888 rebrands as Evoke Plc

The proposal was backed by shareholders at the group’s AGM.

UK.- London-listed 888 Holdings will go ahead with a proposal to change its business identity to Evoke Plc following approval by the shareholders. The proposal received 99.7 per cent of shareholder votes at the company’s AGM.

The group’s leadership had proposed the change of name when it announced a Value Creation Plan alongside 888’s financial results in March. The move is intended to reflect a change in the firm’s organisation following its expansion to include William Hill and Mr Green in Europe.

CEO Per Widerström, who took the helm in October, said at the time that the business today was “fundamentally different to the previous individual businesses that made up the combination”. He said the name Evoke Plc “better reflects the combined group, our mission and values, alongside the clear strategic framework and value creation plan we are announcing today, will better support the business in reaching its significant potential”.

The rebranding follows a trend among the big UK players. In 2019, Paddy Power Betfair plc renamed itself Flutter Plc. GVC Holdings became Entain in December 2020.

Evoke Plc’s VCP aims to improve efficiencies and gain £30m in annual cost savings. The company also aims to recover market share growth in the core markets of the UK, Italy, Spain and Denmark. That strategy has seen the company end its agreement to operate SI sportsbook with Authentic Brands Group in the US.

Evoke Plc Q1 results

Evoke surpassed its guidance for Q1 revenue at £431m. In international markets, online gambling revenues increased by 6 per cent. 

While total revenue was down 1 per cent in UK & Ireland, gaming revenue was up 4 per cent, helping to offset the drop in sports betting revenue. The company said UK online revenue was expected to return to year-on-year growth from Q2. However, revenue from William Hill retail operations was down 7 per cent amid a 2 per cent reduction in shops.