Bally’s Intralot Looks to Acquire Evoke In £225M Deal

Evoke has confirmed takeover talks with Bally’s Intralot around a possible 50p-a-share offer. The talks come as the owner of William Hill and 888 weighs strategic options, high debt, and fresh tax pressure in the UK.

Good to Know

• Bally’s Intralot has until May 18, 2026 to confirm a firm offer or walk away under takeover rules.
• Evoke debt sits at about £1.8bn, while the business has also flagged plans to close around 200 William Hill shops.
• Remote Gaming Duty rose to 40% from April 1, 2026, while the 25% remote betting rate starts from April 1, 2027, with remote UK horseracing excluded.

Evoke Weighs Bally’s Intralot Bid As Debt And Tax Pressure Bite

A takeover price of 50p per share would put Evoke at about £225m, or roughly $304m, based on the terms under discussion. Evoke said any firm proposal, if one arrives, would cover the entire issued and to-be-issued share capital. The structure could still change, including the mix between shares and cash, and shareholders have been told to take no action for now.

What makes the story more interesting is the gap between that bid level and the shape of the balance sheet. Evoke has a market value of roughly £175m, yet net debt is sitting near £1.8bn. In practical terms, that leaves very little room for error, especially after years of pressure tied to the William Hill deal and a steep fall in the share price. Reports on Monday said the stock had lost about 90% since the William Hill transaction era began.

Back in December, Evoke said it had hired Morgan Stanley and Rothschild & Co to review options intended to “maximise shareholder value”. A sale of the whole group was already on the table at that point, so the latest Bally’s Intralot contact did not arrive out of nowhere.

Scale is one part of the pitch. Bally’s Intralot has pointed to wider geographic reach, larger scale and cost efficiency as potential benefits from a merger. Reuters also reported that CEO Robeson Reeves said the model can work better at bigger scale, with margins seen improving after a tie-up.

Evoke, formerly known as 888 Holdings, bought the William Hill retail estate in a deal valued at about £2.2bn four years ago. That gave the group a large UK shop base, but it also left the business carrying a lot of debt into a much tougher market. Earlier in 2026, the company said it would shut about 200 William Hill locations starting in May as part of cost cuts.

Tax pressure in the UK has added another layer. The rate of Remote Gaming Duty increased from 21% to 40% from April 1, 2026. A separate 25% rate for remote betting comes later, from April 1, 2027, while remote bets on UK horseracing stay at 15%. Earlier reporting said chief executive Per Widerström had estimated the tax package would cost Evoke up to £135m a year.

The wider record around the group also matters for anyone looking at a deal. Evoke has dealt with compliance and operating setbacks for years, including a £9.4m penalty in 2022 linked to failings, and an earlier £7.8m penalty after more than 7,000 self-excluded customers could still access accounts. In 2023, the group also removed its chief executive and suspended VIP accounts in the Middle East during an internal anti-money laundering review, according to media reporting on the latest bid.

On the other side, Bally’s Intralot brings a broader international footprint. The company is listed in Athens and is active in about 40 regulated jurisdictions. Its portfolio includes Jackpotjoy, US casino and resort assets, and a casino operation in Newcastle. If approvals arrive, a deal would pair Evoke UK online and retail brands with Bally’s Intralot international operations

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