Evoke Q3 revenue falls 7% to GBP 406 million as UK tax burden and debt weigh ahead of Bally's Intralot deal

Evoke, the group behind William Hill, 888 and Mr Green, has reported third-quarter revenue of GBP 406 million ($540.36 million), down 7% from the same period in 2025. Management pointed to the unstable UK regulatory environment as a key factor behind the decline.

Part of the shortfall was attributed to sports betting results that favoured customers. According to the source, however, those outcomes explained only 1-2% of the drop, which suggests other pressures are at work. Many of the difficulties centre on the William Hill brand.

William Hill has closed 270 UK betting shops over the past year. Chief executive Per Widerström named the country's recent tax increases as the main reason for the closures, which formed part of a wider plan to cut costs and reduce group debt of GBP 1.8 billion ($2.4 billion). That debt is far larger than the company's market value of roughly GBP 210 million ($280 million). Widerström said the closures show the real effect of higher industry taxation on jobs and livelihoods, and he urged the UK Government to think carefully about any further increases before its forthcoming Autumn Budget.

The closures affect more than 10% of William Hill's 1,300 UK locations and put over 1,500 jobs at risk. The government has shown no sign of backing away from tax increases, and the source suggests that similar closures could spread to rival Entain, owner of Ladbrokes and Coral.

Evoke is also under pressure abroad. Last year William Hill withdrew from several markets in Africa and South Asia to streamline operations and lower costs. Even so, Widerström described the business as resilient and said it is working toward sustained profitability in its core markets.

The results come as Evoke awaits its acquisition by Bally's Intralot. Shareholders approved the deal in August, and completion could come in the fourth quarter of 2026 or the first quarter of 2027. Analysts generally view the transaction as positive because it would ease much of Evoke's debt burden. Shares currently trade at 42.85 GBX ($0.57), well below the 382.8 GBX ($5.10) recorded in 2021. It remains unclear how Bally's Intralot will handle the group's venues or whether further closures will follow.