The Apostle Manthus
Reading the results of her first semester Bally’s Intralot (BYLOT) I'd be standing on a number first. EUR 34 million.
This was the negative impact that Bally’s International Interactive received in the second quarter from the increase in British Remote Gaming Duty by 21% in 40%. The new rate has been applied to 1 April and almost doubled the tax burden at once.
Of course someone would expect an ugly quarter. But BII didn't agree.
From EUR 34 million the additional tax, EUR 21.4 million has already been repaid within the same quarterThe 10.1 million came from the increase in revenue and another 11.3 million from operational interventions and cost adjustments. His management Robeson Reeves therefore managed to cover about 65% of the tax blow within three months.
This is a number I would keep rather than the fall of the AEBITDA group by EUR 100,2 million in the first quarter at EUR 84,6 million in the second.
Because the tax received 34 million and AEBITDA eventually lost 15.6 million ECU.
The management got the difference back.
In fact, protection against tax was not accompanied by a fall in trade activity. In Britain BII's online revenues increased in the second quarter against 5.3% compared to the first and 11.6% on an annual basis at fixed exchange rates, reaching a new historical high. Spain added 9.7% quarterly.
Careful now... The BII already had about 14% of the British iGaming market, having raised her NGR in Britain EUR 659 million from EUR 639 million in 2024 and EUR 574 million in 2023. In the second quarter of 2026 he accelerated even more, with online revenues in Britain rising 11.6% on an annual basis at fixed exchange rates and record new history high. The latest available measure of the British market before the quarter increased the total online GGY by 7%.
So BII enters the new tax era with growth rate significantly higher from the last available market rate. The official April–June measurement will give the final answer to whether it is gaining ground, but the direction of numbers is already excellent.
This is perhaps the best medal Reeves can get today, as the company cut much of the tax account through growth and operational movements, while at the same time it continued to grow on the British market.
In the semester Bally’s Intralot reached EUR 544.2 million revenue and EUR 184.8 million AEBITDA, with a margin of 34%. BII contributed EUR 377,6 million revenue and EUR 132,8 million AEBITDA, achieving margin 35.2%. On a 12-month pro-forma basis the group is already in EUR 1,061 billion of revenue and EUR 399.9 million of AEBITDA, with a margin of 37.7%.
And all that. before evoke.
The evoke brings with her William Hill, 888 and Mr Green, along with an administration that has spent the past few months doing exactly what its future owner would want.
Housekeeping.
In 2025 evoke had already uploaded the adjusted EBITDA against 14% in £ECU 356.2 million; from £312.5 million, while the margin increased by 220 base points at 20%.
Then came the British tax.
Evoke herself had calculated that new taxes could, when fully implemented, add £125 to £135 million per year in her account. We are talking about an amount corresponding to about 36% of EBITDA of 2025. For 2026 the initial charge had been estimated near £80 million before the corrective moves.
In the first half of 2026 gaming duties increased by about £46 million, while the adjusted EBITDA was formed in £150.2 million. Command has set out to neutralize at least 50% of the total tax burden within the first full year of application.
Evoke moved on to brave scissors on the William Hill network, closing or routing the closing about 270 stores, from which were closed in the last quarter of 2025 and about 200 in the second quarter of 2026. Network limited by 1,302 stores in June 2025 to 1,024 in June 2026, a reduction 21.4% within a year.
Nevertheless, in the first quarter of 2026 UK Retail recorded up 3% to like-for-like base, with gaming revenue being boosted by 6%, while evoke reported alongside market share gains, with a boost from the new gaming machines. Less shops, better network productivity and higher market share. Evoke herself estimates that the store program will add about £11 million annually at the Adjusted EBITDA.
At the same time the company works on lower marketing, better performance of promotions, reductions in operating costs, renegotiation with suppliers and greater discipline in customer acquisition.
However, the cuts are not accompanied by a trade retreat. Evoke limits costs and at the same time several of its key activities continue to gain ground.
As early as 2025 its international core markets developed against 17%, with new revenue records in Italy and Denmark and market share gains. In the British retail, the new gaming machines had led to 5% increase in gaming revenues, also with share gains.
Even in the difficult first half of 2026, the overall revenue of evoke remained around £ECU 887.5 million, almost identical to £887.8 million of 2025, despite tax shock and mass closure of stores.
That reminds me enough. What Robeson Reeves said when Bally’s Intralot decided to attack the British market while others saw only the tax.
The Rise of Remote Gaming Duty in 40% changes the financial terms of the game. Smaller and less efficient operators are much more pressured, investments are limited and market concentration is accelerating. The S&P Global had reached the same conclusion, pointing out that smaller operators would be under stronger pressure, while the older can continue to invest in technology and product.
The first big move of consolidation has already been made and called... evoke.
On completion of the transaction, Bally’s Intralot will be found in accordance with the official instruments of the acquisition in No.2 location of UK iGaming and No.4 location of UK online sports betting based on Gross Gaming Revenue. William Hill, 888, Mr Green, Jackpotjoy and Virgin Games will be found under the same umbrella, along with Intralot's lottery and technology business.
With evoke, Bally’s Intralot turns into Stock beast other dimensions than what the Greek market was used to monitoring.
The new Bally’s Intralot is estimated to have Pro forma revenues around EUR 3.2 billion, adjusted EBITDA about EUR 856 million, margin close to 27% and cash conversion about 79%, after taking into account the estimated tax implications, their limitation interventions and the synergies of the transaction.
There's another number worth keeping... £180 million
So many pre-tax cost and capex savings that Bally’s Intralot has identified and plans to succeed by the end of the second year after the acquisition is completed. They will come mainly from marketing, operating costs and IT.
To understand the size, the £180 million corresponding to more than 50% of the adjusted EBITDA produced by the entire evoke in 2025.
That's Reeves' big bet.
To use the tax earthquake in Britain to buy market share, brands and customer base at prices that a few years ago would have been unthinkable.
Imagine that evoke had paid £2.2 billion for the William Hill International in 2022. Four years later Bally’s Intralot agreed to acquire the entire evoke with an equity value about £243 million, of course taking over the large loan that accompanies the company.
Against all this, the board still invoices Bally’s Intralot at €129 euros, i.e. at a stock market value of just 2.1 billion euros.
Against this valuation a group is formed with EUR 3,2 billion pro forma revenues, around EUR 856 million added EBITDA aimed at EUR 1 billion with the defined synergies, No 2 place in British iGaming, No 4 in online sports betting and presence in six key markets.
In the first quarter of application of the tax, BII got back about 65 minutes from every 1 euro of tax strike, while her online revenue in Britain ran with +11,6%.
Reeves bets that the new tax will drive a lot of people off the table. So far Bally’s Intralot not only He doesn't get out of it but buys more chips.
Graphically, the share should split the downward line of short-term voltage R2, to EUR 1,174 to speed up upwards towards the region of EUR 1,22 to 1,24.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
