Bally’s Intralot agrees £243m takeover of Evoke to create gaming giant

After months of exploring alternatives, Evoke has agreed to a £243.1 million takeover by Bally’s Intralot. The deal will create one of the world's largest online betting and gaming businesses.

The all-share acquisition will see Bally’s Intralot acquire the entire issued share capital of Evoke. The latter’s brands include William Hill, 888 and Mr Green. The agreement follows Evoke’s strategic review, launched in December 2025 as the company sought options to improve shareholder value amid mounting industry pressures.

Under the terms of the deal, Evoke shareholders will receive 0.537 new Bally’s Intralot shares for every Evoke share they own. A limited cash alternative will also be available. The offer values Evoke at 52p per share.

Evoke’s board has unanimously backed the proposal. It intends to recommend shareholders vote in favour of the transaction. Completion is expected during the fourth quarter of 2026 or the first quarter of 2027 subject to regulatory and shareholder approvals,

Deal offers significant premium to shareholders

The agreed offer is a substantial premium for Evoke investors.

Bally’s Intralot is paying 77% above Evoke’s three-month volume-weighted average share price of 29.4p before its interest became public in April. The valuation is also 138% higher than Evoke’s closing share price of 21.9p on 9 December 2025, the day before the company announced its strategic review.

Following completion, Evoke shareholders are expected to own approximately 11.5% of the enlarged business. This is assuming no shareholders choose the cash alternative.

Evoke chair Mark Summerfield described the agreement as the most attractive and achievable outcome available to shareholders.

“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.” – Mark Summerfield, Evoke Chair

New group targets global expansion

The acquisition will create a gaming business operating across six core markets. It will have an estimated total addressable market worth €36 billion.

The UK will become one of the group's most important territories. Bally’s Intralot expects the enlarged company to rank as the second-largest operator in UK iGaming and the fourth-largest online sports betting business in the country.

The UK market has faced significant disruption in recent years. This is particularly following the increase in Remote Gambling Duty from 21% to 40%, which came into force in April 2026. The tax changes were widely viewed as one of the factors behind Evoke’s decision to explore strategic alternatives.

Debt concerns remain despite growth potential

Not everyone is convinced by the deal. Evoke ended 2025 with net debt exceeding £1.86 billion. Bally’s Intralot reported adjusted net debt of €1.49 billion. The combined group will therefore carry debt exceeding £3 billion.

Some analysts have questioned whether the enlarged business could eventually be forced to sell assets to reduce leverage. Evoke’s operations in Italy and the Mr Green brand have been said to be potential candidates.