Per Widerström’s future questioned as Bally’s takeover talks continue

Speculation is growing around the future of evoke chief executive Per Widerström as takeover discussions between the company and Bally’s Intralot continue. Widerström who owns William Hill and former 888 Holdings has been in talks over a potential acquisition. This would value the business at around £194 million.

No decision has been announced yet about senior leadership. Some people are wondering whether Widerström would still be CEO if a deal is made. Evoke is facing significant financial challenges. These are linked to its acquisition of William Hill in 2022.

Bally’s talks fuel leadership speculation

The potential acquisition has intensified scrutiny on evoke’s leadership team. Bally’s Intralot now has until 8 June to decide whether to make a formal offer. There has been an extension to the original deadline.

Many analysts believe a successful takeover could trigger wider changes across the business. This could even be at executive level. Neither evoke nor Bally’s Intralot has commented publicly on Widerström’s position.

This is a difficult time for evoke. The organisation was once valued at more than £1 billion during its time as 888 Holdings. Yet, the company has struggled to regain momentum following the integration of William Hill’s international assets.

Debt is a major challenge

A key issue facing evoke is its debt burden. The company’s net debt stood at approximately £1.86 billion at the end of its latest financial year.

The debt largely stems from the £2.2 billion acquisition of William Hill’s non-US assets. These were acquired from Caesars Entertainment in 2022. The deal expanded the group’s scale but also increased financial pressure. This came when gambling operators were facing growing regulatory and tax challenges across several markets.

The company rebranded from 888 Holdings to evoke in 2024. Ever since, it has continued to report losses. Its most recent full-year results showed a loss of £549.1 million. The turnaround challenge is huge.

Who is Per Widerström?

Widerström joined evoke as chief executive in October 2023. Before taking the role, he had a series of senior leadership positions in the gambling industry.

Most notably, he served as chief executive of the Central and Eastern European operator Fortuna Entertainment Group. While he was in role, there was a period of growth and digital transformation.

Prior to that, Widerström held senior roles at Bwin and PartyGaming. This shows he has extensive experience across online betting, casino and gaming operations.

When he arrived at evoke, he knew he needed to improve operational performance, accelerating digital growth and reduce debt. The company has reported progress in some areas of its transformation programme. But financial pressures and a challenging regulatory environment have continued to affect results.

What happens next?

The immediate focus is on Bally’s Intralot and whether it decides to submit a formal offer for evoke.

If a deal proceeds, attention will quickly turn to the future structure of the combined business. And whether Widerström remains part of those plans.

For now, neither company has provided any indication of what leadership arrangements might look like. Industry observers have been speculating as the takeover deadline approaches.

Key facts