The recommended all-share deal values the Gibraltar-based operator at about £243.1m, or $326m. Under the agreement, Evoke shareholders will get 0.537 Bally’s Intralot shares for every Evoke share. The deal prices Evoke at 52p per share. There is also an alternative cash consideration, although it is limited to about £117.1 million.
Shareholder Approval Remains Next Step
Evoke’s board intends to unanimously recommend the deal to shareholders. Subject to shareholder and regulatory approvals, completion is expected in Q4 2026 or Q1 2027.
In case no shareholders select the cash alternative, Evoke shareholders will own approximately 11.5% of the combined firm.
Debt and Duties Set the Deal in Motion
Evoke entered the sale process under pressure. The company initiated a strategic review in December 2025 after warning that UK tax changes would increase pressure on its balance sheet.
The pressure was linked in part to Evoke’s debt burden after it acquired William Hill’s non-US business from Caesars Entertainment in 2022. The company’s net debt stood at about £1.86bn by the end of 2025.
Tax changes added another strain. The UK Remote Gaming Duty increased from 21% to 40% on 1 April 2026. A new 25% remote betting rate will apply from 1 April 2027, excluding UK horse racing.
The firm has indicated that this will cost it an additional £125m to £135m in taxes annually. The firm has also announced that it intends to shut down about 200 William Hill betting shops in the UK.
Why Bally’s Intralot Wants Evoke
For Bally’s Intralot, the acquisition brings recognised brands and a larger presence in regulated European markets. Evoke has brands including William Hill, 888 and Mr Green in various online and retail operations.
Evoke’s core markets include the UK, Italy, Spain, Romania, and Denmark. The combined group says it will operate across six core markets. In the UK, the deal would also strengthen the group’s position in online gambling. According to the Financial Times, the enlarged business is expected to rank second in UK iGaming and fourth in online sports betting.
Additionally, Bally’s Intralot highlights potential synergies. Bally’s Intralot estimates that the deal could deliver about £180m in cost and capital expenditure savings within two years of completion.
The deal also includes refinancing support for Evoke’s existing debt. Reuters reported that firms such as TPG Credit, Oaktree and OHA will provide about £889 million in financing.
Expert View
The transaction is not necessarily focused on a headline grab but rather on the issue of survival by size. Evoke continues to have good brands, although it was difficult for the company to manage the debts in view of the increased taxes in the UK. Bally’s Intralot is taking on this risk because Evoke gives it access to established brands such as William Hill, 888 and Mr Green.
