Evoke in £225 Million Takeover Talks with Bally’s Intralot

Evoke has confirmed it is in discussions with Bally’s Intralot over a possible £225m takeover. The company, which owns William Hill, 888 and Mr Green has been reviewing its options. Tax pressures and restructuring are part of the issue. The indicative proposal values Evoke at 50p per share and is expected to be structured largely as an all-share deal, with a partial cash alternative. The announcement follows weeks of market speculation.

Bally’s Intralot tables 50p-per-share approach

Evoke confirmed on Monday that Bally’s Intralot is considering an offer for the entire issued share capital of the business at 50p per share. The company said the proposal would likely take the form of an all-share combination, alongside a partial cash alternative. Its board is now reviewing the approach with advisers Morgan Stanley and Rothschild & Co.

In a separate statement, Bally’s Intralot said a combination with Evoke could create “substantial strategic and operational synergies”, pointing to greater scale, a broader geographic reach and cost efficiencies. Chief executive Robeson Reeves described the deal as a chance to apply Bally’s Intralot operating model to a significantly larger business.

“Bally’s Intralot has a podium position in the UK iGaming market, and we view this possible deal as a smart move from them against the backdrop of a more challenging operating environment post the UK tax rises.” – David Brohan, Gaming and Leisure Analyst at Goodbody.

Under UK takeover rules, Bally’s Intralot has until 5 pm on 18 May 2026 to confirm a firm intention to make an offer or announce that it will not proceed.

Strategic review puts focus on Evoke’s next move

The bid interest comes after Evoke launched a strategic review in December 2025, saying it was exploring options including a possible sale. That review followed a sharp deterioration in trading sentiment after the UK government confirmed a rise in Remote Gaming Duty from 21% to 40% from April 2026.

Evoke has been seen as one of the operators most exposed to the tax changes because of its UK online footprint. Analysts have previously warned that the shift could have a disproportionate effect on the group compared with some rivals.

Tax pressure and shop closures add urgency

The talks also follow Evoke’s recent decision to close around 200 William Hill betting shops from May, with the group citing higher costs and tax pressure. That move underlined the scale of the challenge facing the business as it tries to protect profitability and reduce pressure on operations.

For Bally’s Intralot, the potential deal would represent a major play for more scale in the UK market at a time when consolidation is again moving up the agenda. For Evoke, it may signal that the strategic review is beginning to produce concrete outcomes rather than just market noise.