Bally’s Corporation reported a marked revenue improvement for Q2 2026, with the figure increasing 20.5% year-on-year from $657.53m (£484.98m) to $792.23m.
The results relate to the quarter in which the company’s Bally’s Intralot business confirmed it would be proceeding with a transformative takeover of evoke, which counts UK heritage brand William Hill as its primary asset in 2026.
Total Adjusted EBITDAR came in at $187.52m – an increase YoY from $173.15m in Q2 2025, after strong performance for that particular figure from Bally’s Intralot B2B offset a decline in its B2C business.
Playing the long game in the UK
Unsurprisingly, Bally’s attributed the drop in EBITDAR to the increase in UK remote gaming duty from 21% to 40%.
However, the evoke acquisition will massively boost Bally’s Intralot’s presence on these shores and Chief Executive Officer, Robeson Reeves, was hopeful about the firm’s UK outlook due to solid revenue generation.
“Our Bally’s Intralot B2C segment achieved solid performance in the second quarter of 2026, which was the first quarter to reflect the UK gaming tax increase from 21% to 40% (effective April 1, 2026),” he said.
“Against that backdrop, our top line in the UK continues to strengthen as constant currency year-over-year growth accelerated from 10.5% in the first quarter to 11.6% in the second quarter, and that momentum has carried into July when we saw year-over-year growth of approximately 13.0%.
“Importantly, we have delivered this quarter-on-quarter growth acceleration without incremental marketing spend – a real testament to the strength of our player base, product offering and the team behind it.”
Reeves was sure to lay out the full impact of the tax increase for investors.
The CEO, who has faced and responded to a barrage of questions since the evoke takeover was announced, touched on how Bally’s Intralot’s B2C UK operation has offset the same woes faced by all active UK operators.
Reeves did, however, note that market consolidation is slightly behind for the business, though he continues to assert that this “an opportunity rather than a concern” – sentiment that is also shared by various other UK gaming firms, large and small.
“The gross negative impact of the UK gaming tax change on our B2C segment EBITDAR was approximately $39m in the quarter,” Reeves continued.
“We have been able to offset close to 65% of this impact through top-line growth and disciplined cost control, with our marketing reductions still to begin as planned into the second half.
“We remain firmly on track against the margin management commitments we previously disclosed to investors. It is worth flagging that market consolidation in the UK has not moved quite as quickly as we originally expected.
“We see that as an opportunity still ahead of us rather than a concern, particularly as smaller operators come under increasing pressure post-World Cup and through the fall tax season.
“We are already delivering double-digit growth ahead of that consolidation, which gives us confidence in our position.”
One figure which will be of major concern is Bally’s Corporation’s long-term debt, which reached $4.466bn – up from $4.463bn at the end of 2025.
Debt has been a key talking point in the Bally’s Intralot and evoke deal, with both groups carrying substantial figures in that regard, but Reeves previously stressed that there is a “very clear pathway” following the completion of the acquisition in either Q4 2026 or Q1 2027.
“The debt burden, the way we’ve constructed it, I believe, is a very smart way,” he previously stated.
Bally’s Q2 breakdown
Bally’s Corporation’s land-based casinos brought in the bulk of the revenue, $401m to be exact, an increase from $393.3m the year prior.
The $4bn Bally’s Bronx integrated casino project, with three million square feet of gaming facilities, a 500-room hotel, a 2,000-person even centre and an 18-hole golf course, is set for a 2030 launch.
Revenue in the B2C arm rose 22.3% to $243.5m, driven by aforementioned strong top-line metrics in the UK and also in Spain.
For its B2B lotteries business, revenue increased dramatically to $79.5m compared to just $7m last year, as the prior year only represented a cash royalty stream from a divested business.
The segment now represents the unified global B2B and B2G lottery footprint, and contracts were signed in Ontario, Australia, Chile and Greece.
North America Interactive revenue stood out in Q2, as revenue was up 16.9% to $66.1m and Adjusted EBITDAR increased from $2.5m to $3m.
The acquisition of gaming licences came at a major cost for Bally’s Corporation, as it forked out $502m during the first half of 2026.
Reeves concluded his statement by discussing the opportunities that the acquisition of evoke will bring for the group.
“In June, we announced our binding offer to acquire evoke plc, with regulatory approvals from the relevant competition and gaming authorities currently underway,” he said.
“Our accomplishments during the quarter strengthen our confidence in the value we can create together. The same playbook of cost discipline and organic growth translates directly to a business of evoke’s scale and customer reach.
“In summary, our strategic initiatives are creating a highly scaled, growing, global omni-channel provider of retail and online experiences and we are aggressively pursuing and executing on the many growth opportunities before us.”