Full Breakdown
Evoke to Be Acquired by Greek Gaming Giant Bally’s Intralot in £243 million Deal
6/5/2026, 10:52:42 PM
Core Event: Deal Structure and Timing
Greek lottery and gaming operator Bally’s Intralot (ATHEX: BYLOT) agreed on 5 June 2026 to acquire Evoke Plc, the owner of the William Hill and 888 online-casino brands. The all-share transaction values Evoke at 52 pence per share, equivalent to roughly £243 million, and includes a capped partial-cash alternative of about £117 million. The agreement will delist Evoke from the London Stock Exchange and creates a combined group with pan-European B2C reach.
Background & Context: Tax Pressures, Debt Load, and Prior Acquisitions
Evoke, headquartered in Gibraltar, bought William Hill’s UK network for £2.2 billion in 2022, adding 1,400 high-street bookmakers and inflating its net debt to about £1.86 billion by year-end 2025. Since that purchase, Evoke’s share price has fallen roughly 90 %. In December 2025 the company launched a strategic review after the UK government announced a rise in remote-gaming duty from 21 % to 40 % (effective April 2026) and an increase in online sports-betting duty from 15 % to 25 % (effective April 2027, except horse racing). The tax hike was cited as a “material shift in the UK operating environment” that would “create meaningful dislocation across the competitive landscape.”
Key Figures & Groups
- Evoke Plc – former 888 Holdings, chaired by Mark Summerfield; CEO Per Widerström.
- Bally’s Intralot – chaired by Soo Kim; technology supplier to 12 U.S. state lotteries and operator in Europe, South America, North Africa, Southeast Asia, Australia and New Zealand.
- Shaked family – co-founders of 888, hold a 19.2 % stake in Evoke; Avi Shaked is a senior shareholder.
- Private lenders – TPG Credit, Oaktree and OHA, providing roughly £889 million to refinance Evoke’s debt.
Data & Statistics
- Deal value: ~£243 million (US$328 million).
- Premiums reported: 77 % to Evoke’s average 29.4 p share price (Guardian), 138 % to the price on 9 Dec 2025 (Casino.org), and 33.8 % to the closing price before talks were confirmed (RTE).
- Debt: £1.8-£1.86 billion.
- Tax increase: remote-gaming duty 21 % -> 40 %; sports-betting duty 15 % -> 25 % (April 2027).
- Shop closures: ~200 William Hill betting shops slated for shutdown from May 2026.
- Regulatory fine: £9.4 million for anti-money-laundering failures (2022).
Official Statements & Responses
Evoke’s board emphasized that the combination “creates a global gaming and lottery champion with scaled pan-European B2C reach” and that the deal offers the “most attractive and deliverable outcome for shareholders” amid UK duty changes and a constrained capital structure. Bally’s Intralot highlighted the UK as a “highly attractive geography” and described the market dislocation as an “opportunity for consolidation.” Soo Kim said the enlarged group will be “stronger than ever,” while Mark Summerfield expressed confidence that Intralot will be a “strong and supportive owner” and that the new capital structure will deliver long-term value.
Criticism & Opposition
Industry observers note that the UK tax hike dramatically raises operating costs, potentially eroding margins for all operators. Evoke’s heavy debt burden and recent regulatory scrutiny—including the 2022 £9.4 million AML fine and a 2023 internal investigation that led to the removal of its chief executive and suspension of VIP accounts in the Middle East—have raised concerns about financial stability and compliance risk.
Conflicting Reports & Gaps
Sources differ on the exact premium paid: the Guardian cites a 77 % premium to an average quarterly price, Casino.org reports a 138 % premium to the price on 9 December 2025, and RTE mentions a 33.8 % premium to the pre-talks closing price. No source provides a definitive reconciliation of these figures, leaving the precise premium ambiguous.
Verbatim Quotes
- “When I founded Evoke 30 years ago, I envisioned building a company that would stand among the world’s leading gaming businesses,” — Avi Shaked, co-founder, 888
- “As committed minority shareholders in the combined group, we look forward to remaining part of this business for many years to come.” — Avi Shaked
- “Underpinned by the combination of Evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Bally’s Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever,” — Soo Kim, chairman, Bally’s Intralot
- “The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth through enhanced capabilities,” — Mark Summerfield, chairman, Evoke
What’s Next
The transaction is expected to close before the extended deadline of 8 June 2026, after which the combined entity will integrate Evoke’s brands with Bally’s Intralot’s technology platform. The new group will seek to leverage scale to mitigate the impact of higher UK duties, refinance existing debt, and pursue growth in regulated markets across Europe, the Americas, and Asia.
