Deadline looms for evoke and Bally’s Intralot deal as final offer submission approaches this evening

(AsiaGameHub) –   It is deadline day for evoke and Bally’s Intralot, with the latter required to submit a formal offer for the struggling LSE-listed gambling business by 5:00pm GMT this evening.

On 20 April, evoke—which owns brands including William Hill, 888, and Mr Green—announced it was in talks with Bally’s Intralot about an offer of 50p per share for its business, valuing the company at approximately £225 million.

Since then, little official information has emerged regarding the deal. Mark Summerfield, Chair of evoke’s board, recently stated that “discussions remain ongoing”.

However, there has been significant activity from both parties on other aspects of the potential acquisition, alongside extensive media coverage.

On 28 April, just over a week after evoke publicly addressed the speculation, it postponed the release of its FY 2025 results—already scheduled later than those of many of its peers in the gambling sector.

The results were eventually published on 30 April and further unsettled investors.

The widely-discussed debt situation

Debt remains a central issue in this acquisition story, having risen further within the William Hill-owned group to reach £1.9 billion.

While revenue increased by 2% year-over-year to £1.78 billion (from £1.75 billion), and EBITDA surged 43%, rising from £211.4 million to £301.3 million, debt is expected to be a major factor in any potential takeover bid.

This concern is amplified by Bally’s Intralot’s own substantial debt burden—reportedly around £1.51 billion—meaning the combined entity would assume nearly £3.5 billion in total debt.

Additionally, evoke released its 2025 Annual Reports and Accounts, confirming it must demonstrate “a sustainable and materially improved level of profitability and cash generation” before 2028—the year two key loans worth £769 million mature.

Most developments from evoke have carried negative connotations, further compounded by recent media attention surrounding a William Hill jackpot malfunction. In contrast, Bally’s Intralot has made steady progress.

In April, the group secured a new lottery contract in Chile, and its Australian subsidiary, Intralot Gaming Services (IGS), was awarded a 15-year Electronic Gaming Machine (EGM) Monitoring Licence for Victoria, set to take effect on 16 August 2027.

evoke’s potential wildcard of a delay

As noted earlier, evoke delayed the announcement of its FY 2025 results. It remains uncertain whether it will again postpone a definitive decision on the Bally’s Intralot deal, but this possibility cannot be ruled out.

When the discussions were first confirmed, the company stated: “This deadline can be extended with the consent of the company.”

Currently, evoke’s share price stands significantly below Bally’s Intralot’s proposed 50p per share offer, trading at around 34p as of 10:00am GMT.

This discrepancy may reflect market skepticism about the likelihood of the deal being completed at the stated valuation.

Nevertheless, if the deadline is extended, anything could still happen today or in the coming days. The broader gambling industry is closely monitoring developments for updates throughout the day.