Evoke reports 9.5 per cent decline in adjusted Ebitda due to increased gambling taxes
Evoke's adjusted Ebitda fell 9.5% to £150.2 million due to rising gambling taxes in core markets.Summary
Evoke, the owner of William Hill, reported a 9.5% decline in adjusted Ebitda to £150.2 million for the first half of 2026. This decline is primarily attributed to significant increases in gambling taxes in key markets, including the UK, Romania, and Italy. The company has faced a £46 million increase in tax duties, prompting a strategic review and a £243 million takeover agreement with Bally's Intralot.
Despite the tax burden, Evoke has managed to offset over half of the increased costs through marketing reductions and cost-cutting measures. While retail revenue in Britain and Ireland fell by 2.6% due to store closures, online revenue saw a 4% increase. The company's international performance was mixed, with growth in Italy and Denmark being offset by challenges in Romania.
CEO Per Widerström noted the business's resilience in a challenging environment. However, analysts point to rising net debt and high leverage as significant concerns. The acquisition by Bally's Intralot is expected to conclude in late 2026 or early 2027.
(Source：Headtopics)