Evoke Engages in Takeover Talks for Bally’s Intralot Valued at £225M
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Evoke, the parent company of William Hill and 888, has announced it is in negotiations to acquire Bally’s Intralot, proposing a share price of 50 pence. This offer places a valuation on Bally’s Intralot at £225.3 million ($303.9 million). The discussions come as the UK gaming industry braces for significant regulatory changes.
The bid represents a 29% premium over Evoke’s closing share price of 38.85 pence prior to the announcement, leading to a nearly 16% surge in Evoke’s share value shortly thereafter.
In their statement, Evoke indicated that the takeover would likely involve an all-share arrangement with a cash alternative that encompasses the complete issued and forthcoming share capital of Bally’s Intralot. The firm has until May 18 to submit a definitive offer or withdraw from the negotiations.
Advising Evoke in this potential transaction are Morgan Stanley and Rothschild & Co. The negotiations occur against a backdrop of increased taxes for online gaming, which were announced last November. The remote gaming duty saw an increase from 21% to 40%, effective April 2026, compounded by a new 25% duty on online sports betting expected to begin in 2027.
Robeson Reeves, the CEO of Bally’s Intralot, spoke about the strategic advantages of merging with Evoke, highlighting the expected operational synergies. He suggested that such a partnership could enhance both companies’ margin profiles, allowing them to leverage their combined strengths in a competitive market.
Bally’s Intralot’s offer comes shortly after Evoke’s strategic evaluation in December, which revealed debts totaling approximately £1.8 billion, mainly resulting from its £2 billion acquisition of William Hill’s non-U.S. operations in 2021. Evoke also manages the Mr Green and 888 brands.
The challenging financial landscape has already pushed Evoke to announce the closure of around 200 betting shops, mainly attributed to the new tax obligations that could escalate costs by £135 million annually from 2027.
In recent commentary, David Brohan, an analyst at Goodbody, noted that the discussions regarding a potential acquisition are not unexpected. He emphasized that Bally’s Intralot’s strong positioning in the UK iGaming market could make this merger a strategic move given the shifting regulatory environment.
The proposed £225.3 million valuation reflects a significant increase from Evoke’s market cap of approximately £98 million during its strategic review announcement in December 2025 when the company was hit hard by the autumn budget’s impact.
While the negotiations are underway, Evoke has urged shareholders to refrain from taking any actions in reaction to the discussions, a standard practice during such preliminary stages of takeover talks.
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