888 plans strategic rebrand as evoke plc

Rebrandings are always tempting. They are a public statement that a company is breaking away from any hardships of the past and getting a new beginning where it can do things differently. PressEnter Group and Entain are just some of the examples of gambling companies to have gone down this route, and although the latter has been dogged by some of its past mistakes, most companies thrive as they undergo rebranding.

888, the operator behind William Hill, is considering such a move with the company announcing a new value creation plan (VCP) as part of its financial results announcement for 2023, and amid a difficult spell for the company, which has been facing takeover bids, increased regulatory pressure that has impinged on financial results, and a somewhat rocky future.

Yet, the CEO, Per Widerström, has kept a firm hand at the rudder, confident that this too will pass. The company is also taking a lot in stride, as CFO Sean Wilkins has explained that the business has already taken some of the hardest hits and is able to now step on a firmer ground as it attempts to rebuild.

"While the financial performance has been difficult, it means the business has already absorbed a lot of external shocks and has a higher quality base to build from," Wilkins noted.

888 wants to rebrand to evoke plc, and hopes to see immediate benefits from the decision. One is a mid-term objective that wants revenue to start inching up by roughly 5-9% a year, a far cry from competitor Flutter Entertainment’s double-digit growth revealed in the latter company’s most recent financial results.

888 has also been mulling a possible exit from the United States, as it wants to further strengthen its finances and pare down unsustainable spending. The company has already outlined what its core markets would be under its VCP push, with its focus now lying on the United Kingdom, Italy, Spain, and Denmark, which already account for 80% of the revenue.

Then there are the rest of the markets. However, Widerström wants his company to continue growing in markets that offer long-term growth potential but that admittedly has a higher entry barrier.

"In these markets, we will continue to leverage our local expertise and diverse brand portfolio to increase market share and drive sustainable profitable growth," he noted. The company has also created six strategic initiatives to help drive this long-term value for the company and guarantee growth.

There is a lot on the docket there, from customer lifecycle management to customer value proposition. A focus on proprietary technology platform unification will also be one of the initiatives to unfold over the coming weeks.

Image credit: 888