In what can only be described as a transformative move, renowned online betting and gaming firm 888 has embraced a striking new corporate identity, Evoke plc, following a remarkable 37.0% revenue hike to £1.70bn over the past year. Despite this leap in earnings, the company’s financials reflected a continued net loss, which nonetheless showed signs of shrinkage from the previous year’s figures.
The palpable change towards Evoke plc was officially ratified during 888’s recent annual general meeting (AGM) held on May 13. The rebranding process received an overwhelming endorsement from shareholders, with an affirmative vote count of 284,646,548, greatly overshadowing the 595,372 dissenting voices. An additional 24,741 votes were consciously withheld.
As a symbol of this new era, 888 will henceforth project its market presence on the London Stock Exchange (LSE) under the new ticker symbol EVOK. An announcement on LinkedIn harmonized with the theme of renewal and progress: “Today, we officially start our next chapter as Evoke plc. Evoke is a symbol of our new direction. A direction that builds on our strengths and allows us to move forward as one multi-brand group with a united strategy, vision and identity.”
The company’s redefined mission, ‘to make life more interesting by delighting players with world-class betting and gaming experiences,’ underscored their commitment, signalling a new dawn for the organization. Shareholders at the AGM also presided over the reelection of various directors and warmly welcomed the election of 888 CEO Per Widerström as a board member. Furthermore, the accounting firm Ernst and Young LLP and EY Limited will continue to offer their auditing expertise to Evoke plc.
Per Widerström has been vocal about this being a pivotal moment for the firm, viewing Evoke as a reset opportunity. He outlined a comprehensive ‘value creation plan’ with six key strategic initiatives that began to unfold with his ascension to CEO and the subsequent bolstering of the executive team. A cornerstone of this plan, Operations 2.0, will see the company integrate artificial intelligence (AI) to enhance operational efficiencies. Widerström, an AI proponent, affirms that Evoke aims to harness the technology in optimal ways.
The lead-up to this monumental rebranding was complex, marked by FS Gaming – helmed by ex-GVC (now Entain) CEO Kenny Alexander – taking a significant 6.57% share in 888. FS Gaming proffered a bold proposal that sought to install three former Entain executives at 888’s helm. However, these plans later dissolved, and following regulatory scrutiny by the GB Gambling Commission into related matters, no actions against 888 ensued.
The past year for 888, now Evoke plc, also included the successful settlement of Entain’s investigation by HMRC regarding historical operations in Turkey. Entain concluded this case last November, agreeing to a deferred prosecution agreement involving £585.0m. Additionally, last month flagged a new regulatory chapter for 888Sport, which was one of the operators included in a blacklist by the Dominican Republic as it steps towards new regulations.
Despite the turbulence, Evoke plc stands on the brink of a promising future, with a clear vision and fresh brand identity symbolizing resilience and strategic innovation. As the company transitions, the industry will keenly observe how these changes impact its operational model, market stance, and overall success in a highly competitive sector.
