Bally’s Intralot Aims to Acquire Evoke in a £225 Million Deal

(AsiaGameHub) –   Evoke has verified discussions about a potential takeover by Bally’s Intralot, which is considering an offer of 50 pence per share. These talks are taking place as the company that owns William Hill and 888 evaluates its strategic choices, grapples with significant debt, and faces new tax-related pressures in the UK.

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Good to Know

• Under takeover regulations, Bally’s Intralot must either confirm a solid offer or withdraw by May 18, 2026.
• Evoke’s debt stands at approximately £1.8 billion, and the company has also announced plans to close roughly 200 William Hill stores.
• The Remote Gaming Duty increased to 40% starting April 1, 2026, while a 25% remote betting rate will take effect from April 1, 2027—with remote bets on UK horseracing being exempt.

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Evoke Considers Bally’s Intralot Offer Amid Mounting Debt And Tax Strains

Based on the terms being discussed, a takeover price of 50 pence per share would value Evoke at around £225 million, or roughly $304 million. Evoke stated that any formal proposal, if it materializes, would cover all of its issued and soon-to-be-issued share capital. The deal structure could still change—including the balance between cash and shares—and shareholders have been advised not to take any action for the time being.

What adds intrigue to this story is the disparity between the proposed bid value and Evoke’s balance sheet situation. The company has a market capitalization of about £175 million, yet its net debt is close to £1.8 billion. Practically speaking, this leaves minimal room for mistakes, especially after years of stress from the William Hill acquisition and a sharp drop in its share price. Reports on Monday indicated that the stock has lost approximately 90% of its value since the William Hill deal period began.

Last December, Evoke announced it had engaged Morgan Stanley and Rothschild & Co to assess options aimed at “maximizing shareholder value.” A full group sale was already being considered at that time, so Bally’s Intralot’s recent approach wasn’t unexpected.

Scale is a key selling point here. Bally’s Intralot has highlighted broader geographic coverage, greater scale, and cost savings as potential advantages of a merger. Reuters also noted that CEO Robeson Reeves mentioned the business model functions more effectively at a larger scale, with margins expected to improve following a combination.

Evoke—previously called 888 Holdings—acquired William Hill’s retail assets four years ago in a deal worth around £2.2 billion. This gave the group an extensive UK store network but also left it with heavy debt entering a far more challenging market. Earlier in 2026, the company revealed it would close about 200 William Hill outlets starting in May as part of cost-cutting measures.

UK tax pressures have compounded the issue. The Remote Gaming Duty rate rose from 21% to 40% on April 1, 2026. A separate 25% rate for remote betting will start on April 1, 2027, though remote bets on UK horseracing remain at 15%. Earlier reports stated that CEO Per Widerström estimated the tax changes would cost Evoke up to £135 million annually.

Evoke’s broader track record is also relevant for any potential acquirer. The company has faced compliance and operational challenges for years, including a £9.4 million penalty in 2022 over regulatory failures and an earlier £7.8 million fine after more than 7,000 self-excluded customers could still access their accounts. In 2023, the group also replaced its chief executive and suspended VIP accounts in the Middle East during an internal anti-money laundering review, according to media coverage of the latest bid.

On the flip side, Bally’s Intralot has a more extensive global presence. Listed in Athens, the company operates in around 40 regulated markets. Its assets include Jackpotjoy, U.S. casino and resort properties, and a casino in Newcastle. If regulatory approvals are secured, the deal would combine Evoke’s UK online and retail brands with Bally’s Intralot’s international operations