Evoke plc (LON: EVOK) has refused to address reports that chief executive Per Widerström is under pressure to leave the company, offering no comment when approached by GamblingNews.uk, as scrutiny over the gambling group’s financial trajectory intensifies.
The no-comment response lands at a particularly damaging moment for a business whose credibility with investors is already badly strained. Evoke’s brands include William Hill, 888 and Mr Green, making it one of the most recognisable names in British gambling, yet the group’s financial position tells a story that is increasingly difficult to defend in front of shareholders.
Widerström took the chief executive position in October 2023, appointed after an extensive board search process that followed the chaotic departure of his predecessor. He came with considerable experience, including an eight-year stint as Group CEO of Fortuna Entertainment Group and a career in online gaming stretching back to 2006. His academic background includes an MSc in International Accounting and Finance from the London School of Economics. On appointment, the board presented him as the steady hand the group needed.
The financial record since then has told a different story. Net debt, which already stood close to £1.8 billion when Widerström arrived following the group’s acquisition of William Hill, has climbed further to £1.86 billion. Losses after tax have accelerated sharply, rising 149 per cent from £220.9 million to £549.1 million in the most recent full-year results. Management has pointed to adjusted profitability and improved EBITDA margins as markers of genuine operational progress, but critics argue those metrics obscure a deteriorating underlying picture.
Investor frustration surfaced openly during the FY2025 earnings call, when an analyst confronted Widerström and CFO Rob Wilkins over the share price decline and rising debt levels that have occurred on their watch. Widerström acknowledged being a shareholder himself and committed to delivering shareholder value, but the exchange underlined how thin trust in the leadership team has become among parts of the investment community.
The external environment has made an already difficult job considerably harder. The Autumn Budget introduced plans to nearly double the UK Remote Gaming Duty to 40 per cent and raise the levy on remote betting to 25 per cent, prompting Evoke to suspend its financial targets and warn that thousands of jobs could be at risk. Widerström criticised the government’s approach publicly, arguing the increased tax burden risks pushing customers toward unregulated markets.
In December 2025, the group confirmed it was exploring a potential sale or breakup of its core assets amid the combination of rising debt and the looming tax burden. Talks with Greek lottery and gaming firm Bally’s Intralot over a £225.3 million approach followed, with the market reacting sharply to the news despite the offer implying a valuation dwarfed by the company’s debt obligations.
Sources who spoke to GamblingNews.uk last week indicated that no final decisions have been reached regarding Widerström’s future, but that the internal mood is deteriorating and patience within the organisation has limits. Evoke’s refusal to engage with those reports ensures the speculation will continue to run, with no end in sight for the leadership uncertainty that now hangs over the group.
