Evoke posts modest Q1 revenue growth as UK betting declines offset international gains

Evoke, the gambling group behind William Hill, 888, and Mr Green, reported a modest 1% rise in group revenue for the first quarter of 2025, as weak performance in the UK and Ireland was tempered by gains in international markets, particularly Romania. Group revenue for the three months ending March 31 stood at £437.2 million ($583.39 million), up from £431.2 million ($575.39 million) a year earlier.

The company cited incoming safer gambling regulations in the UK and a reduction in betting stakes as key reasons for the subdued domestic performance. Revenue from its UK and Ireland business declined 1% year-on-year, with retail and online segments both affected.

Sports betting revenue dropped 8% across the group, driven by a 14% decline in stakes to £1.17 billion ($1.56 billion). The company also reported a significant 8% fall in average monthly active users, down to 1.7 million.

In the UK and Ireland, online sports betting fell 9% to £57 million ($76.06 million), while gaming revenue rose 3% to £105.5 million ($140.78 million). The overall online segment in the region generated £162.5 million ($216.84 million).

Retail operations in the UK and Ireland also declined, with revenue down 6% to £123.1 million ($164.26 million). Sports betting in retail dropped 9%, and gaming dipped 1% to £53.6 million ($71.52 million). Evoke attributed these results to reduced stakes, fewer promotional offers compared to the previous year, and the continued rollout of safer gambling measures.

Despite the challenges, CEO Per Widerström expressed optimism for the remainder of the year. “While Q1 revenue was below our annual growth target, adjusted EBITDA is significantly higher year-on-year," he said.

"This reflects the group’s significantly more efficient operating model and our clear focus on creating value through sustainable, profitable growth,” he said. Widerström added that revenue growth has accelerated in April, with year-to-date figures up approximately 4%.

International performance was a standout, with revenue rising 11% to £151.7 million. Gaming accounted for most of the growth, up 14% to £132 million ($176.14 million), while sports betting revenue fell 3% on a 20% drop in stakes. Active monthly users in international markets increased 21% to 681,000.

Evoke credited much of the international momentum to the acquisition of Winner.ro in Romania, completed last year, and enhanced platform migrations for its Mr Green and William Hill Italy operations. These moves are expected to bolster localization and competitive positioning in upcoming regulatory processes.

Although public scrutiny and structural changes in the UK market remain a concern, Widerström said the company is moving quickly to address underperformance through customer-focused strategies and a refreshed retail gaming experience.

“We are building momentum in the right areas of the business with particularly strong growth across our international core markets,” he said. “We remain highly confident in our market position and the growth profile of the business.”