Evoke considers business sale as it launches strategic review

Evoke has announced that it will undertake a strategic review of the group, during which it will consider a possible sale of the company or certain assets and business units.

In a short update via the London Stock Exchange on Tuesday, Evoke said it would evaluate “a range of potential alternatives” for the operator as part of the review, in an effort to maximise value for shareholders.

Evoke said there is no certainty that any transaction will materialise as a result of the review, but it confirmed Morgan Stanley & Co International and Rothschild & Co had been appointed as financial advisers for the assessment.

The review “will include the consideration of a range of potential alternatives to maximise shareholder value, including, but not limited to a potential sale of the group, or some of the company’ assets and/or business units”, Evoke said.

“Further announcements will be made when and if appropriate.”

Evoke linked with sale of Italian business after UK budget

Confirmation of the review came after Evoke was recently linked with a possible sale of its business in Italy. According to a report in Sky News on 25 November, Evoke had drawn up contingency plans to seek a buyer for its Italian operation to help offset the impact of higher tax in the UK.

It said Evoke had appointed Morgan Stanley to assess options for selling its Italian arm, which could raise “hundreds of millions of pounds”. Evoke did not comment on the article at the time.

This report came just before UK Chancellor Rachel Reeves’ autumn budget which confirmed Remote Gambling Duty in the UK would rise to 40% in April, up from the current rate of 21%.

Additionally a new general betting duty for remote betting will also be introduced in April 2027 at 25%, up from 15%.

Evoke was one of several operators to hit out at the increased rates. Per Widerström, CEO of Evoke, said the hikes were “highly damaging” for the UK economy and players.

“As an industry, we have consistently warned of the significant impact on jobs, investment in the UK and player protection that these changes would have,” Widerström said following the budget. “Yet sadly the government chose not to listen. Proposals are ill-thought-through, counterproductive and highly damaging. It is clear these changes will significantly harm businesses, employees and customers.”

In its statement on the strategic review, Evoke hinted the decision was indeed linked to the rise in UK gambling tax. It made reference to a separate statement issued on the day of the budget, 26 November, as well as “recent media speculation”.

However, it did not set out any other details on which parts of the business could be put up for sale.

International growth for Evoke

Evoke owns and operates several major brands including William Hill, 888 and Mr Green. It has both an online and retail presence in the UK and elsewhere in Europe.

Italy is one of four core markets within its international division alongside Spain, Denmark and Romania. Incidentally, the group’s international division reported the most growth during the third quarter of its 2025 financial year. This followed a similar pattern seen in the first half of the year.

Revenue here increased 8% to £150.4 million, helped by a 13% spike in gaming revenue. This, however, was slightly offset by a 26% drop in betting revenue.

During the quarter, Evoke noted double-digit growth in Italy, Denmark and Romania, while it referenced further gains in Italy. Specifically, in Italy, Evoke operates William Hill online, as well as dedicated 888 websites across casino, sports betting and poker.

As for its wider performance in Q3, Evoke saw revenue reach £435.4 million, an increase of 5% from the previous year. Its UK and Ireland online business remained the primary source of revenue at £163.3 million, up 1% year-on-year. UK retail revenue was 6% higher at £121.7 million.

During its Q3 results Evoke reiterated its guidance of adjusted EBITDA margin of at least 20%. This, it said, gave it confidence to report adjusted EBITDA “ahead of current market expectations”.

Further ahead, it reiterated certain medium-term financial targets, including between 5% and 9% annual revenue growth and approximately 1% of adjusted EBITDA margin expansion per year by the end of 2027.

After the announcement was published on LSE, Evoke’s share price shot up 12% from this morning’s opening share price of £21.76.