Evoke Acquired
Bally's Intralot S.A. Acquires Evoke, William Hill UK Owner, in £243.5 Million All-Share Deal
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Evoke Plc, the owner of William Hill in the UK, has agreed to be taken over by Bally's Intralot S.A. in an all-share deal worth £243.1 million ($325.9 million), according to Reuters. The offer price of 52p per share marks a significant premium for a company that has been crushed by debt and rising taxes over the past year.
The deal, announced Friday, ends Evoke's independence following years of financial pressure. The company carries £1.86 billion in net debt and posted a £549.1 million net loss in its most recent financial year, according to Market Screener.
How a £1.95 Billion Bet Went Wrong
Evoke's troubles trace back to 2022. Back then, it was still called 888 Holdings. It paid £1.95 billion to buy William Hill's non-US assets — a debt-fueled move that left the company badly exposed when conditions turned against it. Rising interest rates hit hard. So did a wave of UK regulatory changes.
The final blow came in November 2025. The UK government raised the Remote Gaming Duty — a tax on online gambling — from 21% to 40%, effective April 2026. Evoke CEO Per Widerström called the hikes "highly damaging." By December 2025, the company had hired Morgan Stanley and Rothschild & Co. to explore a sale.
Bally's Intralot Moves In at a Distressed Price
Bally's Intralot is a relatively new company. It was formed in October 2025 when Bally's Corporation merged its international division with Greek firm Intralot. The combined group saw Evoke as a bargain. CEO Robeson Reeves said the deal is "an opportunity we are pursuing with conviction," calling it a chance to bring their operating model "to a significantly larger business."
The 52p offer price is roughly 29% above the 50p price floated when talks were first confirmed in April 2026, according to Market Screener. Crucially, private equity firm TPG Credit is in talks to provide up to £800 million in refinancing to help stabilize the debt-heavy combined entity. Completion is expected in Q1 2027.
William Hill Shops and European Markets Now in Play
The deal gives Bally's Intralot a major footprint across Europe. Evoke already holds strong positions in Italy, Romania, and Spain — markets with high barriers to entry. The combined group is targeting £180 million ($241 million) in annual cost and capital savings by 2028.
The fate of William Hill's 1,300-plus UK betting shops is still unclear. Evoke has already announced plans to close 200 locations — about 15% of its estate — to cut costs. Bally's CEO has hinted at keeping a high-street presence, but skeptical analysts warn that William Hill has been "shedding loyalty among UK consumers for years," according to Reuters.
Analysts Split on Whether This Is a Rescue or a Bargain
Evoke shares rose 5.7% on Friday, hitting 40.50p after the announcement. Some investors welcomed the deal as a lifeline. Others are not so sure. Deutsche Bank had previously warned that Evoke was "disproportionately impacted" by UK tax changes compared to rivals like Entain or Flutter.
Analyst Jeffrey Stantial at Stifel cautioned that managing William Hill could be an "operating distraction" for Bally's as it tries to navigate the toughest tax environment in the history of British regulated gambling. The UK Gambling Commission is also expected to scrutinize the deal closely, according to Market Screener.
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