Evoke has confirmed it is in talks with Bally’s Intralot over a £225m acquisition that would bring an end to the William Hill, 888 and Mr Green parent’s strategic review.
The FTSE 250 operator publicly acknowledged the discussions on Monday, 20 April, after a report in The Times over the weekend said a deal between the two could be announced this week.
The potential transaction that the two parties are negotiating could see Bally’s Intralot acquire evoke for 50p per share, valuing the business at £225m.
The proposal is expected to be an all-share combination, with a partial cash alternative.
While no formal offer has been submitted, Bally’s Intralot has told evoke that it will announce either a firm intention to make an offer, or pull out of talks by 5pm on 18 May. The deadline can be extended.
“There can be no certainty that an offer will be made or as to the terms on which any offer might be made,” evoke said in a statement.
In a statement of its own, Bally’s said the acquisition of evoke would “have the potential to deliver substantial strategic and operational synergies, including enhanced scale, an expanded geographic footprint and opportunities for cost efficiencies”.
Bally’s Intralot CEO Robeson Reeves added: “We have built a business with a margin profile that stands out in this industry. Evoke has the scale.
“We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with conviction.”
The confirmed talks come after evoke announced its strategic review in December after hiring JP Morgan and Rothschild as advisers.
Possible outcomes of the review include a full or partial sale of evoke. Bally’s Intralot is expected to acquire the whole firm, if a deal can be agreed.
Evoke’s share price is up more than 9% to 40p at the time of writing. The operator’s stock has risen 75% in 2026 as speculation mounts over offers for the business.
Evoke’s market cap is now £175m, putting the Bally’s Intralot bid at £50m more than that figure.
The potential £225m deal will also see Bally’s take on evoke’s considerable debt pile of around £1.8bn.
The debt was predominantly accrued when evoke, then known as 888, snapped up William Hill’s non-US assets from Caesars Entertainmnent for nearly $2bn in 2022.
Reeves has positioned Bally’s Intralot, which runs the old Gamesys Group brands such as Jackpotjoy and Virgin Games in the UK, as a consolidator in the market.
Bally’s Intralot claims to be the number two igaming operator in UK, with the addition of the evoke brands, should a deal be struck, further shoring up its position.
Greek lottery giant Intralot acquired Bally’s International Interactive from Bally’s Corp. last year in a €2.7bn.
Bally’s Corp., the US-focused land-based and online giant, is a majority stakeholder in the newly formed group.
Rumours around Bally’s Intralot making a move for evoke first emerged in the Greek business press earlier this year.
There have been suggestions Betfred is interested in acquiring William Hill’s retail estate as part of a carve-up.
Evoke announced at the end of March that around 200 William Hill shops are set to close as a result of the government’s hike to remote gaming duty.
Bally’s Intralot runs one land-based casino in the UK, Bally’s Casino Newcastle, but does not have a retail betting presence.
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William Hilll, 888 and Mr Green parent company announces discussions over 50p per share deal are ongoing, with Bally’s Intralot CEO eyeing “massive synergies”
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