Evoke plc is the new moniker for the formerly known 888. This rebranding was declared in March, following the release of their 2023 financial report.
888 experienced a prosperous year, generating revenue of 1.7 billion pounds. This represents a significant 37% surge compared to the previous year. Although they still incurred losses, they were considerably smaller than in 2022.
The name change received approval from shareholders at their annual gathering on May 13th. The majority of shareholders cast their vote in favor of the alteration.
888 will commence trading on the London Stock Exchange under the new designation, EVOK. The company publicized the transformation on LinkedIn, proclaiming that Evoke symbolizes a fresh start. They aspire to progress as a cohesive entity with a unified strategy, vision, and identity.
They are enthusiastic about this new chapter and intend to divulge further details about Evoke in the upcoming weeks and months.
At todays stockholder assembly, stockholders once again voted to re-elect several executives and selected 888 CEO Per Widerström to the board. Ernst & Young LLP and Ernst & Young Limited were also re-appointed as the firm’s accountants.
The rebranding of 888 is part of a larger scheme aimed at increasing profits, known as the Value Creation Plan. Widerström initially declared that Evoke would be a chance to “re-set” 888.
“We still have a lot of work to do. This is a business re-set,” he stated. “But we know what success looks like, and we have a clear strategy to achieve it. This will be accomplished with highly focused execution.”
The plan encompasses six strategic initiatives, starting with Widerström’s appointment as chief executive last year, followed by the appointment of a strengthened management team. The strategy was also revealed alongside 888’s financial year results.
One of the more prominent initiatives is Operations 2.0, where Evoke will use artificial intelligence to enhance its day-to-day operations.
“I’m a big fan of AI, as long as it’s used properly,” Widerström said in March. “As stated today, Operations 2.0 is all about the right way [to implement AI].”
The 888 rebranding comes after a turbulent year for the organization. In June, FS Gaming – an investment company backed by former GVC (now Entain) CEO Kenny Alexander – acquired a 6.57% stake in 888. 888 agreed to rebrand as Evoke plc.
Subsequently, FS Gaming suggested placing three ex-Entain leaders to take charge of 888. This would see Alexander assume the role of chief executive. Former Entain chairman Lee Feldman would also become the head of 888, while Stephen Morana would take on the position of chief financial officer.
Following this, the UK Gambling Commission initiated an inquiry into 888, citing the HMRC’s probe into Entain’s past activities in Turkey. The investigation concluded last November, with Entain agreeing to pay £585 million in a delayed prosecution agreement.
In August, FS Gaming nullified its voting rights agreement with former Entain CEO Shay Segev. The commission declared that it would not take any action against Alexander’s bid to take over management in March.
Last month, 888Sport was also barred by the Dominican Republic, becoming one of over 40 operators banned as the country began to re-regulate.
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