Per Widerström, Chief Executive Officer of Evoke plc, is facing mounting internal pressure over the company’s performance and could resign from his role, sources close to the matter have told GamblingNews.uk.
The development comes as the William Hill and 888 parent company grapples with a deepening financial crisis and an increasingly sceptical investor base.
Widerström has been at the helm of the Gibraltar-headquartered gambling group since October 2023, appointed following an extensive search process by the board, with the company at that point still operating as 888 Holdings.
He arrived with credentials that looked strong on paper. He had previously served as Group CEO of Fortuna Entertainment Group from 2014 to 2022, and before that held a succession of senior roles across the online gaming industry dating back to 2006. He holds an MSc in International Accounting and Finance from the London School of Economics and a BSc in Business Administration from the University of Gothenburg.
The Swede took on a company that was already in difficulty, but conditions have worsened considerably on his watch. Evoke, whose brands include William Hill, 888 and Mr Green, has reported a second consecutive year of profitable growth on an adjusted basis. However, the loss after tax increased by 149 per cent from £220.9 million to £549.1 million, and net debt for the year was registered at £1.9 billion. Analysts and investors are losing patience.
During Evoke’s FY2025 earnings call, one analyst directly challenged Widerström and CFO Rob Wilkins, noting that the share price had dropped significantly and debt had increased since the pair joined the company, and pressing management on when shareholders would see any value returned. The question cut to the heart of a broader frustration building around the leadership team.
Widerström, who acknowledged he is a shareholder himself, told investors and analysts that the team was firmly focused on delivering shareholder value. He pointed to returning the company to revenue growth and improving the EBITDA margin as evidence of progress after years of decline. But with losses spiralling and debt climbing year on year, those assurances are wearing thin in some quarters.
The financial pressure is compounded by a hostile regulatory environment. Britain’s Autumn Budget delivered what Deutsche Bank described as a hammer blow to the sector, with plans to nearly double the UK Remote Gaming Duty from 21 per cent to 40 per cent and raise the levy on remote betting from 15 per cent to 25 per cent. Evoke suspended its financial targets and signalled that thousands of jobs could be at risk. Widerström was openly critical of the Treasury’s approach.
In December 2025, Evoke announced it was considering a sale or breakup of William Hill and 888 Casino amid rising debt and the looming tax increases. More recently, the company was reported to be weighing a £225.3 million takeover approach from Greek lottery and gaming firm Bally’s Intralot, with news of those talks sending shares nearly 16 per cent higher in a single session.
The backdrop to Widerström’s tenure is inseparable from how he came to be appointed in the first place. His predecessor, Itai Pazner, did not leave quietly. Pazner, who had been CEO since 2019 and spent over two decades with the company, was ousted following revelations over KYC and anti-money laundering failures in 888’s Middle Eastern markets. The company’s shares tumbled as much as 14 per cent on the announcement of his departure, which was effective immediately, as 888 simultaneously revealed it was suspending VIP activities in the region pending an internal investigation. It was a chaotic and damaging exit that left the group exposed.
Widerström stepped into a business already carrying close to £1.8 billion in debt from the William Hill acquisition and a compliance scandal fresh in the market’s memory. Nearly two years on, net debt has climbed further to £1.86 billion, and with a substantial cash interest bill the pressure on management to stabilise the business while navigating a difficult trading environment is considerable.
Whether Widerström departs by choice or by boardroom decision, the clock is ticking. Sources who spoke to GamblingNews.uk suggest the situation is fluid and that no final decisions have been made, but that patience within the organisation is not unlimited. Evoke did not respond to a request for comment at time of publication.
