Evoke, owner of multiple international betting brands including William Hill and 888, has revealed it finished 2025 with its strongest quarter of the year in its most recent post-close trading update.
Key Takeaways
- Evoke’s revenue reached £464 million in Q4, up 7% quarter-on-quarter.
- While revenue rose in 2025, it represented a 22% year-on-year decline.
- After the announcement of the U.K.’s 2026 budget, Evoke's Q4 confirms that the company will move quickly to sell off some of its William Hill shops.
For Q4, revenue was up 7% quarter-on-quarter from Q3, generating £464 million. However, this represented a minor 3% year-on-year decline.
The growth in Q4 was attributed to gaming, which saw a 9% year-on-year rise, with 888casino seeing growth in the U.K., along with retail, which was up 10% year-on-year, and International, which saw a 14% year-on-year rise.
Despite the revenue rise, overall revenue declined 22% year-on-year, reflecting the strength of the year prior.
Revenue for 2026 is now estimated to be around £1,786 million, a 2% year-on-year increase from 2025, with Adjusted EBITDA expected to be between £355-£360 million, a 14-15% increase year-on-year, in line with market expectations.
The Board announced on Dec. 10 that it will be reviewing the company's strategic options to increase shareholder value, including a potential sale of the Group, some of its assets, and/or business units. The Group stated that it will not provide a forward-looking statement while the review is underway and will update the market in due course.
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Evoke closes up to 200 of its William Hill betting shops
While Q4 was Evoke's strongest quarter in 2025, it was during that period that Evoke announced the closure of up to 200 of its U.K. William Hill betting shops in October amid mounting financial pressures.
Due to start this year, the closures could lead to the loss of 1,500 jobs.
After purchasing William Hill in 2022 for £1.8 billion, it has only reported losses since, with 2025 seeing a pre-tax loss of £78 million in its first half. With recent U.K. tax increases, it could face an additional £10 million in costs.
The number of shop closures was expected to be influenced by the U.K. government’s budget announcement on Nov. 26. Evoke confirmed that the level of impact would depend on different tax scenarios, with other operators also warning of potential closures, including Entain, owner of Ladbrokes.
Ahead of the announcement, over 100 Labour MPs had urged Chancellor Rachel Reeves to impose levies on gambling companies, with a potential £3 billion revenue boost estimated as a result.
Since the U.K. budget increases were confirmed, including a 40% remote gaming duty from April this year, up from 21%, and a new 25% online sports betting duty, Evoke’s Q4 report shows that the company has chosen to act ‘quickly and decisively’ to execute its plans to close retail stores to assist with broader cost savings.
