TLDR
- Bally’s Intralot is in talks to buy Evoke, owner of William Hill and 888, for roughly £225 million (about $304 million)
- The proposed deal is priced at 50p per share, a 29% premium over Evoke’s recent closing price
- Evoke carries around £1.8 billion in net debt and has seen its value drop over 90% since its 2021 peak
- Bally’s Intralot must announce a firm offer or walk away by May 18 under UK takeover rules
- Evoke recently posted its strongest quarterly revenue of 2025 at £464 million in Q4, up 7% from the prior quarter
Bally’s Intralot is in discussions to acquire Evoke, the gambling company behind William Hill, 888, and Mr. Green. The proposed deal would value Evoke at approximately £225.3 million, or around $304 million.
The offer is priced at 50 pence per share. That represents a roughly 29% premium to Evoke’s closing share price before the announcement was made.
Both companies confirmed the talks are ongoing. However, Evoke 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 UK takeover rules, Bally’s Intralot has a deadline of 5:00 p.m. London time on May 18, 2026, to either submit a firm offer or walk away from the deal entirely.
Evoke’s Long Road of Financial Trouble
Evoke has been under pressure for years. The company’s valuation has fallen more than 90% since its 2021 peak, when it completed the acquisition of William Hill.
The company currently holds about £1.8 billion in net debt. Its market value sits at roughly £175 million, a fraction of that debt load.
To cut costs, Evoke has been restructuring. Plans are in place to close around 200 William Hill betting shops in May.
In 2024, Evoke sold selected U.S. assets to Hard Rock Digital and exited its remaining direct-to-consumer operations in the country.
Regulatory problems have also weighed on the business. The UK Gambling Commission fined the company £7.8 million in 2017 for player protection failings. In 2023, Evoke agreed to pay £19.2 million for what regulators called “alarming” social responsibility and anti-money laundering failures.
Later that same year, the regulator placed Evoke’s license under review.
On top of all that, UK taxes on online gaming recently jumped from 21% to 40% on revenue. Evoke has estimated this will cost between £125 million and £135 million per year.
Despite these challenges, Evoke posted about £464 million in revenue during Q4 2025. That was a 7% increase from the previous quarter and its strongest result of the year.
The company expected full-year revenue to grow 2% year over year, with adjusted EBITDA rising 14–15%.
Bally’s Intralot Looks to Grow Through Scale
Bally’s Intralot CEO Robeson Reeves described the potential acquisition as a chance to bring the company’s operating model to a larger business. He pointed to what he called “massive synergies” the combined entity could unlock.
The company said a deal could deliver expanded geographic reach and cost efficiencies. It also stressed there is no guarantee the transaction will go through.
Bally’s has been on an expansion push. In 2025, it became the majority shareholder of Intralot. Earlier this year, Bally’s Interactive opened its first UK casino.
Last year, Bally’s acquired troubled Australian operator Star Entertainment. It is also building a casino-resort in Chicago and planning properties in Las Vegas and New York City.
Questions remain about financing. Bally’s has reported recent losses partly due to its own debt load. Analysts have flagged concerns about the company’s financial flexibility.
Bally’s said that if the deal proceeds, “its financing will be aligned with our stated financial policy goals within our existing perimeter.”
The May 18 deadline is the next key date investors are watching.
