Bally’s Intralot reaches $326 million deal to acquire William Hill and 888 owner Evoke

Bally’s Intralot has agreed to acquire Evoke, the Gibraltar-headquartered owner of William Hill and 888, in an all-share deal valuing the gambling operator at about £243 million ($326 million).

Under the agreement, Evoke shareholders will receive 0.537 new Bally’s Intralot shares for each Evoke share, with a limited cash alternative available. The offer values Evoke at 52p per share, a 77% premium to its three-month volume-weighted average share price of 29.4p before Bally’s Intralot’s potential bid was disclosed in April. 

It is also a 138% premium to Evoke’s 21.9p share price on 9 December 2025, the day before the company announced a strategic review.

Evoke’s directors intend to unanimously recommend the deal to shareholders. Subject to approvals, completion is expected in the fourth quarter of 2026 or the first quarter of 2027. If no shareholders take the cash alternative, Evoke investors will own around 11.5% of the combined group.

The deal follows months of pressure on Evoke, which appointed Morgan Stanley and Rothschild in December to review strategic options. The company has net debt of about £1.8 billion, or more than £1.86 billion ($2.50 billion) for the financial year ended 31 December 2025, and a market value of just over £180 million ($241.55 million). Bally’s Intralot ended FY2025 with adjusted net debt of €1.49 billion ($1.73 billion).

UK gambling tax changes were a central factor behind the review. Remote gaming duty rose from 21% to 40% in April, while duty on online sports betting will increase from 15% to 25% from April 2027, except for horse racing. The companies said the changes created a “material shift in the UK operating environment” and would “create meaningful dislocation across the competitive landscape”.

Evoke’s share price has fallen by 90% since it bought William Hill’s network of 1,400 betting shops for £2.2 billion ($2.95 billion) four years ago. Last month, the company said it would close about 200 William Hill shops from May, citing cost pressures including tax increases. Chief executive Per Widerström has previously said the tax changes could cost the business up to £135 million ($181.16 million) a year.

Evoke chair Mark Summerfield said the agreed terms represented the most attractive and deliverable outcome for shareholders, given the UK duty changes and the company’s capital structure.

Bally’s Intralot said the combined business would operate across six core markets, with a total addressable market of €36 billion ($48.31 billion). In the UK, it is expected to rank second in iGaming and fourth in online sports betting.

“Intralot continues to believe that the UK is a highly attractive geography and the current market dislocation presents a significant opportunity for consolidation,” the company said.

The Shaked family, which co-founded 888 in 1997 and remains Evoke’s largest shareholder with a 19.2% stake, has backed the merger.

Intralot provides technology to 12 state lotteries in the US and operates in Europe, South America, North Africa, Southeast Asia, Australia, and New Zealand.

The combined debt burden has raised questions. However, Bally’s Intralot CEO Robeson Reeves said there was no current plan to sell assets, though unusually high offers could be considered.