Evoke Posts 5% Q2 Revenue Growth Despite UK Betting Slowdown
Evoke, the parent company of leading betting brands including William Hill, 888, and Mr Green, has reported a strong uptick in profitability for the first half of 2025, despite regulatory headwinds in the UK and Ireland’s online sports betting sector.
The London-listed company released its H1 2025 trading update on Tuesday, reporting a 5% year-on-year revenue increase in Q2. Adjusted EBITDA for the first half is projected to be between £163 million and £167 million, representing a 43% increase at the midpoint compared to the same period last year.
The overall growth masked contrasting trends across the business. While international online markets and retail operations performed strongly, online sports betting in the UK and Ireland came under pressure. Stricter gambling regulations, including enhanced ID verification and mandatory vulnerability checks for high-spending users, are beginning to impact revenue.
Retail operations rebounded, aided by the rollout of 5,000 new gaming machines across venues by March 2025. “Our retail business returned to growth in Q2,” the company noted, adding that “performance in our core international markets remains robust.”
Evoke also highlighted strong double-digit growth in gaming revenue during both Q2 and the first half of the year, helping offset the decline in sports betting. The sports segment was also impacted by tougher year-over-year comparisons due to elevated margins and major sporting events in the prior year.
Online revenue rose approximately 6%, while overall H1 group revenue increased by 3%. The company credited “tight cost control, improved operational efficiency, and stronger marketing return on investment” for its profitable growth trajectory.
“This growth is profitable growth,” said Widerström, “in line with our commitment to sustainable earnings expansion.”
Strategic Discipline Pays Off Amid Regulatory Challenges
Evoke’s management reaffirmed its confidence in the full-year outlook. The board reiterated its target for 5% to 9% annual revenue growth and an adjusted EBITDA margin of at least 20%.
“While we’ve seen improvement in Q2, we’re also building long-term capabilities across the group,” said Widerström. “We are aligning our leading brands and products with a sharper customer value proposition.”
He added that the company’s disciplined strategy of “focusing on core markets and driving operational excellence is improving profitability and enabling further deleveraging.”
The company reported trailing 12-month adjusted EBITDA exceeding £360 million, marking “substantial year-on-year growth” and supporting “another strong deleveraging cycle.”
Still, Evoke acknowledged that regulatory pressures in key markets—especially the UK—remain a potential headwind for the sports betting segment going forward.
