UK growth drives Bally’s Intralot H1 revenue
Revenue rose by 3 per cent year-on-year as the group eyes completion of its Evoke Plc takeover.
Greece.- Bally’s Intralot has reported group revenue of €276.1m for the second quarter of the year, up 3 per cent year-on-year. Growth was driven by the international online business, particularly in the UK, where net gaming revenue rose 11.6 per cent on a constant currency basis.
Nevertheless, the sharp increase in UK Remote Gaming Duty to 40 per cent from April 1 weighed on results, reducing adjusted EBITDA by around €34m from €100.2m in Q1 to €84.6m in Q2, with the margin down from 37.4 to 30.7 per cent. The company said it offset roughly 65 per cent of the impact through revenue gains and cost efficiencies.
For the legacy Intralot business, revenue slipped by 2.3 per cent amid a weaker quarter for the Bilyoner Turkish B2C business. H1 revenue fell to €166.5m, down from €182m a year earlier, while adjusted EBITDA dropped 13.6 per cent to €52.1m. The B2B segment saw revenue decline 10.1 per cent to €128.1m, with the US identified as “the main driver” of the fall.
At the end of H1, Bally’s Intralot carried adjusted net debt of €1.62bn, with a pro forma net leverage ratio of 4.05x. The company explained that the ratio was “temporarily elevated” due to an €85m capex payment for its 15‑year electronic gaming machine monitoring licence in Victoria, Australia, announced in April.
Evoke Plc takeover and results
On Monday, shareholders of Evoke Plc approved Bally’s Intralot’s £243.1m takeover deal for the London-listed operator. Completion of the transaction is expected in either Q4 2026 or Q1 2027, subject to regulatory approval.
Evoke reported broadly flat revenue for the first half of 2026, with the higher UK online gambling taxes also weighing on its performance. The group posted revenue of £887.5m, a slight dip from the £887.8m recorded in the same period last year. EBITDA fell 12 per cent to £124.8m, while adjusted EBITDA came in at £150.2m, which the company said was “in line with expectations.”
A £46m increase in gaming duties year-on-year was the main drag on results. Evoke noted that more than half of the duty impact was offset by reduced but more efficient marketing spend, improved promotional activity and operational cost savings.
Chief executive Per Widerström said the company’s operational improvements had helped it withstand the tougher environment. “The first half demonstrated the resilience of the business in a significantly more challenging operating environment following substantial increases in gaming duties introduced across some of our core markets, most notably in the UK,” he said.
“We responded decisively, focusing on the areas within our control. As a result of the significant operational improvements we have implemented across the business in recent years, coupled with the successful mitigation of a meaningful proportion of the increased duty costs, we have been able to maintain operational momentum, deliver like-for-like revenue growth, and protect profitability and cash generation.”
In regional terms, UK&I online revenue rose 4 per cent, with gaming up 7 per cent thanks to William Hill’s strong performance. Adjusted EBITDA for the segment climbed 28 per cent despite the tax headwinds. Revenue from 888 declined, which Evoke attributed to its focus on profitability and customer economics rather than lower-return volume. International revenue fell 2 per cent, despite growth in Italy (21 per cent) and Denmark (13 per cent). Spain, Romania and other “Rest of World” markets underperformed, while international adjusted EBITDA dropped 20 per cent due to higher duty rates in Romania and Italy.
Retail revenue grew 4 per cent year-on-year on a like-for-like basis, supported by the rollout of gaming machines in 2025 and improvements to SSBTs. Reported revenue fell 3 per cent, however. Evoke operated around 270 fewer shops in H1 compared to last year, including the closure of 200 William Hill outlets. The company said it is focusing investment on remaining shops and improving profitability across the estate.
Widerström said the company’s priorities “remained unchanged” until the deal closes. “We continue to focus on serving our customers, supporting our colleagues, maintaining disciplined execution and delivering strong cash generation,” he outlined. Evoke has not issued forward guidance due to the pending acquisition.
Meanwhile, shares in US-based Bally’s Corp are down 30 per cent this week after investors responded negatively on Monday to debt disclosures included in the operator’s second-quarter 10-Q filing. The US casino operator, which maintains a 58 per cent majority equity interest in Athens-based Bally’s Intralot, said that based on its current forecasts, the company does not project that it would satisfy the liquidity maintenance requirement or the consolidated net leverage ratio covenant in its revolving credit facility over the next year.
