Evoke posts five percent Q3 revenue rise as retail betting lifts performance

Evoke, the owner of William Hill, reported a 5% year-on-year increase in group revenue for the third quarter, driven by renewed growth in its betting shop network and steady gains in international markets.

Group revenue for the three months to 30 September reached £435.4 million ($572.65 million), up from £416.6 million ($547.92 million) in the same period last year. The company said it marked the fifth consecutive quarter of year-on-year growth, with revenue increases across all three divisions: online, retail, and international.

Revenue from Evoke’s retail estate rose 6% to £121.7 million ($160 million), supported by improvements in both betting and gaming. The company attributed the increase partly to the rollout of new gaming cabinets earlier this year and to favorable comparisons against weaker win margins in the prior year.

Its online division in the UK and Ireland saw a more modest 1% rise in revenue to £163.3 million ($214.78 million). Betting revenue increased by 8% to £50.7 million ($66.68 million), offsetting a 2% decline in gaming to £112.6 million ($148 million). Evoke said 888’s performance “continued to be a drag on growth” due to a reduction in marketing spend while focusing on higher returns.

The international segment once again led growth, with revenue up 8% to £150.4 million ($197.81 million). Double-digit gains in Italy, Denmark, and Romania offset slowdowns in Spain and non-core markets. In Denmark, the company completed its migration to an in-house platform, while in Romania, 888 Romania transitioned to the Winner.ro platform, which Evoke said was “unlocking significant product improvements and localisation” for customers.

Chief Executive Per Widerström said: “During Q3, we continued to execute against our strategy, which is transforming our long-term competitive capabilities and building a more efficient and profitable business."

Chief Executive Per Widerström

"With retail continuing the improving trend from Q2, all three divisions were in growth during the quarter. Whilst our refined approach to UK online marketing to drive improved profitability slightly held back our top-line performance, we are pleased to have recorded our fifth consecutive quarter of profitable growth.”

Evoke reiterated its short-term plan to achieve annual group revenue growth of between 5-9% through 2027. For the first nine months of 2025, group revenue rose 3% year-on-year to £1.32 billion ($1.74 billion), led by an 11% increase in the international segment to £449.9 million ($591.72 million).

Widerström said the company had “clear plans” to lift revenue in the fourth quarter, citing “continued acceleration in product enhancements, including retail sports and our recently launched new William Hill Vegas app.” He added that Evoke remained confident of achieving its adjusted EBITDA guidance, “which would outperform market expectations.” Evoke’s share price rose 2.16% to close at 42.50p on Tuesday.

David Brohan, gaming and leisure analyst at Goodbody, described the update as “somewhat mixed,” noting that “while revenue growth was slightly below expectations, there were positive areas including UK and Ireland betting, retail, and core international markets.”

The company made no comment on potential tax changes in the UK, where the government is expected to announce new gambling tax measures in its 26 November budget. Evoke had previously said it may consider closing up to 15% of its William Hill betting shops, between 120 and 200 outlets, depending on the outcome of the budget, a move that could affect up to 1,500 jobs.

At the time, an Evoke spokesperson said: “As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations. This includes the difficult but necessary consideration for shop closures.”