Evoke Expands Bond Issuance to £600M to Strengthen Debt Structure

Evoke has announced plans to increase its bond issuance to £600 million ($704 million) through its wholly owned subsidiary, 888 Acquisitions. The move is part of the company’s wider refinancing strategy, designed to extend debt maturities, cut annual interest costs, and better align its capital structure with anticipated performance in the coming years.

Senior Secured Notes at 8%

The new offering will be issued in the form of senior secured notes, backed by collateralized assets. Carrying an 8% interest rate, the bonds will be available to private investors from 24 September 2025 and will mature in 2031, offering Evoke a longer repayment horizon than its current debt obligations.

A large portion of the proceeds will be used to repay £582 million of debt due in 2027, with additional funds allocated to cover refinancing-related expenses.

New Revolving Credit Facility

Alongside the bond issuance, Evoke is also introducing a new revolving credit facility worth £200 million ($271 million), covering multiple currencies. This new facility will replace the company’s existing one, offering greater protection against currency fluctuations and improving alignment with cash flow generation.

Combined, the bond and credit facility are expected to reduce annual cash interest payments by approximately £5 million.

Strong H1 2025 Performance

The refinancing plan comes on the back of a robust first half of 2025. Evoke reported a 44% year-on-year increase in adjusted EBITDA, driven by operational restructuring and improved efficiencies.

CEO Per Widerström said investor appetite for the issuance reflects the company’s strengthened performance and strategic turnaround. “The strong interest in this offering demonstrates confidence in our progress, the effectiveness of our new operating model, and the momentum generated by our value creation plan,” he said.

International Growth Offsets UK Slowdown

International markets remain the company’s growth engine, with revenue up 13% and EBITDA doubling to £85.5 million. Italy saw its 888casino brand outperform local and omnichannel rivals following supplier integration and proprietary content launches.

In Denmark, revenue rose 26% in Q2 after migrating Mr Green onto its in-house platform, while Romania delivered strong growth supported by the Winner acquisition. Spain maintained steady gains, though sports betting lagged behind gaming.

In contrast, online revenue in the UK and Ireland dipped 0.7%, reflecting the absence of last year’s Euros-driven sports betting spike and stricter player protection measures. Still, online EBITDA in these markets jumped 37% to £60 million, attributed to more efficient marketing, a focus on customer value over volume, and structural cost savings.

Retail revenue fell 2.4%, though momentum picked up in Q2 with the rollout of 5,000 new gaming machines. The company reported these machines are delivering around 15% higher weekly gross win per unit compared to previous models.

Aligning Debt with Growth Strategy

Evoke views the bond issuance and new credit facility as crucial steps in building financial resilience and supporting long-term expansion. By pushing maturities to 2031 and refinancing near-term debt, the company aims to secure greater capital flexibility.