Evoke reports Q3 revenue down 7% as Bally's Intralot takeover progresses

Q3 revenue declines

Evoke PLC reported group revenue of £406m for Q3, down 7% year-on-year, the business said. On a like-for-like constant currency basis, revenue was down 2%.

The operator has closed around 270 William Hill retail shops over the past year. A decision was made on 31 March to close approximately 200 of these following a thorough company review, the day before the increase in Remote Gaming Duty from 21% to 40% was implemented on 1 April 2026.

Evoke confirmed around 270 closures and said pre-tax losses had more than doubled to £549.1 million, from £220.9 million in 2024.

Tax impact and cost mitigation

Evoke estimated the tax changes would increase its duty costs by about £125 million to £135 million a year once fully in place. The operator said it expected to offset about half of that through supplier savings, lower marketing spend, store closures and operating cost cuts.

Around 1,000 betting shops remain in Evoke’s portfolio.

Bally’s Intralot acquisition

Evoke is in the process of being acquired by Greece-headquartered industry firm Bally’s Intralot for a price of 52p-per-share, or £243.1m. Under the all-share deal agreed in June, shareholders receive 0.537 new Bally’s Intralot shares for each Evoke share.

Shareholders of both companies have approved the deal and most regulatory approvals have been received. The acquisition is expected to complete in late Q4 2026 or early Q1 2027, and Evoke is expected to delist from the London Stock Exchange in late 2026.

Bally’s Intralot has lined up about £889 million of financing from TPG Credit, Oaktree and OHA to fund the deal and refinance Evoke’s debt. Evoke had debt of about £1.86 billion at the end of last year.