Bally’s Intralot has sealed a £243.1 million agreement to acquire Evoke, the parent company of William Hill and 888 brands. This acquisition—an all-share deal—will see Evoke shareholders receiving 0.537 new Bally’s Intralot shares per Evoke share, with a limited cash option on the table as well. This valuation places Evoke at 52p per share. Notably, Evoke’s board is unanimously endorsing the merger, which they claim will create a “geographically diversified gaming champion” spanning six primary markets. But pending necessary approvals, the acquisition could conclude by Q4 2026 or Q1 2027.
Details of the Deal
The offer signifies a hefty 77% premium over Evoke’s three-month volume-weighted average share price of 29.4p before Bally’s Intralot made its interest public in April. Additionally, it’s a 138% premium from Evoke’s 21.9p share price as of December 9, 2025, the eve of its strategic review announcement. Post-acquisition, Evoke stakeholders are expected to own about 11.5% of the merged entity, assuming no one opts for the cash alternative. Soo Kim, Bally’s chairman, expressed optimism about the deal, stating, “We are confident that this transaction will deliver large benefits for both Intralot and Evoke shareholders.” However, Bally’s Intralot CEO, Robeson Reeves, highlighted that the company doesn’t currently plan to sell any assets, though he conceded that an “exceptionally high offer” could change this stance.
Market Impact and Strategy
The newly-formed group will operate across six main markets, with an estimated total market size of €36 billion. The UK emerges as a key market, now ranking the merged company as the second-largest player in UK iGaming and fourth in online sports betting. Despite recent tax hikes—raising the Remote Gambling Duty from 21% to 40%—which partly triggered Evoke’s strategic review, Bally’s Intralot remains bullish on prospects in the UK, labeling it an “attractive geography” for further consolidation. Industry watchers might recall similar consolidation waves following regulatory changes. And this isn’t the first time a strategic review has led to a major acquisition, particularly in reaction to shifting regulatory landscapes.
Financial Concerns and Future Prospects
Despite the strategic alignments, Evoke’s financials present challenges. The company ended its fiscal year 2025 with net debt exceeding £1.86 billion, while Bally’s Intralot reported an adjusted net debt of €1.49 billion. With a combined debt exceeding £3 billion, some experts, like Ben Robinson from Corfai, suggest the debt is being “underpriced.” Still, Bally’s Intralot remains firm, with CEO Reeves dismissing asset sales unless faced with an “exceptionally high offer.”
Looking forward, Reeves expressed that the Evoke acquisition accelerates Bally’s Intralot’s global ambitions by nearly seven years. And “We’ll be number two in the UK, pretty large in other markets, but there’s a big old planet where we can still expand into,” he remarked. The focus will be on diversifying income streams and evaluating market investments for future expansion. Regulatory approvals are awaited, with completion of the acquisition expected by Q1 2027, setting the stage for Bally’s Intralot’s next chapter as a more large global player in the industry.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
