Gambling Group Evoke Reports Significant Losses in Q2
Author:
Jamie Smith
Losses of almost ￡150 million have been confirmed by one of the world’s largest gambling groups, Evoke, which owns William Hill.
Evoke appears to be losing the race with its competitors after significant losses in Q2 of 2024. ? Calvin Tatum, Pixabay
Gambling Group Evoke Reports Losses of ￡147m
The company that owns gambling brands including William Hill has announced its latest financial results, with a loss close to ￡150 million having been recorded.
Evoke, which also has the 888 online casino brand in its roster, said in a statement that the update is “disappointing” but forecasts a turnaround over the course of the second half of 2024.
The company, which also owns the Mr Green online betting brand, confirmed its pre-tax losses were up to ￡147 million.
Its increase in losses was partly attributed to its retreat from the United States market, a business decision that was estimated to have resulted in over ￡70 million of losses.
Evoke launched a turnaround plan back in March but the impact has been slow, with the results showing a two per cent decline in its revenue, which dropped to ￡862 million.
Evoke’s Brands
Evoke, which was known as 888 Holdings until a recent rebrand, includes the following firms:
- William Hill
- 888casino
- 888sport
- 888poker
- Mr Green
Corrective Actions
In a statement released alongside the financial results, Evoke’s chief executive Per Widerstr?m accepted that the company’s performance in the first half of 2024 was “behind our initial plan”.
He added: “The corrective actions we have already taken give us even more confidence that our strategic approach is sound and that we will achieve sustainable success. We are completely transforming this business. Whilst the scale of change is significant, it is necessary for us to deliver mid- and long-term profitable growth and value creation.”
Evoke is embarking on a cost-savings programme that the company hopes will boost its finances to the tune of ￡30 million, but it is starting to lag behind rivals in the industry.
Widerstr?m joined Evoke earlier this year along with its new chief financial officer, Sean Wilkins.
Contrast to Flutter results
Evoke’s underperformance comes a short time after rival gambling group Flutter – the owner of the Paddy Power and Betfair brands – revealed its own positive set of financial results.
Flutter said its revenues had increased by an impressive 22 per cent over the three-month period to the end of June, jumping to ￡2.8 billion.
The company said growth in the United States helped to explain the successful period for its brands, which were boosted by major sporting events such as the European Championship.
