888 Holdings Hopes “Evoke” Rebranding Can Revitalize the Company

On Tuesday, global sports betting and gambling giant 888 Holdings Plc introduced its ambitious Value Creation Plan, which includes a significant rebranding initiative. Under this plan, the company seeks to change its name to “Evoke Plc,” pending approval from shareholders at the upcoming annual general meeting.

888 is confident that this rebranding will better align with its dynamic multi-brand operational model and its commitment to enriching players' experiences with top-tier betting and gaming offerings.

Moreover, alongside unveiling its rebranding strategy, 888 revealed its financial performance for the last fiscal year, which ended December 31, 2023. Despite experiencing a 25% decline in earnings, the company reported a noteworthy increase in both revenue and EBITDA (earnings before interest, taxes, depreciation and amortization), reaching $390.4 million.

Leadership transformation:

• In the wake of a turbulent year marked by the departure of long-serving CEO Itai Pazner, 888 experienced significant leadership changes.

• Per Widerström assumed the role of CEO, with Sean Wilkins stepping in as the new Chief Financial Officer.

• The new management team aims to move past last year’s challenges and drive a revitalized strategy.

Widerström expressed enthusiasm about unveiling the Value Creation Plan, which outlines the company’s roadmap for success, revised financial objectives and reimagined corporate identity. He emphasized that this marks the start of an exciting new chapter for the company, reflecting optimism about its renewed direction.

888 has unveiled ambitious new financial targets, including:

• Annual revenue growth of 5–9% in the medium term.

• Reduction of leverage by 2026.

• A focus on cost-saving measures and operational efficiency.

Strategic focus:

• The company is conducting a thorough review of its US operations.

• 888 terminated its Sports Illustrated (SI) licensing deal with Authentic Brands Group.

• Efforts will now be concentrated on its core markets: the UK, Italy, Spain and Denmark, which collectively generate about 85% of total revenue.

Widerström conveyed confidence in the company’s trajectory, emphasizing a clear vision for success supported by a capable team and solid resources. He stated that precise execution of the Value Creation Plan would yield significant returns on equity, driven by “sustainable, profitable growth” and reinforced by deleveraging.

With its transformation into Evoke Plc, 888 embarks on a new era—one defined by strategic focus, leadership renewal and a commitment to long-term value creation.