Evoke (LSE: EVOK) has revealed steady revenue for the first half of 2026, as the operator of William Hill and 888 stated that the proposed acquisition by Bally’s Intralot is progressing as intended.
The company reported a group revenue of £887.5 million ($1.2 billion), unchanged from H1 2025, although it marks a 2% increase when considering the closure of 270 William Hill betting outlets.
Adjusted EBITDA decreased by 10% year-on-year, amounting to £150.2 million ($203 million). Nevertheless, Evoke noted that this figure illustrates “significantly enhanced underlying profitability” as the business managed a £46 million ($62.2 million) rise in gaming duties during this period.
Despite the EBITDA decline, CEO Per Widerström expressed confidence that the acquisition by Bally’s Intralot is proceeding smoothly. This £243 million ($328 million) transaction was disclosed in June.
“Advancements with the necessary filings are proceeding as expected, and we anticipate completing the process in either Q4 2026 or Q1 2027,” Widerström remarked during a recent earnings call.
The acquisition is still pending approval from shareholders and regulatory bodies, including an Evoke shareholder vote set for August 17. Until the completion of this deal, Evoke is refraining from offering forward-looking financial projections.
Widerström emphasized that Evoke’s priorities “remain consistent” until the deal is finalized. “We will continue to focus on providing excellent customer service, supporting our employees, maintaining disciplined execution, and achieving strong cash flow,” he stated.
Evoke Experiences Growth in UK Online Sector
The financial results for the first half also shed light on some of the challenges that underscore Evoke’s support for this acquisition.
The company pointed to its approximate £1.8 billion in debts as a potential “key constraint” if the Bally’s Intralot transaction does not materialize.
“The recommended acquisition presents a more viable path to achieving a sustainable capital framework, an essential factor in the board’s unanimous endorsement,” noted CFO Sean Wilkins.
While the balance sheet poses challenges, Evoke’s core UK online division performed markedly better.
Online revenue from the UK & Ireland climbed by 4%, with adjusted EBITDA rising by 28%, despite increased taxes. Of the £46 million additional duties, about £30 million was incurred in the UK.
Wilkins explained that Evoke reduced marketing expenditures while still achieving growth, stating that the company’s response to the tax hikes went beyond mere cost-cutting.
“We’ve actually decreased our marketing spend year-on-year while still achieving that 4% growth,” he mentioned. “This strategy was not solely about cutting costs.”
Shift of UK Resources to Spain
International performance varied, with revenue dipping by 2% and adjusted EBITDA falling by 20%. Declines in Spain and Romania negated the robust growth experienced in Italy and Denmark.
Evoke is now intensifying efforts to enhance its operations in Spain, where management acknowledged challenges with its sportsbook offerings.
“We have reallocated certain resources from the UK to better scale and accelerate our product and technology initiatives for Spain,” Widerström explained.
The company has already rolled out a new William Hill application in Spain, with expectations for the newly introduced product and commercial improvements to begin yielding results in the second half.