There was a significant change to the UK gambling industry confirmed this morning as Bally’s Intralot confirmed that their takeover of Evoke WILL go ahead.
The fee is reportedly £243 million, which is considerably higher than the £225 million initially tabled by the Greek-American firm.
Bally’s Intralot will assume control of the William Hill brand, taking on both their online and retail operations, as well as Evoke’s other subsidiaries 888 and Mr Green.
Attractive and Desirable Outcome
The deal was confirmed in a post on the Evoke website, with a company spokesman revealing that the board unanimously agreed upon the sale and were ‘pleased’ to announce an agreement on the all-share package.
Meanwhile, Evoke chairman Mark Summerfield was quoted by the firm’s LinkedIn page.
“I am delighted to announce the acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders,” he said.
“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 through enhanced capabilities.”
The deal has been agreed at a value of 52p per share, higher than the original bid of 50p per share, which therefore amounts to a higher purchase price of £243.1 million. Shareholders can claim a cash alternative if they prefer, although that amount is capped at £117 million.
There was further good news for Evoke shareholders on Friday as news of the takeover emerged. The firm’s share price soared by more than 15%, although the value of Bally’s Intralot has remained stable.
Some of the buyout will be financed by private equity partners, with TPG Credit – as reported earlier this year – helping to structure the takeover alongside Oaktree and OHA. They have pledged approximately £890 million in order to refinance the outstanding debts that ultimately forced Evoke’s hand to sell.
The agreement represents a quick turnaround from the stalemate that saw the original May 18 deadline for an offer to be made pass by. However, an extension was granted until June 8, with both parties now shaking hands on a deal before the weekend.
It’s believed that the takeover will be formally completed in the first quarter of 2027.
End of the Road for Evoke
The takeover brings an end to what had become a rather torturous period for Evoke.
They ambitiously acquired William Hill for £2 billion back in 2022, taking over the running of their online divisions as well as their high street shop empire.
The only way for that deal to be completed was for Evoke to take on considerable debt, which they had forecast would be surmountable given the rock-steady nature of the UK gambling industry.
Or so they thought….
Legislative changes tightened up the sector, hitting revenue hard – particularly in online casino gaming, where stake limits were enforced by the UK government in 2024.
By the end of 2025, Evoke was still some £1.86 billion in the red, when they were to be hit by the next major bombshell: the significant Gambling Tax hikes announced by the chancellor in November.
Taxes were hiked across the board for sports betting and casino operators, leading Evoke to call an emergency strategy meeting.
Amongst their cost-cutting measures was a considerable scaling back of their retail operations, with 270 William Hill shops to be closed from April of this year onwards in a period of restructure.
All of which made Evoke vulnerable to a buyout, if a suitor could be sought that would be willing to shoulder the company’s debt burden.
And despite conditions in the UK market being as tough as they have been for quite some time, Bally’s Intralot evidently believe that there’s an ‘opportunity for consolidation’ through strategic acquisitions.
They have spoken of a ‘material shift’ in the sector caused by the legislative changes and tax hikes, predicting that some small and even well-established brands may not survive the foreseeable future.
Evoke, meanwhile, admitted that their ‘significant exposure’ in the UK market had had a ‘material, adverse impact’ on the group’s profitability.
The Bally’s Intralot chairman, Soo Kim, said of the deal:
“Underpinned by the combination of Evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Bally’s Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets, we are confident that the enlarged group will not just be stronger than before, but stronger than ever.”