Bally’s Intralot has reached an agreement to acquire Evoke, the owner of William Hill, 888 and Mr Green, in a deal valued at approximately £243 million, marking one of the biggest gambling industry transactions of the year.
The recommended all-share takeover follows months of discussions between the two companies after Evoke launched a strategic review amid growing financial pressures. Under the agreed terms, Evoke shareholders will receive 0.537 new Bally’s Intralot shares for each Evoke share, with a limited cash alternative also available. The offer values Evoke at 52 pence per share.
Evoke’s board has unanimously backed the transaction, describing it as the best available option for shareholders after a prolonged period of market challenges. The company has struggled under a heavy debt burden that reached around £1.86 billion following its acquisition of William Hill’s UK operations in 2022.
The deal comes as the UK gambling sector faces major regulatory and tax changes. Increased remote gaming duties and higher taxes on online betting have significantly altered the operating environment, prompting Evoke to review its long-term strategy and withdraw previous growth targets. The company has already announced plans to close hundreds of betting shops across the UK as part of cost-cutting measures.
Bally’s Intralot believes the acquisition will strengthen its position across key European markets and create a larger international gaming group with stronger online and retail capabilities. The combined business is expected to become one of the leading operators in UK interactive gaming and online sports betting.
To support the transaction, a group of private lenders led by TPG Credit, alongside Oaktree and OHA, has committed approximately £889 million to refinance Evoke’s existing debt and help fund the deal.
The acquisition remains subject to shareholder and regulatory approvals, with completion expected between late 2026 and early 2027.