888 to rebrand as Evoke as new CEO charts strategy, reports 41% jump in annual adjusted core profit

888 Holdings announced on Tuesday its intention to undergo a name change, rebranding as Evoke Plc, to align with its diversified brand portfolio. This move comes nearly two years after the British gambling firm acquired William Hill's non-US assets.

The company reported a 41% surge in annual adjusted core profit, reaching £308.3 million ($389.94 million) for the fiscal year ending December 31. The financial performance reflects the fruitful outcomes of 888's £2 billion acquisition of William Hill from Caesars Entertainment in 2022.

The name change initiative is a cornerstone of CEO Per Widerström's newly unveiled strategy, aimed at consolidating focus on core markets, streamlining operations through automation and artificial intelligence, eliminating redundancy, and driving enhanced cost efficiencies.

"Today marks the beginning of an exciting new chapter for our company," said Widerström, who assumed the CEO role in October.

888, renowned for its diverse online gaming offerings encompassing casino, poker and sports betting under the 888 brand umbrella alongside Mr Green, anticipates first-quarter revenue for 2024 to range between £420 million to £430 million.

In comparison, competitor Flutter, the world's largest online betting company, forecasts a 30% increase in core profit for the year, buoyed by a remarkable four-fold surge in its rapidly expanding US brand, Fanduel.

Earlier this month, 888 terminated its partnership with Sports Illustrated and revealed plans to explore divestment or discontinuation of its direct-to-consumer US operations due to intense market competition and narrow profit margins.

The proposed rebranding of the company is contingent upon shareholder approval at the upcoming 2024 annual general meeting.