Evoke Q3 revenue falls 7% to £406m as 270 shops close

Evoke reported third-quarter revenue of £406m for the three months to 30 September, down 7% on the year and down 2% on a like-for-like constant currency basis, after reducing its UK retail estate by around 270 shops. The operator, which runs the William Hill, 888 and Mr Green brands, said weaker football results at the start of the season also trimmed growth and CEO Per Widerström urged the UK Government to avoid further tax increases five days before Chancellor John Healey's Autumn Budget on 28 October.

Revenue drivers and sports margins

Revenue for the quarter totalled £406m, compared with £435.4m a year earlier. On a like-for-like constant currency basis, which excludes the impact of the closed shops and exchange-rate effects, revenue fell 2%. Evoke estimated that early-season football outcomes, which it said favoured customers, reduced group growth by 1–2 percentage points; adjusted for expected sports margins, the company reported revenue was broadly stable.

Entain made a similar disclosure in its Q3 update earlier in the month about football results affecting margins. Evoke reported that retail revenue declined 2.6% to £245.6m in the first half of the year but grew 4% on a like-for-like basis across stores that remained open.

Retail reshaping: from 1,302 to 1,024 shops

Evoke's UK retail estate fell to 1,024 shops by 30 June, down from 1,302 a year earlier. The group closed 68 shops in Q4 2025, and in March confirmed around 200 William Hill locations would close from 24 May. Across the past year the company says it has closed approximately 270 shops.

The closures followed measures announced in the UK November 2025 Budget. Remote Gaming Duty on online casino revenue rose from 21% to 40% from 1 April 2026, and duty on online sports betting is scheduled to rise from 15% to 25% in April 2027. Evoke estimates the two duty changes will add £125m–£135m to its annual tax bill once fully in effect.

Evoke expects the shop closures to contribute around £11m to annual adjusted EBITDA. First-half gaming duties increased by £46m across the UK, Italy and Romania. Adjusted EBITDA for the first half fell 9.5% to £150.2m and net debt reached £1.9bn, or 5.6x adjusted EBITDA.

Machine Games Duty and the Autumn Budget

Per Widerström, Chief Executive Officer of Evoke, said:

"On an underlying basis the business continues to show resilience and reflects our continued emphasis on profitability and cash generation following the substantial increases in gaming duties, particularly in the UK."
"The closure of 270 shops over the past year shows the real impact on jobs and livelihoods from higher industry taxation, and we urge the UK Government to carefully consider any further increases ahead of its forthcoming Autumn Budget."

Press reporting in The Times has suggested Machine Games Duty, the UK tax on gaming machine revenue, could rise from 20% to 25% and would apply to the standard MGD band that covers most machines costing up to £5 per play. The Social Market Foundation previously proposed a 40% rate for betting shop machines in June. Trade bodies and operators have warned on potential further shop and job losses if machine duty increases.

The Betting and Gaming Council has forecast more than 600 shops and 5,000 jobs could be lost across the sector between the last Budget and the end of 2026. Individual operators have already signalled cuts: Flutter has placed up to 1,400 jobs at risk in the UK and Ireland, and Betfred is consulting on 132 shop closures. Betfred chairman Fred Done has said fixed-odds betting terminals generate half of his group's shop profits.

Strategic review, refinancing and the Bally’s Intralot deal

Evoke launched a strategic review in December 2025 and appointed Morgan Stanley and Rothschild as advisers. The review concluded on 5 June when Athens-listed Bally’s Intralot agreed to acquire Evoke in an all-share transaction valued at £243.1m. Evoke shareholders will receive 0.537 new Intralot shares per Evoke share, valued at 52p, with a cash alternative capped at £117.1m.

Lenders led by TPG Credit, together with Oaktree and OHA, committed around £889m to refinance Evoke's senior secured debt. Evoke shareholders approved the scheme in August with 99.91% of votes in favour and Bally’s Intralot shareholders also approved the deal. Evoke said the majority of required regulatory approvals have been received.

Completion of the transaction remains on track for late Q4 2026 or early Q1 2027, the company said. Evoke has sold non-core assets as part of the process; in August Gaming Innovation Group (GiG) agreed to acquire an 80% stake in 888AFRICA from an Evoke subsidiary for €16.4m, with completion expected in late Q4 2026 or early Q1 2027.

Widerström said Evoke will focus on disciplined execution and operational efficiency while the deal progresses. If a reported MGD rise to 25% is confirmed on 28 October, that change would land before the transaction closes and would transfer the resized retail estate to Bally’s Intralot with the higher online duty environment already in place.

Financial context and impairments

Evoke reported a £549.1m loss for 2025, driven mainly by £440.3m of impairments on its UK online and retail businesses. The company's valuation in the Bally’s Intralot deal compares to the £2.2bn price 888 paid Caesars for William Hill's non-US business in 2022.

Evoke said it remains committed to restoring profitability and cash generation amid higher gaming duties and the ongoing retail restructure. The company framed the closures and strategic moves as necessary responses to a materially higher tax environment.