evoke Holds H1 Revenue Flat at £887.5 Million as UK Duty Rise Cuts Adjusted EBITDA 10 Percent
TL;DR — evoke reported flat H1 revenue of £887.5m to 30 June 2026 while adjusted EBITDA fell 10% to £150.2m after a £46m rise in UK gaming duties. More than half the duty increase was offset by cost savings. The operator has agreed to a recommended acquisition by Bally’s Intralot and suspended forward guidance.
SCCG Take — Higher duties compress margins and lift leverage to 5.6x, accelerating evoke’s shift toward a sale that delivers stronger capital structure for the remaining estate.
evoke held first-half revenue steady at £887.5 million for the six months ended 30 June 2026. Adjusted EBITDA fell 10 percent year-on-year to £150.2 million after the group absorbed a £46 million increase in UK gaming duties, according to reporting by iGaming Future. Reported EBITDA declined 12 percent to £124.8 million and the operator posted a post-tax loss of £70.2 million.
UK and Ireland online revenue rose 4 percent with 7 percent gaming growth at William Hill. Revenue from 888 declined as evoke prioritised profitability over lower-margin customer acquisition. International revenue fell 2 percent, with 21 percent growth in Italy and 13 percent growth in Denmark offset by declines in Spain, Romania and other markets.
Retail revenue increased 4 percent on a like-for-like basis from gaming machine deployments and self-service betting terminal upgrades. On a reported basis retail revenue declined 3 percent after the closure of approximately 270 shops versus the prior-year period. More than half the duty increase was offset through lower marketing expenditure, improved promotional efficiency and operational cost savings.
Operational Adjustments
evoke completed the closure of around 200 retail shops in May 2026 to improve the profitability of its remaining estate. The operator continued investing in data, automation and AI capabilities. Cash excluding customer balances stood at £105.6 million at 30 June with total liquidity of approximately £150 million including an undrawn revolving credit facility. Net leverage rose from 5.2x at the end of 2025 to 5.6x.
Acquisition and Outlook
On 5 June 2026 evoke announced a recommended acquisition by Bally’s Intralot. The transaction remains subject to shareholder, regulatory and other approvals with completion expected in the fourth quarter of 2026 or the first quarter of 2027. The company is not providing forward-looking financial guidance pending the deal outcome. Trading since the end of the period has remained in line with management expectations with the FIFA World Cup driving customer engagement.
Per Widerström, CEO of evoke, commented: “The first half demonstrated the resilience of the business in a significantly more challenging operating environment following substantial increases in gaming duties introduced across some of our core markets, most notably in the UK.” The Board concluded the transaction represents the most attractive outcome for shareholders while providing a stronger long-term capital structure.
Reporting: iGaming Future
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Duty-driven margin squeeze and rising leverage made evoke's sale to Bally's Intralot a financial necessity, not just a strategic choice.
We're watching how regulatory cost inflation—especially UK duties—forces consolidation even among multi-brand operators with scale. evoke held revenue flat but couldn't defend profitability when the state doubled down. That 5.6x leverage number tells the real story: cost cuts bought time, but the capital structure demanded a buyer.
- Revenue flat at £887.5m, but adjusted EBITDA down 10% to £150.2m after £46m UK duty increase
- Operator offset more than half the duty hit through marketing cuts and operational savings
- Net leverage climbed to 5.6x, accelerating agreed sale to Bally's Intralot expected Q4 2026 or Q1 2027
SCCG angle: SCCG works both sides of these deals—we've placed debt advisors, restructuring talent, and integration leads when regulatory shocks rewrite the playbook. If your portfolio faces similar margin compression or you're evaluating distressed assets in high-tax jurisdictions, our network includes the bankers, operating executives, and turnaround specialists who stabilize before close.
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