Evoke Ends 2025 Strong in Online Gaming as Strategic Review Raises Big Questions for Its Casino Brands

Published: February 1, 2026 | Author: Ron Clarke

On Tuesday, 27 January 2026, evoke Plc, the group behind major gambling brands such as William Hill, 888, and Mr Green, published its 2025 post-close trading update, giving a clearer picture of how the business performed last year and where things currently stand.

While trading updates are usually aimed at the financial world, this one is also interesting for players. It highlights which parts of evoke’s business are growing, which are struggling, and how recent industry changes are already reshaping some of the brands many players use.

A strong finish to 2025, driven by online gaming

evoke said the final quarter of the year (Q4) was its strongest quarter of 2025, with revenue of around £464 million. Gaming was the main growth engine – gaming revenue rose year-on-year, with growth across all divisions. This included:

• 888casino returning to growth in the UK, after a difficult period
• Retail gaming up 10% year-on-year
• International gaming up 14% year-on-year

By contrast, sports betting revenue fell sharply compared to last year, largely because late-2024 had unusually “operator-friendly” sports results. In simple terms, betting companies did better than usual back then, making this year’s comparison look weaker.

Across the full year, evoke expects FY25 revenue of about £1.79 billion, slightly higher than in 2024. More importantly for the company, profitability improved thanks to cost savings and a sharper focus on core markets. evoke says Italy and Denmark both delivered record quarters in Q4, showing where some of its current momentum is coming from.

The group also noted that 2026 has started strongly, with growth continuing across divisions.

Strategic review: possible sale or break-up on the table

Alongside the trading update, evoke confirmed that it is still carrying out a strategic review, first announced in December.

This review includes exploring major strategic options, such as a potential sale of the entire group, or the sale of individual brands or business units. Because this process is ongoing, evoke has decided not to give financial forecasts for the year ahead.

For players, this matters because evoke owns several of the most recognisable brands in online gambling. Any sale, merger, or restructuring could eventually lead to changes in how those platforms operate, where they focus, or who owns them.

What has been happening at evoke in recent months

The January trading update follows a very busy second half of 2025 for evoke, marked by both solid operating results and major external pressure.

Strong performance before the tax shock

Through mid-2025, evoke had been reporting steady revenue growth, including a strong third quarter, with management highlighting improvements across online and retail operations. At that stage, the group was still talking about continued progress under its turnaround and efficiency plans.

UK tax changes changed the mood

That momentum was shaken in November 2025, when the UK government announced significant gambling tax increases. evoke said these changes would add a heavy new cost burden and could reduce the regulated industry’s ability to invest, protect customers, and compete with illegal sites.

Shortly afterwards, evoke confirmed it was reassessing its entire strategy, launching the review that is still ongoing today.

Shop closures and cost measures

Since then, evoke has already begun taking action. In January 2026, reports confirmed that the company had started closing unprofitable William Hill betting shops in the UK as part of its response to the new tax environment. The group has also been pushing wider cost-saving measures across the business.

While these moves mainly affect retail, they underline how strongly the company is reshaping itself – with a growing emphasis on sustainability, efficiency, and its core markets.

Market speculation and uncertainty

The announcement of the strategic review triggered heavy speculation in December and January about possible buyers, mergers, or a break-up of the group. evoke’s share price has moved sharply in both directions in recent weeks as the market reacts to rumours and news.

Although none of this directly changes how players log in and play today, it highlights that some of the industry’s biggest brands could look very different in the future.

For now, evoke says trading in early 2026 has been positive, and it plans to update the market again once there is progress on its strategic review and when it publishes its full-year results.