Key Highlights
- Bally’s Intralot has entered preliminary discussions to purchase Evoke Plc, parent of William Hill and 888, in a transaction valued at approximately £225 million ($304 million)
- The acquisition proposal stands at 50 pence per share, representing a 29% premium above Evoke’s latest closing share price
- Evoke currently shoulders approximately £1.8 billion in net debt and has experienced a value decline exceeding 90% from its 2021 high point
- UK takeover regulations require Bally’s Intralot to either present a definitive offer or withdraw by May 18, 2026
- Evoke delivered its most robust quarterly performance of 2025 in Q4, reporting £464 million in revenue—a 7% sequential increase
Bally’s Intralot has initiated acquisition discussions with Evoke Plc, the gambling enterprise that operates William Hill, 888, and Mr. Green. The potential transaction would assign Evoke an enterprise value of roughly £225.3 million, equivalent to approximately $304 million.
The proposal establishes a per-share price of 50 pence. This valuation delivers approximately a 29% premium relative to Evoke’s share price recorded before disclosure of the negotiations.
Representatives from both organizations have verified that discussions are currently underway. Nevertheless, Evoke issued a statement noting that “there can be no certainty that an offer will be made or as to the terms on which any offer might be made.”
According to UK takeover regulations, Bally’s Intralot faces a deadline of 5:00 p.m. London time on May 18, 2026, to either present a binding offer or formally abandon pursuit of the acquisition.
Evoke’s Prolonged Financial Difficulties
Evoke has faced mounting challenges over several years. The organization’s market capitalization has plummeted more than 90% from its 2021 zenith, which coincided with finalizing its purchase of William Hill.
The company presently carries approximately £1.8 billion in net debt. Meanwhile, its market capitalization stands at roughly £175 million, representing just a small portion of its debt obligations.
In an effort to reduce expenses, Evoke has implemented restructuring initiatives. The company has scheduled the closure of approximately 200 William Hill retail betting locations in May.
During 2024, Evoke divested certain U.S. assets to Hard Rock Digital and withdrew from its remaining direct consumer operations in the American market.
Regulatory challenges have additionally burdened the organization. The UK Gambling Commission imposed a £7.8 million penalty in 2017 for inadequate player protection measures. In 2023, Evoke settled on a £19.2 million payment following what regulators characterized as “alarming” deficiencies in social responsibility protocols and anti-money laundering safeguards.
Subsequently that year, the regulatory authority initiated a review of Evoke’s operating license.
Adding to these difficulties, UK taxation on online gaming operations recently escalated from 21% to 40% on revenue streams. Evoke has projected this increase will generate annual costs between £125 million and £135 million.
Notwithstanding these obstacles, Evoke reported approximately £464 million in revenue throughout Q4 2025. This represented a 7% improvement compared to the preceding quarter and marked the company’s strongest quarterly performance of the year.
Management anticipated full-year revenue growth of 2% on a year-over-year basis, accompanied by adjusted EBITDA expansion of 14–15%.
Bally’s Intralot Pursues Expansion Through Scale
Bally’s Intralot CEO Robeson Reeves characterized the prospective acquisition as an opportunity to apply the company’s operational framework to a substantially larger enterprise. He referenced what he termed “massive synergies” that the merged organization could potentially realize.
The company indicated a transaction could produce enhanced geographic diversification and operational cost advantages. It simultaneously emphasized that no assurance exists regarding whether the deal will ultimately materialize.
Bally’s has pursued an aggressive growth strategy. In 2025, it secured majority ownership of Intralot. Earlier in the current year, Bally’s Interactive launched its inaugural UK casino operation.
In the previous year, Bally’s completed the acquisition of financially troubled Australian operator Star Entertainment. The company is additionally constructing a casino-resort facility in Chicago while developing projects in Las Vegas and New York City.
Uncertainty persists regarding transaction financing. Bally’s has disclosed recent financial losses partially attributable to its existing debt obligations. Industry analysts have expressed concerns regarding the company’s financial capacity.
Bally’s stated that should the transaction advance, “its financing will be aligned with our stated financial policy goals within our existing perimeter.”
The May 18 deadline represents the next critical milestone for stakeholders monitoring developments.
