Rebrand
Leading sports betting and casino brand 888 Holding has revealed plans to rebrand as Evoke plc as it looks toget back on track. As part of the rebrand, the company will also change its strategy, focusing heavily on key European markets and re-establishing its position as a leading operator.
Disappointing Results
The proposed change follows what has been seen as a prolonged slump for the company. The company recently revealed its FY2023 earnings, and while revenue and adjusted earnings increased, adjusted profit after tax dropped by 25%. These numbers follow a string of redundancies that the operator had to make in January.
There are multiple reasons why the company has experienced a downtick in fortunes over the last 18 months, including management changes and several compliance failures. One such failure saw a UK record fine handed out to William Hill, a company that 888 had acquired in 2022.
A shake-up has taken place behind the scenes, with industry veteran Per Widerström taking on the roll of CEO in October 2023. Widerström has been tasked with turning the company’s fortunes around and is one of the people behind the rebrand.
A New Direction For The Company
Widerström has said that rebranding to Evoke plc will give the company a new sense of direction. He noted that 888 is an excellent customer-facing brand but that change was needed. He told the Financial Times that the change would better reflect the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences”
Widerström noted that success will not come overnight as the result of one change but that it is a clear indication of the direction the company wants to move in. He also noted that the executive team in charge of the rebrand are vastly experienced and knows how to deliver results.
He finished by saying that this marks a new start and that while the company now has a lot of work to do, it knows what success looks like and how to achieve it. He said it would be done with' a laser-focus on execution’.
