Key Takeaways:
Bally's Intralot's £243 million acquisition of Evoke creates one of Europe's largest betting and gaming groups, combining William Hill and 888 with Intralot's technology platform.
Bally's Intralot agreed to acquire Evoke PLC in a £243 million all-share deal, valuing the William Hill and 888 owner at 52 pence per share, as UK tax hikes drive consolidation across the gambling industry.
"The combination will create one of the world's leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth," Mark Summerfield, chairman of Evoke, said.
The offer represents a 33.8% premium to Evoke's closing price before the company confirmed talks in April. Evoke shareholders will receive 0.537 new Intralot shares for each share held, with a partial cash alternative capped at £117.1 million. Private lenders led by TPG Credit, alongside Oaktree and OHA, have committed about £889 million to refinance Evoke's existing debt, which stood at roughly £1.86 billion at the end of 2025.
The deal shows how Britain's gambling tax overhaul — which raised remote gaming duty to 40% from 21% and introduced a 25% online sports betting levy from 2027 — is reshaping the sector. Evoke had warned the changes would add up to £135 million in annual costs and announced plans to close about 270 betting shops. The combined group expects to unlock roughly £180 million in pre-tax cost and capital expenditure savings within two years of closing.
Evoke, formerly known as 888 Holdings, was saddled with heavy debt after its £2.2 billion acquisition of William Hill's non-US operations from Caesars Entertainment in 2022. The company launched a strategic review in December after withdrawing its medium-term targets, citing the tax headwinds.
Bally's Intralot was formed last year through the merger of Greek lottery firm Intralot and US casino operator Bally's Corp., which sponsors Nottingham Forest Football Club's shirt. The enlarged group will combine Evoke's consumer-facing brands — William Hill, 888 and Mr Green — with Intralot's technology and data capabilities across regulated markets.
Soo Kim, chairman of Bally's, said the combined entity would benefit from "highly executable synergies and the ability to invest our substantial free cash flow in growth markets." Evoke founder Avi Shaked, whose family has provided an irrevocable undertaking to support the deal, said they would remain committed minority shareholders in the combined entity.
The acquisition requires approval from Evoke shareholders and clearance under the Gibraltar Companies Act, with completion expected in the fourth quarter of 2026 or the first quarter of 2027. Evoke shareholders will own approximately 11.5% of the enlarged group if all elect to receive Intralot shares. Evoke's shares rose as much as 16% to 46.45 pence in London trading Friday, their highest level since October 2025.
This article is for informational purposes only and does not constitute investment advice.
