Evoke Engages in Takeover Talks with Bally’s Intralot

Evoke, the London-listed gambling company that owns William Hill and the 888 online casino brand, is currently in discussions with the US casino operator Bally’s Intralot regarding a potential takeover. The proposed offer values Evoke at £225 million, with a price of 50 pence per share, representing a significant premium over its recent closing price of 38.85 pence. This comes as Evoke grapples with substantial debt, reported at approximately £1.8 billion, and a dramatic decline in its market value, which has fallen by 90% since its acquisition of William Hill's operations for £2.2 billion in 2021.

The GuardianRTE (Radio Television of Ireland)The Independent

Evoke's financial struggles have been exacerbated by recent tax increases on online gambling, with remote gaming duty rising from 21% to 40% and online sports betting duty increasing to 25%, effective from 2027. These changes are expected to cost the company up to £135 million annually. In response to these pressures, Evoke has initiated a strategic review and announced the closure of around 200 William Hill betting shops starting in May 2026.

The Independent

Bally’s Intralot, which operates in 40 regulated jurisdictions globally, was formed from the merger of Greek lottery firm Intralot and US casino operator Bally’s Corporation. The company has a diverse portfolio, including several casinos and online gaming platforms. Bally’s is also known for its sponsorship of Nottingham Forest Football Club. The firm is expected to announce its decision on whether to proceed with a formal offer or withdraw from negotiations by May 18, 2026.

The GuardianRTE (Radio Television of Ireland)The Independent

Evoke confirmed the ongoing discussions in a statement, emphasizing that there is no certainty regarding the terms or the finalization of any offer. The company has been proactive in addressing its financial challenges, having appointed Morgan Stanley and Rothschild to explore strategic options aimed at maximizing shareholder value.

The Guardian

Critics have pointed out that Evoke's financial woes are partly due to its aggressive expansion strategy and the significant debts incurred during the acquisition of William Hill. The company has faced scrutiny over its management practices, including a £9.4 million fine in 2022 for regulatory failures related to anti-money laundering processes.

The Guardian

• “Evoke effectively put itself up for sale late last year when it launched a strategic review as it struggles under mounting debts and soaring costs of last November’s betting tax hike.” — Industry Analyst

The Independent

As the deadline for Bally’s to confirm its intentions approaches, the outcome of these discussions could significantly impact Evoke's future and the broader UK gambling market. The potential takeover could reshape the competitive landscape, especially in light of the ongoing regulatory changes affecting the industry.

RTE (Radio Television of Ireland)