Evoke, the parent company of William Hill, 888, and Mr Green, reported its strongest quarter of the year in Q4 2025, driven by a resurgence in its gaming division.
However, investors remain wary as the company navigates a strategic review and looming tax hikes in its core UK market.
Gaming Up, Betting Down
Evoke reported Q4 2025 revenue of roughly £464 million, a 7% increase from the previous quarter. The gaming segment was the clear driver, up 9% year-on-year, with record performances in Italy and Denmark helping to offset a challenging sports betting landscape.
Conversely, sports betting revenue plummeted by over 20%, a drop management attributed partly to unfavorable sporting results compared to a particularly strong Q4 in 2024. Despite this, disciplined cost control helped push full-year adjusted EBITDA to the £355m–£360m range, with margins holding steady at around 20%.
Strategic Uncertainty
The positive operational notes are clouded by the UK government’s November budget, which introduced steep tax increases for the sector. Evoke estimates these duties could cost the company over £100 million annually. In response, the group has already begun closing unviable retail shops and launched a strategic review that could lead to a sale of assets or the entire business.
With the review ongoing, Evoke declined to provide forward-looking guidance, leaving markets in a holding pattern. The company’s ability to pivot from a betting-heavy legacy to a gaming-led future will be critical as it awaits the outcome of its strategic assessment.
