Evoke reports £1.78bn revenue in 2025 and warns of UK tax impact

Evoke plc, one of the world’s largest betting and gaming companies and parent of internationally recognised brands such as William Hill, 888, Mr Green and Winner, has released its annual results for fiscal year 2025, showing improved operating profitability alongside significant uncertainty driven by rising UK online gambling taxes and a strategic review that could include a potential sale of the group.
 

According to the company’s annual report, group revenue reached £1,781.9 million in 2025, up 2% year-on-year compared with £1,754.5 million in 2024. Adjusted EBITDA increased by 14% to £356.2 million (from £312.5 million in 2024), with adjusted margins expanding by 2.2 percentage points to 20.0%.

Despite this operational improvement, evoke posted a reported net loss of £549.1 million, compared with £220.9 million the previous year, mainly due to £440.3 million in impairment charges and amortisation linked to the acquisition of William Hill. On an adjusted basis, earnings per share stood at 1.6 pence, compared with a loss of 8.9 pence in 2024.
 

The key headwind for 2026 is the UK government’s decision, announced on 26 November 2025, to raise Remote Gaming Duty from 21% to 40% from April 1, 2026. A further 25% tax on online sports betting (excluding horseracing) will be introduced in April 2027, replacing the current 15% General Betting Duty.
 

Group chairman Mark Summerfield strongly criticised the measures, warning they could reduce investment in the UK market and accelerate growth of the illegal betting sector. The company estimates the tax changes will increase annual costs by £125–135 million once fully implemented, with around £80 million impact expected in 2026. Evoke expects to offset roughly 50% of this impact through supplier negotiations, operational efficiencies, marketing adjustments, retail closures and reduced promotional spend.
 

In response to the new environment, the Board initiated a strategic review on 10 December 2025, considering options including a potential sale of the group or selected assets. On 20 April 2026, evoke confirmed ongoing discussions with Bally’s Intralot regarding a possible offer for the entire share capital at 50 pence per share. No outcome has been reached, and uncertainty remains over the process.
 

International operations were the main growth driver, with revenue of £606.9 million (+9%) and EBITDA rising 35% to £175.4 million. Italy and Denmark posted record results, Romania benefited from the Winner acquisition and 888 performance, while Spain lost market share due to weaker product competitiveness and reduced marketing investment.
 

UK & Ireland Online revenue fell 3% to £674 million, although EBITDA increased 6% to £151.3 million thanks to a value-over-volume strategy. Retail revenue declined 1% to £501 million, with EBITDA down 17%, impacted by challenging high street conditions and store closures.
 

The group strengthened its capital structure through a €600 million bond issuance in September 2025 and a new £200 million revolving credit facility. Net debt leverage improved to 5.2x, although the company withdrew its previous target of below 3.5x by 2027 due to tax pressures. No dividend will be paid for 2025.
 

Evoke continues its transformation into an “AI-first” organisation, deploying over 60 AI and automation solutions in 2025, executing 4.4 million operational tasks. The company has also created an AI Committee and Centre of Excellence, with further expansion planned in 2026.
 

Management priorities include protecting cash flow, executing UK mitigation plans, accelerating international growth, expanding AI-driven operations and maintaining a lean structure. Key risks include refinancing debt due in 2028 and the outcome of the strategic review. Despite challenges, the company pointed to a strong Q4 2025 as a positive momentum base for 2026.