Bally’s Intralot Finalizes £243M Evoke Deal For William Hill And 888

Bally’s Intralot has agreed to buy evoke, the owner of William Hill and 888, in a £243.1 million all-share deal. The offer gives evoke a route away from a heavy debt load, while Bally’s Intralot gets a much larger UK online betting and iGaming base.

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Good to Know

• Evoke shareholders will receive 0.537 Bally’s Intralot shares for each evoke share.
• The offer values evoke at 52p per share and needs shareholder and regulatory approval.
• The deal could close in late 2026 or Q1 2027.

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William Hill And 888 Give Ballys Intralot UK Scale

Bally’s Intralot has spent months trying to land evoke, and the agreement now puts William Hill, 888, and Mr Green under its planned enlarged group. Reuters reported the deal at about £243 million, with the evoke board backing the offer.

The price gives evoke shareholders a 77% premium to the three-month volume-weighted share price before the April approach. The structure is all-share, although Reuters reported a partial cash alternative capped at £117 million and refinancing support from private lenders.

For Bally’s Intralot, the appeal is not subtle. The company says the combined group will get access to six core markets with an addressable value of €36 billion. It also expects the deal to make it No. 2 in UK iGaming and No. 4 in UK online sports betting. The UK has become harder for operators because of tax and compliance costs, but William Hill and 888 still carry brand power.

Soo Kim, chairman of Bally’s Intralot, 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.”

Debt explains why evoke accepted a sale. The company ended 2025 with about £1.8 billion in debt, close to five times EBITDA. The Guardian noted that evoke had already been reviewing options after UK gambling tax pressure and plans to close about 200 betting shops.

Mark Summerfield, chairman of evoke, said:

“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.”

Cost Savings Sit At The Center Of The Deal

Bally’s Intralot says the takeover can unlock £180 million in annual run-rate cost and capex savings within two years after completion. The savings are expected across marketing, operations, and IT infrastructure. That part will be watched closely because evoke already carries old integration baggage after the 2022 William Hill international acquisition.

Kim said the group has experience joining acquired businesses without stripping out their best parts.

“Intralot has a proven track record of creating shareholder value through the successful integration of acquired businesses whilst preserving their distinct strengths,” Kim said. “We are confident that this transaction will deliver substantial benefits for both Intralot and evoke shareholders.”

Bally’s Intralot also enters the deal from a stronger reported growth position. It posted 2025 group revenue of €518 million, up 34.8%, with adjusted EBITDA up 40.4% and a 35.4% margin. The company also said UK net gaming revenue rose 11.5% in April and 16% in May, with customer acquisition up more than 50% across those two months.

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