On Tuesday, 888 Holdings revealed its plans to change its name to Evoke Plc, in a move aimed at better aligning with its range of brands.
This decision follows the acquisition of William Hill’s non-US assets by the British gambling firm nearly two years ago.
The company announced a 41% increase in annual adjusted core profit, amounting to £308.3 million ($389.94 million) for the fiscal year that ended on December 31. This financial growth can be attributed to 888’s acquisition of William Hill from Caesars Entertainment for £2 billion in 2022.
The rebranding to Evoke Plc forms a key aspect of CEO Per Widerström’s recently unveiled strategy, focusing on core markets, streamlining operations through automation and artificial intelligence, removing duplication, and enhancing cost efficiencies.
“Today marks the beginning of an exciting new chapter for our company,” said Widerström, who took on the CEO position in October.
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888, recognized for its diverse online gaming options including casino, poker, and sports betting within the 888 brand as well as Mr Green, anticipates first-quarter revenue for 2024 to range from £420 million to £430 million. 888 Evoke PLC
On the other hand, Flutter, the world’s biggest online betting company, expects a 30% rise in core profit for the year, propelled by a substantial four-fold increase in its rapidly expanding US brand, Fanduel.
Earlier in the month, 888 terminated its collaboration with Sports Illustrated and revealed intentions to investigate divesting or discontinuing its direct-to-consumer US operations as a result of intense market competition and slim profit margins.
The company’s planned rebranding is contingent upon receiving approval from shareholders at the forthcoming 2024 annual general meeting.
