-half gains:
The improvement was primarily fueled by online gaming, which grew by approximately 6% during the second quarter. Retail operations, which had previously lagged, also made a notable return to growth thanks to the rollout of 5,000 new gaming machines across its estate by March. The investment revitalized the company’s UK retail betting footprint, notably its 1,400 William Hill shops, and was credited as a major contributor to the improved quarterly performance.
Group CEO Per Widerström noted: “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. Importantly, this growth was also delivered profitably, in line with our focus on sustainable profitable growth, with H1 Adjusted EBITDA significantly ahead year-over-year, supporting our strong deleveraging trajectory in line with the value creation plan.”
While gaming segments delivered double-digit growth in both Q2 and H1, sports betting performance saw pressure due to a challenging comparison with last year’s UEFA Euro 2024, which drove higher activity and margins. Despite this, Evoke expects adjusted EBITDA for the first half of 2025 to fall between £163 million and £167 million, a 43% year-on-year increase at the midpoint. That brings the group’s last twelve-month EBITDA to over £360 million, reinforcing its strategy focused on financial discipline and debt reduction.
This sharp increase in profitability comes as Evoke maintains tight cost controls and continues to enhance marketing efficiency. The company has reiterated its full-year 2025 guidance of 5% to 9% revenue growth and an adjusted EBITDA margin of no less than 20%.
Widerström said the group remains committed to strengthening its position in key markets while refining its brand alignment and operational focus. “Alongside the improved Q2 performance, we continue to transform the Group’s capabilities for the mid- and long-term. We are strengthening our competitive advantages and better aligning our leading brands and products to a clearer customer value proposition.”
Strategic Outlook: Positioned for H2 Growth
Looking to the second half of 2025, Evoke expects to maintain momentum through product innovation, continued cost discipline, and enhanced marketing returns. The company highlighted upcoming product rollouts and efficiency gains as drivers of continued profitability and market share expansion.
Research firm Third Bridge echoed this optimism, stating that structural changes in the UK gaming landscape are likely to favor large players like Evoke. Analyst Alex Doran noted: “Smaller and mid-sized operators are struggling under the cost of compliance, and many may exit. This shift gives major players like Evoke a clear path to gain market share over the next one to two years.”
Doran further emphasized the value of William Hill’s omnichannel strategy, particularly its ability to link retail and online audiences. However, he also pointed out that Evoke has room to improve technologically. “Evoke has lagged competitors in AI-driven automation and personalisation but is now closing the gap,” Doran said, adding that tech innovation will be key to attracting recreational users in a rapidly evolving market.
As published in the official H1 2025 Post-Close Trading Update, Evoke will release its full interim results for the first half of 2025 on 13 August 2025 at 07:00 BST.
Evoke Gaming Ltd. was acquired by Mr Green in 2017. In turn, Mr Green is currently owned by Evoke plc, formerly 888 Holdings Limited, which also owns brands such as William Hill and 888casino.
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