Bally’s Intralot is currently in talks to acquire Evoke, the parent company of William Hill and 888, in a deal estimated to be worth around £225.3 million ($304 million). The negotiations have been confirmed by both parties, with the proposed price set at 50 pence per share, reflecting a nearly 29% premium over Evoke's last closing price prior to the announcement.
In a statement, Evoke acknowledged that it is “in discussions with Bally’s Intralot… regarding a possible offer,” but also noted 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 U.K. takeover regulations, Bally’s Intralot has until 5:00 p.m. London time on May 18, 2026, to either make a formal offer or withdraw from negotiations.
The potential acquisition comes at a time when Evoke is working to stabilize its operations following years of financial difficulties, regulatory scrutiny, and operational setbacks. Since its peak valuation in 2021, when it acquired William Hill, the company's worth has plummeted by more than 90%.
Currently, Evoke carries around £1.8 billion in net debt, while its market value stands at approximately £175 million. The company has initiated several restructuring efforts, including plans to close about 200 William Hill betting shops in May. Additionally, in 2024, Evoke sold certain U.S. assets to Hard Rock Digital and exited its remaining B2C operations.
Regulatory challenges have also adversely affected Evoke's performance. The company, previously known as 888 Holdings, faced multiple enforcement actions from the U.K. Gambling Commission, including a record £7.8 million fine in 2017 related to player protection issues. In 2023, Evoke agreed to pay a £19.2 million fine for significant social responsibility and anti-money laundering violations, leading to a review of its operating license.
Moreover, the recent increase in U.K. taxes on online gaming from 21% to 40% on revenue has further strained the company's finances, with estimates suggesting an annual cost of between £125 million and £135 million due to this hike.
Despite these challenges, Evoke has shown signs of operational improvement. In Q4 2025, the company reported revenues of approximately £464 million, marking a 7% increase from the previous quarter, which was its best quarterly performance of the year. At that time, Evoke projected a 2% year-on-year revenue growth and a 14-15% increase in Adjusted EBITDA, indicating margins around 20%, consistent with its guidance.
This positive trend may bolster Bally’s Intralot’s perception of Evoke as a viable turnaround opportunity rather than merely a distressed asset.
Bally’s Intralot has positioned the potential acquisition as a strategic move to enhance its scale and expand its international presence. CEO Robeson Reeves stated, “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, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver.”
The company emphasized that a merger could lead to “enhanced scale, an expanded geographic footprint, and opportunities for cost efficiencies.” However, it reiterated that there is no assurance that the deal will proceed.
This potential acquisition aligns with Bally’s broader strategy for expansion. In 2025, Bally’s became the majority shareholder of Intralot after the latter acquired a significant stake.