Evoke behind on 2025 budget; but iGaming grew 9% in 2024

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Evoke have announced that they returned to growth for the first time in three years in 2024 with a full year revenue increase of 3% to £1.75bn. 

However, whilst announcing their 2024 results, Evoke revealed that they’re behind their 2025 budget expectations, as well as their revenue growth target of 5-9%. 

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When announcing the results, the company revealed most of the growth came in H2 and from online gaming, which was up 9% on the previous year. But the company, which owns William Hill and 888, cited that UK Retail was down 5% compared to 2023. 

Speaking about results to FIRST, CEO of Evoke Per Widerstrom, said: “I am proud of what we achieved in 2024. 

“While going through a significant transformation, including implementing a new strategy and radically transforming almost every area of our business, we were able to deliver revenue growth in Q3 for the first time in almost three years.”

The company’s EBITDA grew to £312.5m, an increase of 4% on the previous year. 

Plus, the second half of the year’s growth of 8% meant the company was on-target for their growth target of 5-9% for the second half of the year. 

Most of the company’s success was in their core markets of UK, Italy, Spain, Romania and Denmark which make up over 90% of Evoke's EBITDA target. 

Romania is a new market as the company recently bought online sports betting and casino provider, Winner.ro. 

The strength of the company’s international portfolio was highlighted as contributing 25% growth on the previous set of results, a figure that provides 31% increase on adjusted EBITDA. 

However, when referencing the company’s Q1 results, they revealed they were behind on budget expectations as well as the 5-9% revenue target. Despite this, the company did record growth for the third-consecutive quarter.

This comes in spite of Cheltenham being one of the most favourable set of results for bookies in recent memory. 

“2025 is shaping up to be another exciting year for Evoke,” added Widerstrom. “While Q1 revenue growth is expected to be low single digit, we remain highly confident in our full year expectations of 5-9% growth.

“Our efficient operating model, exciting product pipeline, continued UK Retail optimisation programme and ever-improving capabilities around data and personalisation all reinforce my confidence in making further progress in 2025 as we continue to execute against our plans to create significant shareholder value.”

Despite this positive news, Evoke’s share price dropped from 72.00 GBX at 8am to 59.85 GBX in the first hour of trading on 26 March.