Evoke reports 7% drop in revenue as acquisition advances
Q3 revenue $542.67M; Bally’s Intralot deal on track despite higher gaming taxes.
Key Takeaways
- Evoke reported third-quarter revenue of $542.67 million, a 7% year-on-year decline.
- After adjusting for store closures and currencies, Evoke said revenue would have fallen about 2%.
- The all‑share offer from Bally’s Intralot remains on schedule; Evoke shareholders will receive 0.537 Bally’s shares per Evoke share.
- Evoke expects annual tax costs to rise by $167.08 million to $180.44 million once recent tax changes are fully implemented.
- The company closed roughly 270 stores in the past year and expects cost savings and cuts to offset about half of the increased tax burden.
Evoke reported third-quarter revenue of $542.67 million, a 7% year-on-year decline, and said the proposed takeover by Bally’s Intralot is nearing completion. The company, owner of William Hill, 888 and Mr Green, also urged the UK government to avoid further increases to gaming taxes.
Quarter results and adjustments
The 7% decline is the headline figure, but Evoke said that after adjusting for store closures and currency movements revenue would have fallen only 2%. For the quarter ended 30 September, favourable football betting results reduced revenue growth by between one and two percentage points. Evoke said the $542.67 million figure does not fully reflect the impact of a smaller store footprint and currency fluctuations.
Takeover by Bally’s Intralot and financing
Shareholders of both companies approved the acquisition and Evoke has received most regulatory approvals, so the deal remains on schedule. Bally’s Intralot agreed an all‑share offer in June: Evoke shareholders will receive 0.537 new shares for each Evoke share.
At announcement the terms valued Evoke at about $324.93 million, or $0.69 per share. Evoke ended 2025 with roughly $2.49 billion of debt, after buying Caesars Entertainment’s non‑US William Hill unit for about $2.67 billion in 2022.
Bally’s Intralot secured around $1.19 billion of financing from TPG Credit, Oaktree and OHA for the acquisition and debt refinancing. Evoke said it expects the transaction to close in late 2026 or early 2027.
"We remain focused on disciplined execution and operational efficiency as we progress towards completion of the acquisition," said chief executive Per Widerström.
Tax impact and store closures
Evoke expects changes to taxation announced in November 2025 to increase its annual tax bill by between $167.08 million and $180.44 million once fully implemented. The company estimates supplier savings, marketing cuts, store closures and other measures will offset roughly half of that increase.
The remote gaming tax rose from 21% to 40% on 1 April 2026. Another 25% rate for remote betting comes into force on 1 April 2027; remote UK horse-racing bets will retain the 15% rate. Evoke closed around 270 stores in the past year. It initially warned that between 120 and 200 William Hill shops could shut, risking up to 1,500 jobs; in March it confirmed close to 200 closures that began in May and the subsequent total reached 270, without specifying the final employment number.
Leaders of six major UK betting firms last week reported more than 600 shop closures and 10,250 jobs lost or at risk since the 2025 budget, urging the chancellor on 28 October to keep the gaming machine tax unchanged and pause the planned rise in the remote betting rate.
Frequently Asked Questions
How much did Evoke earn in the third quarter and what was the change?
Evoke reported $542.67 million in third‑quarter revenue, a 7% year‑on‑year decline; the company said that after adjusting for store closures and currency movements the drop would have been about 2%.
What is the status of the Bally’s Intralot acquisition and what will Evoke shareholders receive?
The acquisition approved by shareholders has received most regulatory approvals and remains on schedule. Under the all‑share offer agreed in June, Evoke shareholders will receive 0.537 new Bally’s Intralot shares for each Evoke share.
What is the expected tax impact of the November 2025 changes on Evoke?
Evoke expects the tax changes announced in November 2025 to raise its annual tax bill by between $167.08 million and $180.44 million once fully implemented; it estimates savings and cuts will offset about half of that increase.
How many stores has Evoke closed and what was the scale of the initial job risk?
Evoke closed around 270 stores in the last year. The company initially warned that between 120 and 200 William Hill shops could close, risking up to 1,500 jobs, and later confirmed close to 200 closures that began in May.
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About the author
Emilio Navarro
Industry Technology Correspondent
Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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