888 completes rebranding to Evoke Plc

Lea Hogg May 15, 2024

SiGMA news

888 completes rebranding to Evoke Plc

This week a major milestone was achieved in the corporate history of 888. The company completed its rebranding to Evoke Plc, marking the commencement of an exciting new chapter. This transformation was approved by an overwhelming majority of shareholders at the Annual General Meeting (AGM), with 99.79 percent voting in favour.

The rebranding initiative aims to unify all employees under a single identity, thereby adopting a sense of unity and shared purpose. This move is expected to work in tandem with the company’s strategic framework and Value Creation Plan, which in turn will have a positive impact on business growth.

Evoke Plc	Key Takeaways
✅Inception	888 rebranded to Evoke Plc, a major milestone in its corporate history
✅Identity	Rebranding will unify all employees under a single identity
✅Leadership	CEO Widerström optimistic, committed to deliver world-class product
✅Challenges	Leadership changes, regulatory issues, Value Creation Plan
✅Future	Evoke reshapes company’s future in global betting and gaming industry

Source: SiGMA

Evoke Plc joins the ranks of its UK high-street competitors, Flutter Entertainment and Entain, who underwent similar rebranding exercises in 2019 and 2020 respectively. Despite the corporate rebranding, all consumer-facing brands, including William Hill, 888casino, 888sport, 888poker, and Mr Green, will retain their original names.

CEO Per Widerström expressed his optimism about the future, stating that the rebranding reflects the company’s forward-thinking approach and commitment to delivering world-class betting and gaming experiences to customers globally. He expressed confidence in the company’s strategic framework and value creation plan, asserting that these would help solidify Evoke’s position in the global betting and gaming industry.

Transformation and recent developments

In March FY23, Evoke announced a strategic reset, termed the Value Creation Plan. This plan was necessitated by regulatory and compliance changes in key markets, which fundamentally altered the business mix. The company has faced several challenges in recent years, including the resignation of CEO Itai Pazner in January 2023 due to a compliance scandal in the Middle East. Additionally, the company’s license was placed under review by the UK Gambling Commission following a plot by investor FS Gaming to install former GVC chief executive Kenny Alexander as CEO.

At the recent AGM, two special resolutions recommended by the board of directors failed to secure the requisite 75 percent shareholder approval. These resolutions were aimed at renewing the directors’ authority to allot equity securities for cash without first offering them to existing shareholders, and to do so in relation to an acquisition or capital investment. The board has expressed its intention to engage with shareholders and advisory bodies to ensure their feedback continues to inform the company’s governance approach.

There have been no other newsworthy developments relating to 888 or Evoke this week. However, the company’s share price tumbled earlier this year following the resignation of Itai Pazner amid a money-laundering probe. The company also launched an equity raise to fund its takeover of William Hill’s non-US operations.

As Evoke Plc embarks on this new journey, it remains to be seen how these changes will shape the company’s future and its position in the global betting and gaming industry.