Evoke's revenue remained relatively stable in the first half of 2026, even as tax increases in the UK exerted pressure on the company ahead of its impending takeover by Bally’s Intralot. On Wednesday, Evoke announced its H1 2026 financial results, reporting a slight decrease in revenue to £887.5 million from £887.8 million for the same period last year.
The company’s EBITDA fell by 12% to £124.8 million. Although adjusted EBITDA stood at £150.2 million, aligning with expectations, Evoke faced a significant year-on-year increase of £46 million in gaming duties. This surge is primarily attributed to the UK’s hike in Remote Gaming Duty, which rose from 21% to 40% as of April 1, 2026.
Evoke noted that over half of the additional duty burden was counterbalanced in H1 through a streamlined marketing strategy, enhanced promotional efficiency, and operational cost reductions.
CEO Per Widerström remarked that the company's operational improvements positioned it well to cope with rising cost pressures within the sector. “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.
He indicated that the company had responded proactively, focusing on controllable areas, which helped maintain operational momentum, achieve like-for-like revenue growth, and sustain profitability and cash generation despite the challenging environment.
In the regional sector, Evoke saw a 4% rise in online revenue from the UK and Ireland, with gaming growth of 7%, largely attributed to a strong performance from William Hill. Adjusted EBITDA for this segment increased by 28%, despite facing external challenges.
However, Evoke acknowledged a drop in revenue from its 888 operations, a result of its strategy to prioritize profitability and customer economics over lower-return volumes. Internationally, revenue dipped by 2%, although Italy and Denmark experienced growth rates of 21% and 13%, respectively. Conversely, performance weakened in Spain, Romania, and other markets classified as “Rest of World.” International adjusted EBITDA decreased by 20%, attributed to rising duty rates in Romania and Italy.
Interestingly, some industry observers have speculated that Italy could be a potential divestment target for Bally’s Intralot following the takeover. However, Bally's Intralot CEO Robeson Reeves insisted, “Italy is one of the prized assets, probably one of the things I’d refuse to sell.”
On the retail front, Evoke reported a 4% year-on-year growth in revenue on a like-for-like basis, thanks to the rollout of gaming machines in 2025 and enhancements to its self-service betting terminals (SSBTs). Yet, reported retail revenue fell by 3%, largely influenced by a reduction in its retail footprint. Evoke closed approximately 270 shops compared to the previous year, including 200 William Hill locations in May 2026 alone, which accounted for around 15% of its retail estate.
The company is now focused on investing in its remaining shops to enhance profitability in the retail sector.
The takeover deal, announced by Bally’s Intralot in June, is valued at approximately £243.1 million for an all-share acquisition of Evoke. This move followed Evoke's strategic review initiated in December 2025, which aimed to address challenges posed by UK tax hikes. While the deal awaits shareholder and regulatory approvals, it remains poised for completion by late 2026 or early 2027.
Widerström highlighted that the company’s focus would remain consistent until the deal's finalization: “We continue to focus on serving our customers, supporting our colleagues, maintaining disciplined execution and delivering strong cash generation,” he stated. Evoke refrained from providing forward financial guidance due to the pending takeover.
