Bally’s Intralot is in discussion with evoke for a complete takeover

(AsiaGameHub) –   evoke and Bally’s Intralot have officially confirmed that acquisition discussions are underway.

A public announcement from evoke, which has been approved by the Bally’s Intralot Board, indicated that talks are progressing regarding a potential acquisition of all of evoke’s issued and to-be-issued share capital at a price of 50 pence per share.

As of April 17, the LSE-listed gambling group had 450 million shares outstanding. At 50 pence per share, this would place the purchase value at approximately £225 million. Following this announcement, evoke’s share price has seen an increase, trading around the 42 pence mark, its highest in a month.

Bally’s Intralot retains the right to alter the terms of any potential offer, with May 18 set as the deadline for confirming such an offer.

Robeson Reeves, Chief Executive Officer of Bally’s Intralot, stated: “We have established a business with a margin profile that distinguishes itself within this industry. evoke possesses the necessary scale.

“We perceive a significant opportunity to apply our operating model to a considerably larger entity, with the potential to enhance its financial performance through substantial synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with strong conviction.”

The acquisition would consolidate three major brands under the Bally’s Intralot umbrella: evoke’s iGaming platforms 888casino and MrGreen, along with William Hill, which is the leading retail bookmaker in the UK and also a prominent online brand.

However, this acquisition would also involve taking on significant debt, as evoke reported a net debt of -£1.8 billion in its interim H1 2025 results.

At the close of 2025, evoke confirmed it was conducting a strategic review with the assistance of financial advisors Morgan Stanley and Rothschild & Co, which is when speculation about a sale intensified.

This speculation was further fueled when evoke postponed its FY25 results to April 29, a month later than its usual reporting schedule in recent years.

The news regarding the strategic review followed shortly after the UK Autumn Budget, announced by Chancellor of the Exchequer, Rachel Reeves, who confirmed an increase in Remote Gaming Duty from 21% to 40%, effective from April.

Prior to the budget, evoke had decided to scale back its international presence for William Hill, withdrawing the brand from 13 markets to concentrate primarily on the UK. Subsequently, it was confirmed that an additional 200 shops would be closed within its domestic market.

For Bally’s Intralot, the advantages are evident: a leading position not only in the UK but also in several other key European markets, such as Italy, where evoke recently secured a €7 million license under a newly regulated framework.