Evoke reported broadly unchanged revenue for the first half of 2026 as growth in its UK online business helped counter weaker international trading and the impact of a smaller William Hill retail estate. However, sharply higher gambling duties, particularly in the UK, weighed heavily on profitability.
Group revenue for the six months ended 30 June reached £887.5 million, compared with £887.8 million a year earlier. On a like-for-like basis, excluding the effect of roughly 270 fewer betting shops, revenue increased 2%.
Adjusted EBITDA fell 9.5% to £150.2 million from £165.9 million, while reported EBITDA declined 12% to £124.8 million. Evoke attributed much of the pressure to a £46 million year-on-year increase in gaming duties. More than half of that additional cost was mitigated through lower and more targeted marketing spending, improved promotional efficiency and operational savings.
The UK tax environment has become substantially more expensive for online operators after Remote Gaming Duty increased from 21% to 40% on 1 April 2026. A separate 25% rate for most remote sports betting is due to take effect from April 2027. Evoke previously estimated that the combined changes could increase its annual duty burden by around £125 million to £135 million by 2027.
William Hill drives UK online growth
UK and Ireland online revenue rose 3.5% to £348.1 million, with gaming revenue increasing 6.7%. Evoke said William Hill delivered double-digit gaming growth, supported by product improvements and more efficient bonus spending.
The performance was partially offset by declines at 888, where Evoke has deliberately prioritised customer profitability rather than chasing lower-return betting and gaming volumes.
Adjusted EBITDA from UK and Ireland online operations increased 28.3% to £77 million, helped by reduced marketing costs and improved promotional efficiency despite the higher tax burden.
International revenue was less resilient, declining 1.9% to £293.8 million. Italy recorded 21% growth and Denmark was up 13%, but those gains were outweighed by weaker results in Spain, Romania and other international markets.
International adjusted EBITDA dropped 20.9% to £67.6 million, mainly because of higher duties in Romania and Italy and a greater proportion of revenue coming from markets with higher tax rates.
Smaller retail estate improves underlying profitability
Evoke continued reducing the size of its William Hill retail network during the period. It had 1,024 shops at the end of June, down from 1,302 a year earlier, representing a reduction of more than 21%.
Reported retail revenue fell 2.6% to £245.6 million because of the closures, although like-for-like revenue across remaining shops increased 4%. The improvement was supported by newer gaming machines and upgrades to self-service betting terminals, including the deployment of around 2,000 new cabinets.
Retail adjusted EBITDA increased 5.4% to £31.2 million as Evoke removed loss-making locations and restructured the operating model.
The company finished June with net leverage of 5.6 times, up from 5.2 times at the end of 2025. Net debt increased by approximately £37 million during the half, while cash excluding customer balances stood at £105.6 million.
Bally’s Intralot takeover moves forward
The results come as Evoke prepares for its proposed acquisition by Bally’s Intralot. The two companies agreed a recommended all-share transaction in June that values Evoke’s equity at approximately £243.1 million.
The agreement followed a strategic review launched by Evoke in December 2025 as the company assessed its options against a backdrop of rising UK gambling taxes, substantial debt and increasing regulatory costs.
The transaction remains subject to shareholder and regulatory approvals. Evoke said the process is progressing according to plan, with completion still expected in either the fourth quarter of 2026 or the first quarter of 2027. The company has not issued forward financial guidance because of the pending takeover.