Evoke's financial performance has held steady during the first half of 2026, despite the impact of increased taxation in the UK ahead of its takeover by Bally’s Intralot.
On Wednesday, Evoke revealed its results for H1 2026, showing a slight decline in revenue to £887.5 million from £887.8 million in the same period last year. The company's EBITDA fell by 12% to £124.8 million, although adjusted EBITDA of £150.2 million met expectations. This outcome was affected by a £46 million increase in gaming duties compared to the previous year, largely due to the UK's Remote Gaming Duty rate jumping from 21% to 40% as of April 1.
According to Evoke, more than half of the adverse impact from increased duty was mitigated during H1, attributed to a more efficient marketing strategy, improved promotional activities, and operational cost savings.
CEO Per Widerström expressed confidence in the company's strategic initiatives in light of sector pressures, stating, "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 added that the company focused on controllable aspects, resulting in maintained operational momentum, like-for-like revenue growth, and safeguarded profitability and cash flow.
In terms of regional performance, Evoke's online revenue in the UK and Ireland saw a 4% increase, driven especially by a strong showing from William Hill which contributed to a 7% growth in gaming. The adjusted EBITDA from this segment surged by 28% despite ongoing tax challenges. However, Evoke noted a decline in revenue from 888, attributing this shift to a focus on profitability rather than volume.
Internationally, revenue dipped by 2%, even as Italy and Denmark reported growth figures of 21% and 13%, respectively. Challenges stemmed from weaker performance in Spain, Romania, and other regions, with international adjusted EBITDA plummeting by 20% due to heightened taxation in Romania and Italy. It has been speculated that Bally’s Intralot might consider divesting Italian operations after the takeover, but the firm's CEO Robeson Reeves emphasized the value of the Italian market, stating, "Italy is one of the prized assets, probably one of the things I’d refuse to sell."
Retail revenue for Evoke grew by 4% year-over-year on a like-for-like basis, supported by the rollout of new gaming machines in 2025 and enhancements to self-service betting terminals (SSBTs). However, on a reported basis, revenue fell by 3% due to a reduction in retail locations. Evoke closed approximately 270 shops compared to last year, including 200 William Hill outlets in May 2026 alone, which is about 15% of its retail presence. The company indicated a commitment to investing in existing locations and improving their profitability.
Bally’s Intralot's acquisition of Evoke, valued at approximately £243.1 million, was announced in June and involves an all-share deal. This move follows Evoke's strategic review initiated in December 2025, spurred in part by UK tax increases. The takeover is progressing, requiring approval from both shareholders and regulatory bodies, with completion expected in either Q4 2026 or Q1 2027. Widerström noted that the company’s focus remains consistent until the deal is finalized, emphasizing the need to serve customers, support staff, and maintain strong cash generation.
