William Hill owner Evoke announced a number of disappointing results for 2025, including revenue growth of just 2% and a post-tax loss of £549.1m. And BonusFinder has been given an insider scoop on the trickle effect the bad results are having on the company's employees over FY25 & FY26.
The online casino operator, who also own the 888 and Mr Green brands, further revealed that they've set a mid-May deadline to Bally's Intralot over a potential £225m takeover of the company.
Online revenue in the UK and Ireland was down 3% over the year, with reductions at 888 offsetting growth in online gaming of the William Hill Vegas brand.
Meanwhile, revenue in the historic brands retail division is reportedly down 1% year-on-year, with growth in gaming again being offset by a decline in sports betting.
BonusFinder exclusive: Staff will not be receiving for 25/26 this year & salaries remain the same
In further news, that BonusFinder can exclusively reveal, Evoke staff were told via an email sent on the morning of Thursday, 30 April that they won't receive a bonus for 2025 and 2026, and no salary reviews will occur within the period either.
Staff were able to confront the executive team on a company wide call where employees shared their fears and concerns for the direction for the company, with one source revealing morale in the business is "at an all-time low".
The company has already had a turbulent start to 2026, with William Hill's internal casino promotion Jackpot Drop wrongly paying out thousands of pounds to customers. Something that has cost the company thousands, and could be more if customers take them to court, as well as the terrible hit to its wider reputation.
It remains to be seen what happens next for one of the most iconic sports betting and gaming brands in the UK. These results, which were delayed a month, shows that turbulent times are ahead at Evoke. How this ends up and who will be in control of the William Hill brand by the end of the year seems to be up in the air.
UK duty increases are affecting William Hill's revenue
Evoke has already closed 68 shops in the fourth quarter of 2025 whilst revealing plans to shut around 200 more in 2026.
Speaking publicly about the results, CEO Per Widerstrom said: "Throughout 2025 we delivered consistent operational progress resulting in more efficient, focused and disciplined business delivering improved marketing returns, stronger cost control, enhanced operating leverage, and a step-change in underlying profitability.
"However, the significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry.
"We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operation actions across the business."
Bally's Intralot takeover
These results were announced as speculation continues around the potential £225m takeover of Evoke by Greek-based lottery and gambling operator Bally's Intralot.
Speaking about that, Per revealed why the company is so interested in a potential sale at a price well below the company's annual revenue total of £1.78bn.
"As a result of the UK Government's November Budget, our Board was required to carry out a strategic review and consider all available options to secure a successful future for the company. One of those strategic outcomes is a merger with Bally's", revealed Widerstrom.
"While there is no certainty this will proceed, if it does happen it will allow us to be braver in our ambitions and more faster to achieve them. We realise this creates uncertainty among colleagues, which is why the Board has required Bally's to make a decision by the middle of May so that, if the merger does not proceed, we can continue to execute our strategy without distraction."
When news of the potential takeover was revealed, where Bally's Intralot are believed to have offered £0.50 per share, CEO of the company Robeson Reeves was excited about the potential deal.
The man in charge of the Greek gambling operator stated: "We have built a business with a margin profile that stands out in this industry. Evoke has the scale.
"We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with conviction."
The (d)evolution of Evoke
Evoke was formed when 888 holdings completed the acquisition of William Hill from Caesars Entertainment, and has saddled it with debt ever since, with the total now amounting to roughly £1.8bn.
This is something that Reeves is not worried about, adding: "Our commitment to our stakeholders does not change. We will protect the interests of stakeholders, our bond holders and our other stakeholders. Any transaction we pursue will be consistent with our stated financial policy goals."
Q1 2026 upturn
Meanwhile, Evoke was able to reveal more positive news when discussing its Q1 results for 2026. The UK online arm is performing particularly well with a 5% growth ahead of management expectations, mainly driven by the 8% growth in William Hill Vegas.
Plus, retail is seeing good growth of 3% whilst also taking market share, mainly driven by new gaming cabinets.
Widerstrom wanted to recognise the positive start to the new financial year. He claimed: "In a dynamic and evolving market, our efforts are gaining traction, reflected in our Q1 2026 trading update.
"We have started the year positively and we are trading in line with our plans. We have continued to see strong double-digit growth in profitability, and it was important to get off to a strong start given the significant increase in UK duties that is applicable from April.
"While progress can be harder to see day-to-day, these results show that we are moving forward, and that is down to the hard work, dedication and perseverance our staff continue to show every day."
