Evoke Reports £549 Million Loss for Fiscal Year 2025
Evoke, formerly 888 Holdings, has reported a £549 million after-tax loss for its 2025 fiscal year. The significant loss was primarily driven by UK tax changes and retail market challenges.
Evoke, previously known as 888 Holdings, concluded its 2025 fiscal year with a reported after-tax loss of £549 million. Despite a slight revenue increase to £1.78 billion and a 14% rise in adjusted EBITDA to £356 million, these gains were overshadowed by substantial charges.
The company's bottom line was significantly impacted by £440 million in impairment charges. These charges are directly linked to new UK duty frameworks and challenging retail conditions. In November 2025, the UK government announced an increase in the Remote Gaming Duty from 21% to 40% effective April 2026, alongside a new sports betting duty planned for 2027.
CEO Per Widerström described the UK duty increases as a "fundamental shift in the economics of our largest market." In response, Evoke has closed approximately 270 high-street shops deemed unsustainable under current inflationary and tax pressures. While William Hill's gaming arm showed resilience, it was insufficient to offset a 3% decline in UK online revenues, which Widerström attributed to aggressive black-market activity.
These regulatory headwinds have prompted Evoke to undertake a strategic review, with the board exploring all options to protect shareholder value, including a potential sale of the company. Discussions regarding a potential offer from Bally's Intralot S.A. are ongoing, though no definitive agreement has been reached. The company aims to pivot towards profitable growth and strengthen its balance sheet by leveraging AI automation and focusing on international markets, which saw 17% growth in 2025.