Evoke, formerly 888 and the parent company of gambling giants William Hill and 888, revealed a "disappointing" financial update for the first half of 2024, acknowledging its turnaround plan is facing delays. Pre-tax losses surged from ?5 million to a staggering ?47 million, primarily due to the financial fallout from the company's exit from the US market and the debt burden linked to the ? billion acquisition of William Hill in 2022.

As the company continues its efforts to execute its March turnaround plan, revenue also dipped by 2%, reaching ?62 million.

From The Guardian:

From September, online slot machine stakes will be capped at ?, or ? for under-25s, having previously been unlimited. The Gambling Commission will also launch a pilot scheme testing new “affordability?checks, which will come into force for online gambling customers spending ?00 a month from 30 August.

The change is not expected to have a significant impact on Evoke, although 888 currently applies a ?0 maximum stake on slots, meaning a reduction could affect revenues from UK customers.

Evoke’s chief executive, Per Widerström, and chief financial officer, Sean Wilkins, have both joined the company within the past year and have set about reshaping its geographical focus, including the exit from the US.

Changes that have affected the company’s revenue include a ?6m spend on marketing, while Evoke said this year that it would invest in artificial intelligence to make the business more efficient.

Widerström said the first-half performance was “disappointing and behind our initial plan?but that the underlying health of the business was improving.

“The corrective actions we have already taken give us even more confidence that our strategic approach is sound and that we will achieve sustainable success.

“We are completely transforming this business. Whilst the scale of change is significant, it is necessary for us to deliver mid- and long-term profitable growth and value creation.?
Read more here: https://www.theguardian.com/business...d-plan-falters