Bally’s Intralot has agreed to acquire Evoke — parent of William Hill, 888 and Mr Green — in an all-share transaction that values the company’s equity at £243m and its enterprise value, including debt, at £2.2bn. The deal was announced on Friday 5 June, the result of six months of negotiations that began with a rejected 32p-per-share approach in January. The final agreed price of 52p per share represents a 138% premium to Evoke’s closing price of 21.9p on 9 December 2025, before takeover talks became public.
The Evoke board has unanimously recommended the transaction. Close is targeted for Q1 2027, subject to regulatory and court approvals.
Deal Terms
Evoke shareholders receive 0.537 new Intralot shares per share held. A partial cash alternative of 52p per share is available for those who prefer a cash exit, funded by a bridge facility arranged between Intralot and Deutsche Bank and Jefferies Finance. That cash option is capped at £117.1m.
Evoke’s £1.86bn debt pile — the legacy of the 2022 acquisition of William Hill’s non-US assets from Caesars Entertainment — is being refinanced outside the equity consideration. TPG Credit, Oaktree and OHA have committed approximately £889m to refinance the existing borrowings, which include a €600m bond issued in 2025 and a revolving credit facility.
Management has identified £180m in pre-tax cost and capital expenditure savings to be realised within two years of close, concentrated in three areas: marketing spend consolidation, operational efficiencies and IT infrastructure. On a combined pro forma basis, the enlarged group would have reported full-year 2025 revenue of €3.2bn and adjusted EBITDA of €856m.
The Strategic Logic
Bally’s Intralot, formed in October 2025 when Intralot completed its €2.7bn acquisition of Bally’s International Interactive, posted full-year 2025 revenue of €518m and adjusted EBITDA of €183.5m at a 35.4% margin. The group has built out rapidly in regulated digital markets but lacks a meaningful UK position. Acquiring Evoke addresses that directly. According to Bally’s Intralot’s own projections, the combined group would become the number two iGaming and number four sports betting operator in the UK.
Bally’s Corporation and Intralot Complete €2.7 Billion Acquisition
CEO Robeson Reeves had framed the rationale ahead of the deal’s confirmation: “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.”
Bally’s chair Soo Kim said:
“We are excited about the opportunity to bring Intralot and evoke together to create a leading, diversified European gaming champion with greater scale, resilience and operational capability. Underpinned by the combination of evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever.”
Beyond the UK, Reeves has pointed to Evoke’s presence in Spain and Romania as markets where Bally’s Intralot already operates and where the overlap creates strategic value.
Why Evoke Needed a Deal
Evoke’s path to this point began with the £1.95bn acquisition of William Hill’s non-US assets from Caesars Entertainment in 2022 — a deal that brought iconic brands but layered debt onto a business whose key market was about to get significantly harder to operate in. Net debt stood at £1.86bn at the end of 2025.
The company’s full-year 2025 results, released in April, showed adjusted EBITDA rising 14% to £356.2m and margins expanding to 20.0%, but net losses widening from £220.9m to £549.1m. The loss was driven almost entirely by a £440.3m non-cash impairment — a write-down tied directly to the UK government’s confirmation in November 2025 that Remote Gaming Duty would rise from 21% to 40% from April 2026, with a 25% online sports betting duty to follow in April 2027. UK Online revenue fell 3% to £674m for the year, with sports revenue down 12%.
In April 2026, Evoke confirmed the closure of approximately 270 betting shops, projecting incremental duty cost increases of up to £135m annually from 2027. When the duty changes were announced, Evoke was among the operators warning of job losses and accelerated black market migration as the gap between regulated and unlicensed pricing widened.
Evoke chair Mark Summerfield said the board had been focused on maximising shareholder value since the strategic review launched in December 2025.
“Having considered a range of options I am delighted to announce the acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders. The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.”
Shareholder Backing and Timeline
The deal carries early backing from two significant shareholder groups. The Shaked family, founders of 888 and holders of close to a fifth of Evoke’s stock, have backed the transaction. Artemis Investment Management, with a 9.91% stake, has also given its support. Combined with Bally’s Intralot’s existing shareholder base, approximately 29.07% of overall shareholder support was in place at announcement.
The negotiation ran from a rejected 32p-per-share approach in January through public confirmation of talks in April at 50p per share, a May 18 regulatory deadline extended to June 8, and a final agreed price of 52p — a 4% increase on the original public offer level.
Evoke shares were up 14% in early London trading on Friday to 46p, still at a discount to the 52p offer price, reflecting residual deal risk ahead of regulatory approval. Close is expected by Q1 2027.
Source: Evoke / Bally’s Intralot
