Evoke's financial performance remained stable in the first half of 2026, showing only a slight decline as tax hikes in the UK impacted results in the lead-up to its impending acquisition by Bally's Intralot. The company reported H1 2026 revenue at £887.5 million, a decrease from the previous year's £887.8 million.
Evoke's EBITDA also fell by 12%, landing at £124.8 million, while adjusted EBITDA was reported at £150.2 million, aligning with expectations. However, the company faced a £46 million increase in gaming duties year-on-year, primarily due to the UK's Remote Gaming Duty rising from 21% to 40% as of April 1, 2026.
Despite these challenges, Evoke managed to offset over half of the gross duty increase through more efficient marketing, improved promotional effectiveness, and cost-saving measures. CEO Per Widerström highlighted that the company's operational improvements placed it in a stronger position to handle the escalating cost pressures.
"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," he stated. Widerström noted that by focusing on controllable factors, Evoke was able to sustain operational momentum despite the tough environment.
In terms of regional performance, Evoke's online revenue in the UK and Ireland rose by 4%, driven by a 7% increase in gaming, largely due to strong results from William Hill. Adjusted EBITDA for this segment increased by 28%, notwithstanding the industry's headwinds. However, revenue from 888 declined as Evoke prioritized profitability and customer economics over seeking lower-return volume.
Internationally, revenue experienced a 2% downturn, despite marked growth in Italy and Denmark, which reported increases of 21% and 13% respectively. The company identified weaker performances in Spain, Romania, and other markets classified as "Rest of World." Imported adjusted EBITDA saw a 20% decline, influenced by increased duty rates in Romania and Italy.
Interestingly, while discussions about selling parts of its business, including the Italian segment, circulate, Bally's Intralot CEO Robeson Reeves expressed strong commitment to retaining the Italian asset, calling it one of their prized possessions.
Regarding retail operations, Evoke's revenue on a like-for-like basis grew by 4%, aided by the introduction of gaming machines and enhancements to SSBTs (self-service betting terminals). However, due to a reduction in the overall retail footprint, reported revenue fell by 3%. Evoke operated roughly 270 fewer retail outlets compared to the same period last year, having closed 200 of its William Hill locations in May 2026. In this context, Evoke emphasized its focus on improving the profitability of its remaining shops.
The acquisition by Bally's Intralot is progressing as planned, with the deal valued at approximately £243.1 million for an all-share transaction. Evoke's interest in a potential sale followed a strategic review initiated in December 2025, partly in response to increased UK tax rates. Although the deal still awaits shareholder and regulatory approvals, its completion is anticipated in Q4 2026 or Q1 2027. Widerström reiterated that the company’s operational focus remains consistent until the takeover is finalized, stating, "We continue to focus on serving our customers, supporting our colleagues, maintaining disciplined execution, and delivering strong cash generation." Evoke did not provide any forward financial guidance due to the ongoing acquisition discussions.
