Will Bally’s buy Evoke today?
Table of contents
- Bally’s Intralot must announce a firm intention to make an offer for Evoke, or walk away, by 5:00 p.m. London time today, 18 May, in line with the 28-day period specified in the market disclosure.
- The proposed deal values the William Hill and 888 owner at approximately £225m, based on a price of 50 pence per share, representing a premium of about 29% to Evoke’s pre-announcement close.
- Evoke carries roughly £1.8 billion in net debt against a market value of around £175 million, and has shed over 90% of its equity value since its 2021 peak.
Today is decision day for Bally’s Intralot. The Greek-American gaming group has until 5:00 p.m. London time on 18 May 2026 to announce a firm intention to acquire Evoke, the debt-laden operator behind William Hill, 888 and Mr Green, or confirm it will not proceed.
A firm intention to make an offer would not in itself complete the transaction, which would remain subject to regulatory approvals and customary conditions.
The deadline falls 28 days after Evoke confirmed it was in discussions with Bally’s Intralot over a possible offer for its entire issued share capital at 50 pence per share, comprising an all-share combination with a partial cash alternative. The deadline may be extended with Evoke’s consent.
Evoke’s board is evaluating the proposal with its financial advisers, Morgan Stanley and Rothschild & Co. Shareholders have been advised not to take any action while talks continue.
The proposed deal
The 50 pence per share proposal values Evoke at roughly £225.3 million and represents a premium of approximately 29% to the company’s share price before the announcement of discussions. The process is not currently governed by the UK Takeover Code, which may reduce the regulatory protections typically available to investors in a UK-listed target company.
Bally’s Intralot has framed the approach as a scale-driven transaction. The company said it had identified substantial strategic and operational synergies, pointing to the potential for enhanced scale, an expanded geographic footprint and opportunities for cost efficiencies should a deal go ahead.
Robeson Reeves, CEO at Bally’s Intralot, said:
“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. This is an opportunity we are pursuing with conviction.”
Bally’s Intralot has said that if the transaction proceeds, its financing will be aligned with its stated financial policy goals within its existing perimeter.
Evoke’s financial position
Evoke has seen its valuation fall by over 90% since its 2021 peak, when it completed the acquisition of William Hill. The company currently carries approximately £1.8 billion in net debt against a market value of around £175 million.
The UK government’s decision to raise Remote Gaming Duty on online casino products from 21% to 40%, effective 1 April 2026, has added further pressure. Evoke withheld its 2026 full-year guidance in January amid those mounting headwinds.
Deutsche Bank downgraded Evoke’s shares to “hold” in January, cutting its FY26 and FY27 EBITDA forecasts by 12% and 18% respectively, citing the disproportionate impact of the UK budget on the operator.
Evoke announced plans to close around 200 William Hill betting shops in the UK, with closures beginning in May. A strategic review launched in December opened the door to both partial asset sales and a full-group transaction.
Despite those pressures, Evoke recorded approximately £464 million in revenue in Q4 2025, up 7% quarter on quarter, its strongest quarterly result of the year. Its full-year 2025 results confirmed a post-tax loss of £549.1 million, largely driven by £440 million in impairment charges.
Beyond Evoke, Bally’s Intralot has signalled further M&A appetite. The company has said it continues to assess the broader acquisition landscape, with an undrawn £160 million revolving credit facility providing flexibility to pursue additional opportunities.
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About the author
Bianca Máthe
Bianca Mathe joined the iGaming industry in 2018 and has since built extensive experience across multiple verticals, working with international gaming organizations on editorial, marketing, and media strategy. She brings a strong understanding of the regulatory, commercial, and technological forces shaping the global iGaming sector.
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