Evoke confirms Bally’s Intralot bid at fraction of former value
Table of contents
- Evoke has confirmed a takeover proposal from Bally’s Intralot at 50 pence per share, valuing the group at £225.3 million, structured as an all-share combination with a partial cash alternative.
- Bally’s Intralot has until 18 May 2026 to announce a firm intention to make an offer or confirm it does not intend to proceed.
- A completed deal would make Bally’s one of Europe’s largest B2C gambling operators, adding William Hill and 888 to its existing Gamesys digital brands.
Evoke plc has confirmed it is in discussions with Bally’s Intralot S.A. regarding a possible takeover of the entire company at 50 pence per share, valuing the owner of William Hill, 888 and Mr Green at just £225.3 million.
The proposal, expected to be structured as an all-share combination with a partial cash alternative, comes after months of financial distress that has wiped 91% off Evoke’s share price over five years.
The bid confirmation follows sustained speculation that Bally’s Intralot had emerged as the frontrunner in Evoke’s formal strategic review, launched in December 2025. Evoke shares closed up 6.5% at 37.90 pence on Friday ahead of the announcement, though they have fallen 18% in recent months.
Strategic review origins
Evoke confirmed in December 2025 that it had launched a strategic review that could result in a sale of the business or its subsidiaries. The trigger was the UK government’s Autumn Budget, which nearly doubled Remote Gaming Duty from 21% to 40% from April 2026.
Management estimated an annualised pre-mitigation cost impact of £125 million to £135 million, roughly 30% of FY2027 EBITDA on pre-budget consensus forecasts.
Morgan Stanley and Rothschild were retained to run the process, tasked with exploring a full sale of the group or individual asset disposals. The company subsequently delayed its full-year 2025 financial results to 29 April 2026, with the strategic process still ongoing at the time of the postponement.
Evoke owes lenders around £1.8 billion, against a stock market valuation that had fallen to approximately £175 million before the bid confirmation. The group’s debt stood at roughly 5.0x EBITDA by industry estimates. Those pressures had already forced decisive operational action: the company announced the closure of approximately 200 William Hill betting shops from May 2026, putting up to 1,500 jobs at risk.
Bally’s preferred bidder
Bally’s Intralot emerged as the most credible bidder in the process largely due to its willingness to acquire the group in its entirety, a position understood to align with Evoke’s board preference.
Betfred had separately been reported to be weighing a purchase of the William Hill retail estate, though sources suggested the economics of a retail-only transaction faced significant hurdles given the debt structure of the wider group.
One source familiar with the discussions, said:
“They are looking for the easiest structure, so to sell everything to one buyer. That’s their number one priority.”
Bally’s Intralot is active in 40 regulated jurisdictions worldwide. It was formed in October 2025 following the merger of Bally’s International Interactive and Greek lottery and gaming technology group Intralot, a transaction that made Bally’s Corporation the majority shareholder of the combined entity.
The proposed Evoke acquisition builds on Bally’s prior experience in the UK market: the group previously owned Gamesys before selling it to Intralot for $3.17 billion in July 2025. The Gamesys portfolio includes Jackpotjoy and Virgin Games, giving Bally’s Intralot an established digital base in the UK ahead of any Evoke integration.
UK online revenue at Bally’s rose 6.3% in constant currency during Q4 2025, driven by new player volume growth. Bally’s had explicitly signalled its intention to capture UK market share following the April 2026 tax increases, citing high margins and operational strength as competitive advantages.
A completed deal would position Bally’s Intralot as one of Europe’s most significant B2C gambling operators, as custodian of the William Hill brand across the UK high street and online.
Debt on both sides
The transaction carries significant complexity for both parties. Bally’s own credit ratings reside in junk territory, and the company faces substantial debt obligations totalling between $4.5 billion and $5.6 billion. The company secured a $1.1 billion term loan in February 2026 and used the proceeds to repay a $1.47 billion loan due in 2028, extending its obligations to 2031.
Bally’s is also managing major capital projects in the United States, including the Bally’s Chicago casino resort and planned developments in the Bronx and Las Vegas.
S&P Global noted:
“We expect Bally’s leverage will remain elevated over the next several years due to ongoing development spending.”
On the Evoke side, Deutsche Bank cut its EBITDA forecasts for 2026 and 2027 by 12% and 18% respectively following the UK tax changes, with margins projected to fall to 13% in 2027 from 23% in 2023. The Mr Green brand, acquired in 2019, has experienced material value erosion. Evoke’s Italian operations, by contrast, represent a strategic entry point into a tightly regulated market where advertising restrictions limit new competition.
Sources cited by Earnings and More noted the centrality of debt negotiations to any final deal. One industry consultant said:
“The debt people will be wanting their money back. These will all be distressed debt hedge funds. They will have bought the debt at a discount and will likely sell their debt at a discount also.”
Evoke is registered in Gibraltar, meaning any offer falls outside the jurisdiction of the UK Panel on Takeovers and Mergers, though the company’s articles contain certain takeover-related provisions. Bally’s Intralot has confirmed it reserves the right to vary the terms of any offer, including price, form of consideration and transaction structure.
Wider M&A context
The potential acquisition would rank among the most consequential M&A transactions in European iGaming in recent years. Deutsche Bank has identified consolidation as a defining theme for the sector in 2026, following a burst of major deals in 2025 that included the Intralot acquisition of Bally’s International Interactive for €2.7 billion, the Allwyn and OPAP all-share combination, and Banijay’s €4.6 billion acquisition of Tipico.
For operators, regulators and investors, the Evoke outcome will serve as a key test of whether transatlantic capital can stabilise one of the UK market’s most recognised but financially distressed brands.
Bally’s Intralot must announce a firm intention to make an offer, or confirm it does not intend to proceed, by 18 May 2026. Evoke publishes its full-year 2025 financial results on 29 April, which will provide the clearest picture yet of the financial baseline any acquirer would be inheriting.
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