Evoke H1 Revenue Flat as £243M Bally’s Intralot Takeover Remains on Track

Evoke (LSE: EVOK) reported flat revenue for the first half of 2026, as the William Hill and 888 operator said its proposed acquisition by Bally’s Intralot was “going to plan.”

Group revenue came in at £887.5 million ($1.2 billion), the same as H1 2025 although up 2% when the closure of 270 William Hill betting shops is accounted for. 

Adjusted EBITDA fell 10% year-on-year to £150.2 million ($203 million). However, Evoke said the result reflected “significantly improved underlying profitability” as the company absorbed a £46 million ($62.2 million) increase in gaming duties during the period.

Despite the profitability decline, CEO Per Widerström said the company remains on track to be acquired by Bally’s Intralot. The £243 million ($328 million) deal was announced in June.

“Progress with the relevant filings is going to plan, and we still expect to complete in the fourth quarter of 2026 or the first quarter of 2027,” Widerström said during an earnings call.

The deal remains subject to shareholder and regulatory approvals, including an Evoke shareholder vote scheduled for August 17. Evoke is not providing forward-looking financial guidance while the transaction remains pending.

Widerström said Evoke’s priorities “remain unchanged” until completion of the deal. “We continue to focus on serving our customers, supporting our colleagues, maintaining disciplined execution and delivering strong cash generation,” he said.

Debts Prompt Support for Bally’s Deal

The H1 figures also highlighted the financial pressures underpinning Evoke’s decision to back the buyout, with management pointing to approximately £1.8 billion in net debt as a “key constraint” should the transaction fail to complete.

“The recommended acquisition provides a clearer path to a more sustainable capital structure, which was an important factor in the board’s unanimous recommendation,” said CFO Sean Wilkins.

UK Online Delivers Stronger Performance

While the balance sheet remains a concern, underlying performance in Evoke’s core UK online business was considerably stronger.

UK & Ireland online revenue increased 4%, while Adjusted EBITDA surged 28% despite higher tax burdens. Of Evoke’s £46 million additional duty bill, approximately £30 million stemmed from UK operations.

Wilkins noted that Evoke reduced marketing spend while still delivering top-line growth, arguing that management’s response to tax hikes went beyond simple cost-stripping.

“Our marketing year-on-year has dropped, but we have still managed to get that 4% growth,” Wilkins said. “This has not just been a cost-cutting exercise.”

UK Resources Shifted to Spain

International performance proved less consistent, with segment revenue falling 2% and Adjusted EBITDA dropping 20%. Weaker trading in Spain and Romania offset solid growth in Italy and Denmark.

Evoke is now stepping up efforts to turn around its Spanish business, where management acknowledged shortcomings in its sportsbook product.

“We have in fact moved some resources from the UK in order to further scale up and accelerate the product and tech roadmap for Spain,” Widerström said.

The company has already launched a new William Hill app in Spain, expecting product and commercial upgrades made during the first half to yield results in H2.