Evoke Reports Significant Losses in 2024

a { color: #880000 !important; background: #ffeeee !important; } Evoke Reports Significant Losses in 2024Corporate News > BusinessEvoke, the owner of William Hill and 888, reported pre-tax losses of £147 million for the first half of 2024, a significant increase from £45 million in the same period last year. The company attributes the downturn to a £72 million hit from its retreat from the US market and increased competition, while also undergoing a major transformation strategy.

What's happened

Evoke, the owner of William Hill and 888, reported pre-tax losses of £147 million for the first half of 2024, a significant increase from £45 million in the same period last year. The company attributes the downturn to a £72 million hit from its retreat from the US market and increased competition, while also undergoing a major transformation strategy.

Why it matters

What the papers say

According to The Guardian, Evoke's losses were attributed to a significant £72 million hit from its US market retreat, with CEO Per Widerström stating that the company's performance was 'disappointing and behind our initial plan.' Sky News echoed this sentiment, highlighting the company's struggles against increased competition and challenging market conditions. The Independent noted that Evoke's restructuring efforts are aimed at improving profitability, with Widerström asserting that the 'underlying health of the business is continually getting stronger.' These contrasting perspectives illustrate the ongoing challenges and potential recovery strategies within the gambling sector.

How we got here

Evoke, formerly known as 888 Holdings, has faced challenges following its £2 billion acquisition of William Hill in 2022. The company has been restructuring its operations and focusing on core markets while dealing with increased competition and regulatory changes in the gambling sector.

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