Evoke has shared its Q1 2025 results, offering a snapshot of how the year has started for the betting and gaming group. Revenue for the quarter hit £437 million, matching the company’s guidance and contributing to a 4% year-to-date increase. The update also highlights a strong jump in Adjusted EBITDA, with the company reaffirming its full-year outlook in line with mid-term targets for growth. The evoke Q1 2025 results reflect a stable yet evolving performance across its business segments.
The Group reported £437 million in Q1 revenue, a +1% increase versus the same period last year (+2% at constant currency). Full-year 2025 revenue growth is still expected to align with the 5–9% mid-term target range. As of April 22, 2025, year-to-date revenue growth stands at +4%.
In the UK & Ireland Online division, revenue declined by 1% due to reduced sports revenue, though gaming rose 3%. Safer gambling measures and less promotional activity year-on-year led to a 21% drop in active players, while ARPU jumped 26%.
The International segment saw strong growth, with revenue up 11% (+14% at constant currency). Core Markets like Romania contributed heavily, aided by the integration of Winner.ro. Double-digit growth remains a key trend in this division.
Retail revenue dropped 6%, though gaming was stable and improved 6% over Q4 2024. Betting performance was weaker due to lower stakes and win margins. A better outlook is expected as new gaming machines and sportsbook upgrades roll out.
Adjusted EBITDA was significantly higher compared to Q1 2024, pushing the last twelve months’ total over £330 million. This improvement is attributed to better operational efficiency and the company’s focus on profitable growth. EBITDA guidance remains unchanged from what was outlined in the FY24 update.
5,000 new gaming cabinets were installed in March, improving retail gaming revenue run-rates and boosting market share. Further gains are projected as usage scales across locations.
Mr Green markets were fully moved to the 888 platform, including Denmark, enhancing the product offering. Similarly, William Hill Italy migrated to Exalogic to strengthen local performance ahead of re-licensing.
Migration of 888 Romania onto Winner.ro’s localised platform began during Q1. This is expected to enhance product localisation and customer experience in the Romanian market.
At the FY24 results, evoke announced £15–25 million in additional cost efficiencies to be delivered during 2025. These savings are part of the group’s ongoing push for a more streamlined operating model.
CEO Per Widerström noted, “Q1 performance is consistent with the update provided at our full year results… We are building momentum in the right areas of the business.”
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