Under the guidance of their new CEO, 888 Holdings have announced that they intend to rebrand as evoke plc saying that the switch will “better reflect the strength of the group’s multi-brand operating model”.
888 To Rebrand To Evoke
The sports betting company, who own William Hill alongside their 888 operations announced the change after the appointment of Per Widerstrom last October.
With hopes to improve profits, this strategic move is one that could revive the fortunes of 888 who have a large debt among other compliance failings and more.
Widerstrom is a veteran of the sports betting industry and announced the new “Value Creation Plan” on Tuesday. He commented on the rebrand, saying it would: “better reflect the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences“.
The new CEO has appointed a new executive team, including a finance chief, chief technology officer and head of product.
888 are known for their diverse portfolio of online casino games, poker and sports betting, and are anticipating a first-quarter revenue in the range of £420million to £430m.
However, they announced a post-tax loss of £56.4m in 2024, improving from the £120.6m lost in 2022. But on an adjusted basis, 888 posted a profit of £48.1m last year, slightly down from the £64.2m in 2022.
Widerstrom is optimistic about things going forward, and concluded: “We are at the beginning of an exciting new journey. We will build on our strong foundations through a clear strategy and focused plan that will deliver sustainable profitable growth and unlock significant value creation.
“I look forward to updating shareholders and our wider stakeholders on progress against our plans over the coming months and years”.
888’s core markets are currently in the UK, Italy, Spain and Denmark, with those regions generating around 85% of their total revenue.
