Evoke Q3 revenue slips 7% to $542.67m as Bally’s Intralot takeover progresses

Evoke reported third-quarter revenue of $542.67 million, a 7% year‑on‑year decline, and said the shortfall coexists with its proposed all‑share takeover by Bally’s Intralot as the deal moves toward completion. The company also warned that tax changes announced in November 2025 will add between $167.08 million and $180.44 million to its annual duty bill once fully implemented.

Results and adjustments

Headline revenue for the quarter ended September 30 was $542.67 million, down 7% year on year. Evoke said bettor‑friendly football results reduced revenue growth by one to two percentage points in the period. After adjusting for shop closures and currency movements, revenue fell 2% rather than 7%.

The business has closed around 270 betting shops over the past year. Evoke initially warned that 120 to 200 William Hill shops could close, risking up to 1,500 jobs; in March it confirmed around 200 closures beginning in May and the total later reached 270. The company has not disclosed a final employment figure.

Takeover progress and financing

Shareholders of both companies have approved the acquisition announced in June, and Evoke said it has received most regulatory clearances; the deal remains on schedule. Evoke shareholders will receive 0.537 new Bally’s Intralot shares for each Evoke share they hold. At announcement, the terms valued Evoke at approximately $324.93 million, or $0.69 per share.

Evoke ended 2025 with about $2.49 billion in borrowings after buying the non‑US William Hill business from Caesars Entertainment for approximately $2.67 billion in 2022. Bally’s Intralot has arranged around $1.19 billion in financing from TPG Credit, Oaktree and OHA to support the acquisition and debt refinancing. The companies expect completion in late 2026 or early 2027.

"We remain focused on disciplined execution and operational efficiency as we progress towards completion of the acquisition," Chief Executive Per Widerström said.

Tax changes and cost mitigation

Evoke said changes announced in November 2025 will increase its annual duty bill by $167.08 million to $180.44 million when fully implemented. Remote gaming duty rose from 21% to 40% on April 1, 2026. A separate 25% remote betting rate will start on April 1, 2027, while remote bets on UK horse racing will retain a 15% rate; the measures apply to different gambling products rather than a single industry‑wide rate.

The company said supplier savings, reduced marketing, shop closures and other cost cuts should offset roughly half of the additional tax cost.

Widerström urged the UK government to avoid further tax increases ahead of its forthcoming autumn budget, linking shop closures to higher taxation.

Wider industry context

Last week, leaders of six major British gambling companies reported more than 600 shop closures and 10,250 jobs lost or facing redundancy since the 2025 budget. They called on the chancellor on October 28 to keep machine games duty unchanged and to pause the planned remote betting increase.

Evoke expects the takeover to close in late 2026 or early 2027 and says it will continue cost discipline while completing the transaction. For commercial and regulatory coverage see regulation and Evoke’s corporate update in our b2b section.