evoke’s debt crisis could reach its peak in 2028 as mounting costs weigh heavily on the company

(AsiaGameHub) –   Evoke, the LSE-listed company currently under financial strain, has expressed growing concerns about the scale of debt refinancing required before 2028. In its 2025 Annual Reports and Accounts, the business emphasized the need to achieve “a sustainable and materially improved level of profitability and cash generation” prior to that date. This is crucial because a significant portion of its substantial £1.9 billion debt must be refinanced starting in 2028.

The operator of William Hill, 888, and Mr Green holds two major loans amounting to £769 million, both scheduled to mature in July 2028, while other elements of the £1.9 billion debt are due at the start of the next decade. It also maintains a £200 million Revolving Credit Facility, from which it has drawn £119 million so far—but the lenders have imposed strict conditions.

If Evoke fails to repay or refinance most of the £769 million debt by January 2028, the facility will be withdrawn. Future results must show improvement over FY25’s performance, as acknowledged by the company itself.

While CEO Per Widerström described 2025 as a “step-change in underlying profitability,” the company’s loss after tax surged by 149%, rising from £220.9 million to £549.1 million. Its net debt for the year stood at £1.9 billion, as previously stated.

A potential sale remains on the table. The business has until the same time next week to respond to an offer from Bally’s Intralot to acquire the entire company at 50p per share—totaling around £225 million. A sale had been anticipated since Evoke announced a strategic review in December 2025.

Evoke is not the only entity burdened by debt

Further complicating matters, Bally’s Intralot itself carries a multi-million-pound debt load. On the ongoing offer and review process, Mark Summerfield, Chair of Evoke, remarked: “While no conclusions have been reached and there can be no certainty as to the outcome of the review, the Board considers this process to be an important component of its broader assessment of the Group’s long-term viability and financial resilience.

“On 20 April 2026, in response to media speculation the Group announced that in connection with the ongoing strategic review, it was in discussions with Bally’s Intralot S.A. regarding a possible offer for the entire issued and to be issued share capital of the Group at a price of 50p per share. At the date of this report, discussions remain ongoing.”

The combined debt implications of a potential deal between Bally’s Intralot and Evoke have been widely discussed. However, Evoke continues to struggle to reverse its fortunes, especially in the UK market—the home base of William Hill—where Remote Gaming Duty tax recently increased to 40%.

In response to the UK tax hikes, Summerfield commented: “I am concerned that this reflects a failure of Ministers to understand the harm this will do to player safety and the damage it will cause one of the UK’s most successful global industries; I doubt it will even raise the forecast additional taxes as it will lead to reduced investment in the UK market and greatly promote the growth of the illegal black market. In response, your Board has had to act decisively to protect shareholder value and to assess all strategic options available to the Company.”

Regardless of whether this represents a governmental miscalculation, it clearly does little to support the business’s urgent efforts to boost profitability under mounting debt pressures. The company has stated it will “mitigate approximately 50% of this [tax rises] impact from the first full year of implementation through supplier savings, operating cost efficiencies, selective reductions in marketing expenditure, retail store closures, and adjustments to customer propositions such as reduced bonusing.”

For FY25, Evoke’s revenue grew by 2% year-over-year to £1.78 billion, and EBITDA increased by 43%, from £211.4 million to £301.3 million. However, losses widened significantly. Without major progress within the next 18 months—or a potential rescue from Bally’s Intralot—the prospect of having to rapidly repay £769 million in debt could soon become alarmingly realistic.