888 Holdings Hopes “Evoke” Rebranding Can Revitalize the Company

Article by : Erik Gibbs Mar 28, 2024

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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.

In the wake of a turbulent year marked by the departure of long-serving CEO Itai Pazner, 888 experienced significant changes in its leadership. Within the last six months, Per Widerström assumed the role of CEO, accompanied by Sean Wilkins as the new chief financial officer.

With this fresh management team at the helm, 888 is determined to steer away from the tumultuous past year and chart a new course with 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 also emphasized that the current moment marks the beginning of an exciting new chapter for the company, reflecting the enthusiasm surrounding its renewed direction.

888 has unveiled ambitious new financial targets that include annual revenue growth of 5-9% in the medium term. It also expects to reduce its leverage by 2026.

The company’s strategy focuses on cost-saving measures, prompting a thorough review of its US operations. This led to the termination of its Sports Illustrated (SI) licensing deal held with SI owner Authentic Brands Group.

Instead, 888 intends to concentrate its efforts on its core markets: the UK, Italy, Spain and Denmark. These collectively contribute approximately 85% of the company’s revenue.

Widerström conveyed assurance regarding the company’s trajectory, emphasizing the clarity of their vision for success, supported by a competent team and abundant resources. In addition, he also expressed confidence that the meticulous execution of the plan would lead to significant returns on equity, driven by “sustainable, profitable growth” and reinforced by deleveraging.