Bally’s Intralot Acquires Evoke; Regulatory Approval Expected Q1 2027

Bally’s Intralot’s acquisition of Evoke will not finalize in 2026, with regulatory approvals anticipated in the first quarter of 2027. The operator confirmed this in its Q3 2026 results, which showed substantial revenue growth.

What Happened

Bally’s Intralot announced in its Q3 2026 results that the acquisition of Evoke will not be completed before the end of the year. The operator, listed on the Athens Stock Exchange, stated that the transaction requires additional regulatory procedures, which are expected to conclude by the first quarter of 2027 (SBC Noticias). Amidst ongoing deliberations for acquiring Evoke, the parent company of William Hill, Bally’s Intralot reported significant financial performance increases.

The company recorded revenues of €286.1 million in the third quarter, marking an increase of nearly 250 percent compared to €81.9 million in Q3 2025. For the first nine months of the financial year, revenues rose from €263.9 million to €830.3 million, reflecting continuous growth during the company’s first full year as a combined entity (SBC Noticias, Gaming.net, Financialreport.gr). Adjusted EBITDA also saw an increase from €29.9 million to €88.9 million in Q3 year-over-year, and from €90.1 million to €273.6 million for the nine-month period (SBC Noticias, Financialreport.gr).

Key Details

• Bally’s Intralot reported Q3 2026 revenues of €286.1 million, a nearly 250% increase from Q3 2025’s €81.9 million, according to SBC Noticias.
• Nine-month revenues for 2026 reached €830.3 million, up from €263.9 million in the same period of 2025, as stated by SBC Noticias.
• Adjusted EBITDA for Q3 increased to €88.9 million from €29.9 million year-over-year, and to €273.6 million for the nine-month period, per SBC Noticias.
• The company’s online net gaming revenue (NGR) in the United Kingdom reached a “historic high” in Q3 2026, with online revenues growing 12.2 percent year-over-year, according to SBC Noticias.
• Bally’s Intralot’s net adjusted debt increased gradually from €1.619 billion at the end of June to €1.630 billion at the end of September, primarily due to an €85 million investment for a 15-year supervisory license in Victoria, Australia (SBC Noticias).

Why It Matters

The deferred completion of the Evoke acquisition highlights the complexities of regulatory approval processes in the gaming sector, particularly for substantial cross-border mergers involving entities like William Hill and 888 (Infoplay.info). Despite this, Bally’s Intralot’s strong financial performance in Q3 2026, marked by significant revenue and EBITDA growth, underscores its operational strength and integration progress as a combined entity (SBC Noticias).

Growth in key interactive divisions, such as record online NGR in the UK and increased revenues in Spain, signals successful market penetration and operational efficiency. However, the impact of increased remote gaming duty (RGD) in the UK, which reduced adjusted EBITDA by €34 million, demonstrates the regulatory pressures affecting operators in regulated markets. Bally’s Intralot reportedly compensated 55 percent of this impact through revenue growth, marketing efficiency, and cost management (SBC Noticias).

What’s Next

Bally’s Intralot anticipates that pending gaming regulatory approvals and a Gibraltar court hearing for agreement ratification will conclude before the first quarter of 2027 (SBC Noticias). The company remains focused on reducing its debt, exemplified by securing a £261.8 million loan in July, with the first tranche of £157.1 million already disbursed to support acquisition plans and refinance existing debt (SBC Noticias). CEO Robeson Reeves expressed optimism regarding the integration of Evoke (SBC Noticias).