Evoke reported flat revenue and lower earnings for the first half of 2026 as higher gaming duties across several regulated markets weighed on profitability. Meanwhile, the company's recommended acquisition by Bally's Intralot continued to move toward completion.
Group revenue for the six months ended 30 June remained broadly unchanged at £887.5m, while adjusted EBITDA fell 10% year-on-year to £150.2m as the company absorbed an additional £46m in gaming duties, primarily in the UK. Management said commercial and operational initiatives, including tighter marketing spend, improved promotional efficiency and cost savings, offset more than half of the increased tax burden.
Results H1 2025 vs H1 2026 (£ in m)
Operational performance was mixed across the Group's core markets. UK and Ireland online revenue increased 4%, supported by continued growth in William Hill's gaming business, while retail generated 4% like-for-like revenue growth despite operating with around 270 fewer betting shops following an estate rationalisation programme.
International revenue declined 2%, with double-digit growth in Italy and Denmark outweighed by softer results in Spain, Romania and other overseas markets. Retail profitability also improved after the closure of underperforming locations and continued investment in self-service betting terminals.
Alongside its financial performance, Evoke continued investing in automation, artificial intelligence and technology improvements to support long-term efficiency while maintaining a disciplined approach to capital allocation. The company ended June with £105.6m in unrestricted cash and approximately £150m in total available liquidity. Net leverage rose to 5.6x from 5.2x at the end of 2025, reflecting the higher gaming duty burden and increased net debt during the period.
The Board said the recommended acquisition by Bally's Intralot remains on course, with no change to the anticipated completion timetable. Shareholders are due to vote on the transaction at court and general meetings scheduled for 17 August.
Subject to shareholder, regulatory and other approvals, completion is expected during the fourth quarter of 2026 or the first quarter of 2027.
In light of the pending acquisition, Evoke has not issued forward-looking financial guidance and said its immediate priorities remain focused on serving customers, supporting employees and maintaining operational discipline while the transaction progresses.
The proposed acquisition is still expected to complete in late 2026 or early 2027, subject to shareholder and regulatory approvals
