Bally’s Intralot reported adjusted net debt of about €1.61 billion at 30 June as it moved closer to acquiring evoke, the owner of William Hill and 888 brands serving Great Britain. The Greek-listed group reported first-half 2026 revenue of €544.2 million in an announcement published on 31 August.

The debt figure was about €125 million higher than at the end of 2025. Yogonet reported that the increase adds balance-sheet pressure as Bally’s Intralot prepares to absorb evoke’s British online and retail operations.

The central financial question is whether online growth can generate enough cash to cover higher duties, retail pressure and debt service after completion.

Shareholders approve the takeover

Evoke shareholders approved the proposed acquisition with 99.63% of votes cast at a general meeting held in August. The vote removed a major transaction hurdle, but it did not complete the deal.

The recommended all-share acquisition remains subject to regulatory and other closing conditions. Intralot said completion was expected in the fourth quarter of 2026 or the first quarter of 2027. No fixed completion date has been announced.

Online growth meets higher costs

Bally’s Intralot said UK online revenue rose 11.6% year on year in the second quarter on a constant-currency basis. The company also reported record net gaming revenue for the period.

Evoke’s first-half results showed the pressure on profitability. Group revenue reached £887.5 million, while adjusted earnings before interest, tax, depreciation and amortisation fell 10% to £150.2 million.

Evoke said higher gaming duties increased its costs by £46 million during the period. The figure shows how tax changes are affecting the business that Bally’s Intralot plans to acquire.

UK duty changes increase the stakes

HM Revenue and Customs increased Remote Gaming Duty from 21% to 40% for accounting periods beginning on or after 1 April 2026.

A separate 25% remote betting duty is due to apply from 1 April 2027. The government’s rules exclude several categories, including bets on UK horseracing.

  • First-half 2026 revenue reported by Bally’s Intralot: €544.2 million.
  • Adjusted net debt at 30 June: about €1.61 billion.
  • Increase in debt from the end of 2025: about €125 million.
  • Evoke first-half revenue: £887.5 million.
  • Evoke adjusted earnings before interest, tax, depreciation and amortisation: £150.2 million, down 10%.
  • Evoke’s reported increase in costs from higher gaming duties: £46 million.

What the combined group must prove

The enlarged business will need to demonstrate that it can:

  • Offset higher tax costs through online growth.
  • Reduce duplication after the transaction closes.
  • Service more than €1.6 billion in debt without weakening compliance or customer protection.
  • Keep retail operations viable as betting costs rise and shop closures pressure margins.

The takeover has shareholder backing, but the financial test comes next. The combined group must turn revenue growth into sufficient cash flow while managing higher duties, retail pressure and increased debt.

Until the remaining regulatory and closing conditions are satisfied, William Hill and 888 remain part of evoke rather than Bally’s Intralot.