Evoke
EVOK · Main Market · Travel and Leisure · mcap £189m · 42.1p 3 open situations →
Open · 3
UK gambling duty increases
Led to Turnaround and profitability drive – FY25 delivered in line; Q1 2026 positiveFollows from Offer for the company – approvedFollows from Offer for the company – approved
The November 2025 Budget raised Remote Gaming Duty to 40% from April 2026 and set a 25% online betting duty from April 2027, costing £125-135m a year before mitigation. In H1 2026 over half of the £46m hit was offset, though EBITDA fell 10%. On 23 October 2026 the CEO linked the closure of 270 shops to higher taxation and urged the government not to raise duties further in the coming Autumn Budget.
- Annual cost
- £125-135m before mitigation once fully implemented 23 Oct 2026 ↗
- Mitigation
- Over half of the gross H1 increase offset 12 Aug 2026 ↗
- Impairments
- GBP 440.3m non-cash charges in UK Online and Retail 5 Jun 2026 ↗
- Shop closures
- 270 shops closed over the past year, linked by the CEO to higher industry taxation 23 Oct 2026 ↗
- H1 duty cost
- £46m year-on-year increase in gaming duties, mainly UK 12 Aug 2026 ↗
- Leverage
- Net leverage 5.6x at 30 June 2026, from 5.2x at year end 12 Aug 2026 ↗
Next: UK Autumn Budget
- 23 Oct 2026 Duty hit continuing; Budget risk ahead
- 12 Aug 2026 Mitigation delivering; over half of H1 hit offset
- 5 Jun 2026 Mitigation under way; bid cited as response
- 30 Apr 2026 Mitigation under way; impairments booked
Offer for the company
Led to UK gambling duty increases – Duty hit continuing; Budget risk ahead
Bally's Intralot's recommended 52p all-share offer was agreed on 5 June 2026. evoke shareholders approved the scheme on 17 August 2026 with over 99% support, and Intralot shareholders passed their resolutions on 18 September 2026. On 23 October 2026 evoke said most regulatory approvals are in and completion is expected late Q4 2026 or early Q1 2027.
- Offer
- Recommended all-share offer worth 52p a share from Bally's Intralot, agreed 5 June 2026 23 Oct 2026 ↗
- Shareholder votes
- evoke holders approved on 17 August 2026 with over 99%; Intralot holders passed resolutions on 18 September 2026 23 Oct 2026 ↗
- Regulatory approvals
- Majority of required regulatory approvals received (23 October 2026) 23 Oct 2026 ↗
- Timetable
- Completion expected late Q4 2026 or early Q1 2027, subject to remaining conditions 23 Oct 2026 ↗
Next: scheme expected to become effective the final quarter of 2026 or first quarter of 2027
- 18 Sep 2026 approved
- 17 Aug 2026 approved
- 21 Jul 2026 approved
- 3 Jul 2026 offer
Turnaround and profitability drive
Follows from Offer for the company – approvedFollows from UK gambling duty increases – Duty hit continuing; Budget risk ahead
- 18 Mar 2026 FY25 delivered in line; Q1 2026 positive
- 27 Jan 2026 FY25 margin of about 20% delivered; review ongoing
- 10 Dec 2025 Strategic review launched; sale possible
- 26 Nov 2025 Disrupted; medium-term targets withdrawn
Closed · 2
Company filings. Not investment advice.