Evoke reports stable revenue for H1 2026 despite sports betting slump

Evoke has released its financial results for the first half of 2026, presenting a picture of consolidation amidst a challenging global market. The group reported flat revenue of £887.5 million, maintaining the level seen in the previous year. This stability was primarily driven by a strong performance in the gaming segment, which managed to offset a noticeable decline in sports betting revenue. Such results highlight the ongoing volatility within the industry as operators adapt to new regulations and shifting player preferences.

The company, which manages major brands including William Hill, 888, and Mr Green, is currently undergoing a radical transformation. CEO Per Widerstrom has been transparent about the difficult path toward sustainable profitability. Maintaining revenue at nearly £888 million is viewed internally as a success for the new strategic direction, especially given the historical losses associated with exiting the US B2C market and significant internal reorganization.

Numbers and facts

Compared to previous periods, such as H1 2024 when revenue stood at £862 million, the current figure of £887.5 million for H1 2026 shows a slight upward trend. Historically, the UK retail estate had been a point of concern, with revenue drops reaching 8 percent in earlier years. Adjusted EBITDA previously saw a 26 percent decline to £116 million due to lower margins and changing product mixes. The latest data suggests that cost-efficiency measures are starting to yield results.

A key factor in stabilizing the business was the strategic increase in marketing expenditure. Evoke had previously boosted its marketing spend to £16 million, with the online marketing ratio reaching 25 percent at times. These investments appear to be supporting growth in the gaming sector, while sports betting has faced pressure due to unfavorable results or tighter margins. The group's liquidity remains robust, with a cash position exceeding £110 million and total liquidity near £300 million.

Background

The rebranding to Evoke is more than just a name change for the former 888 Holdings; it represents a total operational overhaul. CEO Per Widerstrom has repeatedly emphasized the necessity of these changes.

"We are completely transforming this business. While the scale of change is significant, it is necessary for us to deliver mid and long-term profitable growth and value creation." - Per Widerstrom, CEO of Evoke

Part of this transformation involves the integration of advanced technology. In July 2024, the company partnered with Mindway AI to implement AI-driven player protection solutions. This is a critical component for succeeding in highly regulated markets like Germany and the UK. The ongoing efficiency drive is expected to deliver approximately £30 million in annual cost savings by the end of the fiscal year.

Why it matters for German players

For customers in Germany, the financial health of the Evoke group directly impacts the safety and stability of their gaming platforms. Brands like Mr Green and William Hill operate under the supervision of the German Federal School Authority (GGL). A financially stable provider ensures that withdrawals are processed smoothly and that the strict requirements of the State Treaty on Gambling 2021 (GlüStV 2021) are met. These include the €1,000 monthly deposit limit and the €1 per spin stake limit on virtual slots.

As Evoke invests heavily in player protection and AI, German users can expect more advanced systems for detecting problematic gambling behavior early. Connection to the LUGAS system for monitoring limits is mandatory for these operators. Strong financial performance ensures that Evoke can continue to invest in the technology required to maintain its German licenses and meet GGL standards.

What it means for GGL-licensed casinos

Evoke’s results signal a broader trend for the German licensed market. Stability in gaming combined with pressure on sports betting forces providers to diversify their portfolios. GGL-licensed casinos must prove they can remain profitable despite high tax rates and technical hurdles. Evoke’s progress shows that synergy effects through multi-brand platforms are vital. To survive in Germany, operators must invest in efficiency to offset margin losses caused by strict regulation. A focus on sustainability and player protection is becoming a competitive advantage over unlicensed offshore operators from jurisdictions like Curacao or Malta.