Evoke, the operator of William Hill and 888, has flagged two material uncertainties over its ability to keep trading as a going concern. Both are tied to its proposed £243 million ($328.05 million) acquisition by Bally's Intralot.
Deal risk
The first is that the transaction fails. If the purchase does not complete, Evoke would have to reach a sustainable and materially improved level of profitability and cash generation to refinance its debt. The company called that a 'significant challenge'. Group debt stands at about £1.8 billion ($2.43 billion), including £769 million ($1.04 billion) maturing in July 2028. A £200 million ($270 million) revolving credit facility expires in January of the same year. CFO Sean Wilkins said the capital position was the key factor behind the board's decision to support the sale.
The second uncertainty covers the period after completion, when sitting directors have no information on the new owner's plans for the group or its capacity to run it. Management still expects Evoke to have enough resources to operate until September 2027.
First-half figures
Bally's Intralot announced the purchase in June, and Evoke shareholders vote on 17 August. CEO Robeson Reeves ruled out an immediate break-up of the assets, saying the deal is aimed at the group as a whole. Completion is expected in the fourth quarter of 2026 or the first quarter of 2027.
Revenue for the first half of 2026 came in at £887.5 million ($1.20 billion), level with a year earlier. Adjusted EBITDA fell 9.5% to £150.2 million ($202.77 million), and operating profit dropped 70.1% to £11.7 million ($15.80 million), on higher gaming taxes and selling costs. UK and Ireland online revenue rose 3.5% to £348.1 million ($469.94 million). Retail brought in £245.6 million ($331.56 million), and the international segment £293.8 million ($396.63 million), down 1.9%. The shareholder vote is the near-term trigger for everything above it.
