Bally’s Intralot in talks to buy Evoke for £225m
Evoke, owner of William Hill and 888, confirmed takeover talks with Bally’s Intralot over a 50p-per-share offer valuing the group at £225.3m; Bally’s must decide by May 18.
Evoke confirmed it is in takeover discussions with Bally’s Intralot over a 50 pence per share proposal that values the FTSE 250 betting group at £225.3 million. Under UK listing rules, Bally’s has until 5 p.m. on May 18 to announce whether it will make a firm offer or decline.
The proposal is expected to take the form of an all-share combination with a partial cash alternative covering the entire issued and to be issued share capital. The 50p offer represents a 29% premium to Evoke’s 38.85p closing price on the previous trading day. Evoke shares rose nearly 16% on Monday after the talks were confirmed. Morgan Stanley and Rothschild & Co are advising Evoke on the evaluation.
Robeson Reeves, chief executive of Bally’s Intralot, identified “substantial strategic and operational synergies” with a combined group, adding the company sees an opportunity to apply its operating model to a larger business and to transform financial performance through “massive synergies.”
The discussions follow a strategic review Evoke launched in December. The company carries about £1.8 billion of debt, largely linked to 888’s 2021 purchase of William Hill’s non-U.S. operations for around £2 billion. Evoke also operates the Mr Green and 888 brands.
Evoke announced in March plans to close roughly 200 retail betting shops from May, citing higher duty costs. The company projects duty changes could increase costs by up to £135 million a year from 2027.
Recent fiscal changes include an increase in the remote gaming duty from 21% to 40% effective April 2026 and a new 25% duty on online sports betting beginning in 2027, with horse racing exempt. Analysts adjusted valuations and recommendations for companies in the sector after the tax changes.
Deutsche Bank downgraded Evoke to a hold rating in January with a 35p price target. David Brohan, a gaming and leisure analyst at Goodbody, characterized the takeover talks as “no surprise” and described Bally’s Intralot as holding a strong position in the UK iGaming market.
Bally’s Intralot reported pro-forma revenues of roughly €1.1 billion and €431 million of adjusted EBITDA for 2025 following its International Interactive acquisition.
Evoke cautioned there is no certainty an offer will be made and advised shareholders not to take any action in response to the proposal.
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