Bally's Intralot has reached an agreement to purchase Evoke for about £243.1 million, which owns prominent brands like William Hill and 888. The companies announced an all-share acquisition for the entirety of Evoke's ordinary share capital on Friday. Evoke has been considering a sale since it began a strategic review in December 2025.
Under the new terms, Evoke shareholders will receive 0.537 shares of Bally's Intralot for each share of Evoke they own, with a limited cash option also available. This offer values Evoke at 52p per share. The board of directors at Evoke plans to recommend that shareholders vote in favor of the acquisition, which aims to produce a "geographically diversified gaming champion with operations across six core markets."
Pending necessary approvals, the deal is expected to close in Q4 2026 or Q1 2027. Evoke chairman Mark Summerfield described the terms of the agreement as the "most attractive and deliverable outcome" for shareholders. He expressed confidence in the potential of the combined entity to become one of the leading online betting and gaming groups globally. "I’m confident Intralot will be a strong and supportive owner of the business," he added.
Sokratis Kokkalis, chairman of Bally's Intralot's board, remarked that the submission of the acquisition offer signifies a pivotal moment for the company, aiming to establish a significant presence in the gaming sector. Kokkalis emphasized that this move reflects the renewed momentum the company has experienced.
The purchase represents a 77% premium over Evoke’s three-month volume-weighted average share price of 29.4p prior to Bally’s initial bid announcement in April. It also marks a 138% premium over Evoke's share price of 21.9p at the close on December 9, 2025, just before the strategic review was initiated. Once the acquisition is finalized, Evoke shareholders will own roughly 11.5% of the new entity if they do not opt for the cash alternative.
Bally's chairman Soo Kim expressed assurance that the deal will yield significant advantages for both Intralot and Evoke shareholders. The newly formed group will cater to six primary markets with a total addressable market of €36 billion. Notably, it will become the second-largest player in the UK iGaming sector and the fourth in online sports betting.
Evoke's strategic review came in response to an increase in the Remote Gambling Duty in the UK from 21% to 40%, which took effect in April 2026. Bally’s Intralot has expressed confidence in the UK market, identifying it as a "highly attractive geography" with substantial opportunities for consolidation.
Concerns have emerged regarding Bally’s Intralot’s motivations for the acquisition, particularly given that Evoke reported net debt exceeding £1.86 billion for the fiscal year ending December 31, 2025. Bally’s Intralot, too, concluded its FY2025 with an adjusted net debt of €1.49 billion. Ben Robinson of Corfai noted that the combined debt of over £3 billion might be considered "underpriced." He suggested that Bally’s could consider asset sales post-acquisition to reduce leverage, with operations in Italy and Mr Green as potential candidates.
During a conference call with industry reporters, Bally’s Intralot CEO Robeson Reeves indicated there are no immediate plans to divest assets. He mentioned that only an exceptionally high offer would prompt a reconsideration of this stance. “If someone offered me a billion for [the] Denmark [business], I’d sell,” he noted, while indicating that Italy is viewed as a vital asset he would likely not sell.
Reeves asserted that the acquisition would expedite Bally's vision of establishing a global business by eliminating seven years of development time. He noted, “We’ll be number two in the UK, we’ll be pretty large in other markets, but there’s a big old planet where we can still expand into,” emphasizing a strategy of diversifying income and targeting growth in various markets as they approach this new chapter.
