UK bookmaker Evoke withholds guidance amid Bally's takeover
UK bookmaker Evoke withholds guidance amid Bally's takeover Aug 12 (Reuters) - British bookmaker Evoke EVOK.L on Wednesday declined to provide forward-looking financial guidance, citing its pending acquisition by Greek lottery and gaming group Bally's Intralot BYLOTr.AT.
Evoke said trading since the period ended June 30 has remained in line with management expectations, supported by customer engagement during the FIFA World Cup.
Pressure from higher UK taxes and rising costs prompted the owner of brands such as William Hill and 888 to implement cost-cutting measures, before it agreed to a £243 million ($328.10 million) takeover by Bally's Intralot in June.
"The first half demonstrated the resilience of the business in a significantly more challenging operating environment following substantial increases in gaming duties introduced across some of our core markets, most notably in the UK," CEO Per Widerström said.
The company reported adjusted pretax profit of £0.7 million for the first half, down about 94% from a year earlier.
Last December, Evoke said it was reviewing strategic options, including a potential sale of the company, after UK tax hikes on online gaming and sports betting forced it to withdraw its medium-term outlook.
Rival Entain ENT.L has also taken actions to address the tougher operating environment.
($1 = £0.7406)
(Reporting by Neeshita Beura in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)