Bally’s Intralot offers £243m acquisition deal for Evoke Plc assets

Bally’s Intralot has formally launched an acquisition proposal for Evoke Plc, the London-listed gambling operator that owns the William Hill, Mr Green and 888 brands. Following several weeks of negotiations, the bidder has presented an offer valuing Evoke at approximately £243.1 million, marking one of the most closely watched transactions in the European gaming sector this year.

The proposed deal comes at a pivotal moment for Evoke, which has been navigating significant regulatory, financial and strategic challenges. The company initiated a strategic review in late 2025 after changes to UK gambling taxation created concerns about the future profitability of its online-focused operations.

If completed, the transaction would significantly strengthen Bally’s Intralot’s position in the European betting and gaming market while providing Evoke shareholders with an opportunity to exit at a substantial premium to recent trading levels.

Details of the proposed offer

Under the terms announced by Bally’s Intralot, Evoke shareholders would receive 52 pence per share in cash. The valuation takes into account approximately 450.4 million shares currently in issue, an additional 18.5 million shares that could potentially be issued and around 1.3 million shares held in employee trusts.

The bidder has also offered an alternative share-based consideration. Shareholders who prefer equity participation may elect to receive 0.537 newly issued Bally’s Intralot shares listed on Euronext Athens. Based on the bidder’s stated share price of €1.12, this option is considered broadly equivalent to the cash proposal.

The offer represents a substantial premium compared with Evoke’s recent market performance. According to the companies, the bid is approximately 77 percent above the share price recorded before acquisition discussions became public in April. It also represents a premium of approximately 138 percent compared with the low point reached in December 2025.

Investors responded positively to the announcement, with Evoke shares climbing sharply during London trading following confirmation of the proposal.

Strategic review and regulatory pressure

Evoke’s decision to explore strategic alternatives was influenced heavily by regulatory developments in the United Kingdom.

In December, the company launched a formal strategic review after the UK government announced plans to increase Remote Gaming Duty to 40 percent from April 2026. The higher tax burden is expected to have a meaningful impact on online gambling operators, particularly those with substantial exposure to digital gaming revenue.

For Evoke, whose portfolio includes major online betting and casino brands, the change added further pressure to an already challenging operating environment. The company has spent recent years attempting to improve profitability while managing substantial debt obligations and integrating major acquisitions.

Industry observers viewed the strategic review as a sign that management was evaluating a broad range of options, including asset sales, partnerships and a potential corporate transaction.

A dramatic shift in valuation

The proposed £243.1 million valuation stands in sharp contrast to Evoke’s acquisition activity just a few years ago.

In 2022, the company acquired the European assets of William Hill and Mr Green from Caesars Entertainment in a transaction valued at approximately £2.2 billion. That acquisition was intended to strengthen Evoke’s competitive position in regulated gaming markets and expand its customer reach across Europe.

However, changing market conditions, increased regulatory scrutiny, higher taxation and broader economic pressures have affected valuations across the gambling sector.

Evoke’s share price has experienced a prolonged decline over recent years. The stock remains significantly below levels seen in 2021, reflecting investor concerns about growth prospects, debt levels and regulatory headwinds.

While the current offer values the company at a level well below previous transaction figures, the board has concluded that the proposal offers a compelling opportunity for shareholders.

Board backs the transaction

Evoke’s board of directors has recommended that shareholders support the proposed acquisition.

Chairman Mark Summerfield stated that the combination would help address several strategic and financial challenges currently facing the company. He indicated that becoming part of a larger organization could provide greater scale, stronger financial resources and improved operational flexibility.

According to Summerfield, the transaction offers what the board believes is the most effective path toward creating long-term value for shareholders while also benefiting employees, customers and other stakeholders.

The recommendation is expected to play an important role as investors evaluate the merits of the proposal in the coming months.

Creating a larger European gaming group

The acquisition would significantly expand Bally’s Intralot’s footprint in Europe.

Bally’s Intralot emerged in 2025 following the merger between Bally’s International Interactive and Intralot. The combined business has maintained a strong focus on lottery operations, particularly in North and South America.

The addition of Evoke would introduce a substantial online betting and gaming portfolio, including established brands such as William Hill, Mr Green and 888sport.

The companies estimate that a combined organization would generate approximately €3.2 billion in annual pro forma net revenue and around €856 million in adjusted EBITDA during 2025. Management teams have also identified nearly £200 million in potential cash synergies through operational efficiencies and integration initiatives.

Chairman Sokratis Kokkalis described the proposal as the beginning of a significant new chapter for the business. Bally’s Corporation Chairman Soo Kim similarly expressed confidence that the combination could create a diversified European gaming operator with substantial scale and market reach.

Debt remains a key consideration

Despite the strategic rationale behind the transaction, investors are likely to focus closely on the financial profiles of both companies.

Evoke reported net debt of approximately £1.9 billion at the end of 2025. Bally’s Intralot also carries significant leverage, reporting approximately €1.75 billion in debt during the first quarter of 2026.

To facilitate the acquisition and refinancing process, a consortium of private lenders has agreed to provide substantial financing support. The lender group includes TPG Credit and Oaktree, which are expected to provide a €889 million Second Lien Term Facility.

The financing package is intended to support the redemption of Evoke’s 2028 debt obligations and help streamline the capital structure of the combined organization.

Management expects the transaction to close between late 2026 and early 2027, subject to shareholder approval and the receipt of all necessary regulatory clearances.

Consolidation trend continues across gaming sector

The proposed acquisition is part of a broader wave of consolidation activity affecting the global gaming industry.

Operators continue to seek greater scale in response to rising compliance costs, increasing taxation and intensifying competition. Larger organizations are often better positioned to invest in technology, marketing and regulatory compliance while spreading costs across broader customer bases.

Recent merger and acquisition activity in the United States has further highlighted this trend. Several large-scale proposals involving major casino and gaming operators have emerged in recent weeks, reflecting continuing interest in consolidation opportunities across the sector.

Industry analysts note that companies with strong brands, regulated market access and established customer bases remain attractive acquisition targets despite broader market challenges.

Leadership changes at Evoke

The acquisition announcement comes shortly after Evoke strengthened its executive team through a significant finance appointment.

The company recently named Janice Duncan as its new Group Finance Director. Duncan brings extensive experience from both financial services and gaming industries.

Her career began in banking roles with National Australia Group, Royal Bank of Scotland and RBC Insurance before she transitioned into the gambling sector in 2013.

She subsequently held senior positions at Coral and William Hill before becoming Finance Director at William Hill in 2019. Later roles included Chief Financial Officer positions at Rank Interactive and online casino operator Casumo.

Her appointment is viewed as an effort to strengthen financial leadership during a period of significant corporate change.

Conclusion

Bally’s Intralot’s proposed acquisition of Evoke Plc represents a potentially transformative transaction for both companies. The deal would bring together established betting, gaming and lottery assets under a single corporate structure while creating a larger European gaming group with significant scale and brand recognition.

For Evoke shareholders, the offer provides an opportunity to realize immediate value at a notable premium compared with recent share prices. For Bally’s Intralot, the acquisition would accelerate expansion into sports betting and online gaming while strengthening its position in key regulated markets.

Although regulatory approvals, shareholder votes and financing considerations remain important hurdles, the proposal highlights the ongoing consolidation reshaping the global gambling industry. The coming months will determine whether the transaction proceeds as planned and whether the combined company can successfully deliver the strategic and financial benefits outlined by management.

FAQs

What is Bally’s Intralot offering for Evoke Plc?
Bally’s Intralot has proposed an offer of 52 pence per share, valuing Evoke Plc at approximately £243.1 million.

Which brands are owned by Evoke Plc?
Evoke owns several well-known gaming brands including William Hill, Mr Green and 888.

Why did Evoke begin a strategic review?
The company launched a strategic review after changes to UK Remote Gaming Duty increased financial pressure on online gambling operators.

What premium does the offer represent?
The proposal represents a significant premium compared with Evoke’s recent trading prices and historical lows.

Can shareholders choose shares instead of cash?
Yes. Shareholders may elect to receive newly issued Bally’s Intralot shares instead of the cash consideration.

What is Bally’s Intralot?
Bally’s Intralot is a gaming and lottery company formed through the merger of Bally’s International Interactive and Intralot in 2025.

How large would the combined company become?
The companies estimate that the merged business would generate approximately €3.2 billion in annual net revenue.

What synergies have been identified?
Management has identified nearly £200 million in potential cash synergies through operational efficiencies and integration efforts.

Who is Janice Duncan?
Janice Duncan is Evoke’s newly appointed Group Finance Director with extensive experience in both finance and gaming sectors.

When is the transaction expected to close?
Subject to approvals and regulatory clearances, the companies expect the transaction to close between late 2026 and early 2027.