Evoke Reports Flat H1 2026 Revenue as Bally’s Intralot Acquisition Stays on Schedule
TL;DR — Evoke reported flat H1 revenue of £887.5 million and a 10% EBITDA decline to £150.2 million due to £46 million higher duties. The £243 million Bally’s Intralot deal is on track for Q4 2026 or Q1 2027 close, with UK online up 4%. International revenue fell 2%.
SCCG Take — The acquisition addresses Evoke’s £1.8bn debt burden but depends on the August 17 vote. Failure risks prolonged constraints from taxes and regional shortfalls.
Evoke has posted flat revenue for the first half of 2026 while maintaining that its proposed acquisition by Bally’s Intralot is proceeding as planned. Group revenue totaled £887.5 million ($1.2 billion), level with the prior-year period but 2% higher when adjusted for the closure of 270 William Hill betting shops. Adjusted EBITDA decreased 10% year-on-year to £150.2 million ($203 million).
The decline incorporates a £46 million ($62.2 million) increase in gaming duties, with the company pointing to significantly improved underlying profitability. As reported by Casino.org News, CEO Per Widerström confirmed the £243 million ($328 million) deal remains on course for completion in the fourth quarter of 2026 or the first quarter of 2027, subject to shareholder and regulatory approvals.
Regional Performance Details
In the UK and Ireland, online revenue grew 4% and adjusted EBITDA rose 28% despite the tax headwinds, of which approximately £30 million related to the UK. CFO Sean Wilkins highlighted reduced marketing spend that still delivered growth, stating it was “not just a cost-cutting exercise.”
Internationally, revenue fell 2% with adjusted EBITDA down 20%. Weaker results in Spain and Romania were partially offset by gains in Italy and Denmark. Widerström noted that resources have been moved from the UK to accelerate the product and tech roadmap for Spain, where a new William Hill app has launched.
Risks Tied to Deal Completion
Evoke highlighted approximately £1.8bn in borrowings as a “key constraint” if the transaction does not proceed. Wilkins explained that the recommended acquisition provides a clearer path to a more sustainable capital structure, a factor in the board’s unanimous support.
The shareholder vote is scheduled for August 17. Should the deal encounter delays or fail to secure necessary approvals, the company’s capital structure and operational flexibility could face sustained pressure from ongoing tax increases and uneven international performance. Operators in comparable situations will watch the vote outcome for signals on how such transactions can stabilize balance sheets in a high-tax environment.
Reporting: Casino.org News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
The deal is Evoke's lifeline out of £1.8bn debt — if the August vote fails, tax pressure and capital constraints tighten fast.
We've tracked debt-driven M&A across 545 partnerships in every regulated market. Evoke's situation is a textbook case: rising duties, uneven international returns, and a balance sheet that leaves zero room for error. The August 17 vote will dictate whether this becomes a model for capital relief or a cautionary tale on deal execution risk.
- £887.5M revenue flat YoY; EBITDA down 10% to £150.2M after absorbing £46M in new gaming duties
- £243M Bally's Intralot acquisition on track for Q4 2026 or Q1 2027 close, pending August 17 shareholder vote
- UK online up 4%, international down 2%; £1.8bn debt becomes critical constraint if deal collapses
SCCG angle: SCCG has guided operators through complex cross-border M&A and capital structure pivots in UK, European, and North American markets. When acquisition timelines tighten and regulatory approvals stack up, we connect the right advisors, investors, and integration partners to keep deals on the rails and balance sheets stable.
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