Bally’s Intralot is eying a £225m approach for Evoke, the owner of William Hill and 888.
Bally’s Intralot is in discussions to acquire Evoke (formerly 888 Holdings), in a proposed deal valuing the William Hill owner at approximately £225.3 million ($304 million). The two companies confirmed the negotiations, priced at 50 pence per share, representing a roughly 29% premium to Evoke’s closing price before the announcement.
In a statement, Evoke said it is “in discussions with Bally’s Intralot… regarding a possible offer,” but cautioned that “there can be no certainty that an offer will be made or as to the terms on which any offer might be made.”
Under U.K. takeover rules, Bally’s Intralot has until 5:00 p.m. London time on May 18, 2026, to either announce a firm offer or walk away.
Evoke Restructuring After Years of Pressure
The potential takeover comes as Evoke continues to stabilize its business following years of financial, regulatory, and operational challenges.
The company, which owns William Hill, 888, and Mr. Green, has seen its valuation fall by over 90% since its 2021 peak when it acquired William Hill.
Evoke currently carries approximately £1.8 billion in net debt, compared to a market value of about £175 million. It has implemented a series of restructuring measures, including plans to close around 200 William Hill betting shops in May.
In 2024, the company sold selected U.S. assets to Hard Rock Digital and exited its remaining B2C operations.
Regulatory issues have further impacted performance. The business (then 888 Holdings) has faced multiple enforcement actions from the U.K. Gambling Commission, including a then-record £7.8 million fine in 2017 tied to player protection failings.
In 2023, Evoke agreed to pay a £19.2 million fine for “alarming” and “widespread” social responsibility and anti-money laundering failings. Later that year, the regulator placed the company’s license under review.
Evoke’s troubles have continued with the increased U.K. taxes on online gaming, which recently rose from 21% to 40% on revenue. The company has estimated that the hike would cost it between £125 million and £135 million annually.
Signs of Stabilization in Recent Performance
Despite these pressures, recent results suggest some operational improvement.
Evoke reported approximately £464 million in revenue in Q4 2025, up 7% quarter over quarter, its strongest quarterly result of the year. At the time, the company expected full-year revenue to grow 2% YoY, and Adjusted EBITDA to grow 14–15% YoY, implying margins of roughly 20%, in line with guidance.
This improving performance may support Bally’s Intralot’s view of Evoke as a turnaround opportunity rather than a purely distressed asset.
Bally’s Intralot Pursues Scale Amid Expansion Push
Bally’s Intralot framed the potential acquisition as a scale-driven transaction aimed at expanding its international footprint and improving efficiency.
CEO Robeson Reeves said in a statement:
We have built a business with a margin profile that stands out in this industry. evoke has the scale. We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver.”
The company added that a combination could deliver “enhanced scale, an expanded geographic footprint and opportunities for cost efficiencies.” It also reiterated that there is no guarantee a deal will proceed.
The potential Evoke takeover aligns with Bally’s broader expansion strategy. In 2025, it became the majority shareholder of Intralot after Intralot acquired Bally’s International Interactive division. Earlier this year, Bally’s Interactive opened its first casino in the U.K.
Last year, Bally’s also acquired troubled Australian operator Star Entertainment. The company is also expanding in the U.S., currently building a casino-resort in Chicago and planning properties in Las Vegas and New York City.
Financing and Execution Questions Remain
The potential deal also raises questions around financing and execution, particularly given Bally’s leverage profile and ongoing capital commitments.
The company has reported recent losses, in part due to its debt load, with financing costs continuing to weigh on performance despite the balance sheet support from the Intralot transaction. While that deal improved liquidity and access to capital, analysts have continued to flag concerns around Bally’s debt-to-cash position and overall financial flexibility.
In the statement regarding Evoke, Bally’s Intralot sought to address those concerns. It said that if the Evoke transaction proceeds, “its financing will be aligned with our stated financial policy goals within our existing perimeter,” signaling a focus on maintaining discipline as it evaluates further growth.
What to Watch
- Whether Bally’s Intralot submits a firm offer before the May 18 deadline
- Any revisions to deal structure, including cash vs. share mix
- Market and shareholder reaction to valuation and financing strategy
- Further updates on Evoke’s restructuring and trading performance
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