Bally's Intralot Post Record UK Revenues But Evoke Buyout Delayed

Bally’s Intralot confirmed its acquisition of Evoke won’t be completed before the year is out. The news arrived in the wake of the Greek gambling firm’s preliminary Q3 2026 results, and a company statement was used to provide an update.

While Bally’s Intralot enjoyed a third successive period of growth, it has revealed the buyout of William Hill owner Evoke will still take time to finalise. It seems there are still things to work through before the deal gets over the line.

Recap on Evoke acquisition

A deal to acquire Evoke has been in the pipeline for several months. In June, Bally’s Intralot struck an agreement on a takeover thought to be worth £243 million. The Bally’s Intralot board recommended an all-share acquisition which would entitle Evoke shareholders to 52p per share.

In the following month, the takeover appeared to be inching closer after Evoke’s shareholders voted emphatically in favour of Bally’s Intralot’s takeover. At Evoke’s General Meeting, 99.63% of eligible shareholders gave their approval to the move, and following that announcement, Evoke’s share price surged by 16.2% to 46.4p per share.

Now, in a company statement, Bally’s Intralot suggested that a Gibraltar court sanction hearing and remaining regulatory approvals will be wrapped up by some point during Q1 of 2027. However, the Q3 results were cause for celebration.

UK sparkles

Although UK-based operators have contended with a swathe of tax measures, including seeing remote gaming duty (RGD) paid on online casino bets almost double from 21% to 40% of gross gambling yield (GGY) as of April, Bally’s Intralot has ridden the storm.

Indeed, Bally’s Intralot claimed UK online net gaming revenue (NGR) surged by 12.2% in Q3. This, according to the firm, represented an “all-time high”, and despite the increase in RGD having a £28.4 million impact on adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), 55% of this figure was offset through “marketing efficiency and disciplinary cost management”.

The UK success was coupled with significant gains in Europe. Bally’s Intralot reported record revenue levels in Spain, jumping 18.9% year-on-year (YoY) for Q3.

Reducing debt remains a priority

The subject of debt has continued to cast a dark shadow over Bally’s Intralot. In its Q3 report, adjusted net debt was viewed as being “broadly stable” over the past three months, rising incrementally to £1.36 billion. This figure represents a £108 million uptick since the start of 2026, but that was down to an investment in a 15-year monitoring license in Victoria, Australia.

Nevertheless, reducing the debt remains a priority for Bally’s Intralot. This was highlighted in July when it secured a three-year, £261.8 million loan from lenders to support its Evoke takeover and refinance existing debt. Aside from meeting its own debt obligations, Bally’s Intralot has to find a way to keep Evoke’s assets afloat.

Letting things run their course

Despite trying to fit the final pieces of the puzzle, Bally’s Intralot’s CEO, Robeson Reeves, previously maintained his optimism about how the takeover will benefit the company.

He said: “We believe we’ve got a clear pathway, which doesn’t require complexity or sort of tech platform consolidation. All of those things we’ll review as soon as we’re in the door and determine what’s worth doing, because you can only allocate so much focus.”

For now, Bally’s Intralot has to be patient. However, if things run their course naturally, then the wait will have been worth it.