Bally’s Intralot to Buy 888 Owner Evoke in $328M Deal
Posted on: June 5, 2026, 06:08h.
Last updated on: June 5, 2026, 07:06h.
- Bally’s Intralot agrees £243 million takeover of Evoke and William Hill
- Offer values Evoke at 52p per share, 138% premium
- Deal creates larger gambling group amid UK tax pressures
Bally’s-controlled Bally’s Intralot (ATHEX: BYLOT) has agreed to acquire Evoke (OTC: EIHDF) in a deal worth approximately £243 million (US$328 million).
In a statement Friday morning, Evoke said it had reached an agreement with the Athens-listed gaming technology provider for an all-paper deal that values Evoke at 52 pence per share.
Evoke shareholders will also have access to a capped partial cash alternative, worth about £117 million (US$157 million) in aggregate.
The agreement will “create a global gaming and lottery champion with scaled pan-European B2C, adding significant reach across locally regulated markets,” the Evoke board announced.
Following the news, Evoke’s shares surged to an eight-month high in London.
Tax Shock
Evoke launched a strategic review in December after the UK government announced higher taxes on remote gambling, a move the company warned would materially impact profitability.
The review ultimately led to takeover talks with Intralot, which made its first approach in January 2026 at 32 pence per share, according to Friday’s statement from the Evoke board.
The accepted offer represents a 138% premium to Evoke’s share price on December 9, the day before the company announced its strategic review, the board said.
Evoke ended 2025 with approximately £1.86 billion (US$2.5 billion) in debt, much of it incurred through its acquisition of William Hill’s non-US assets.
Bally’s Intralot has secured approximately £889 million in financing from TPG Credit, Oaktree and OHA to support the transaction and refinance Evoke’s existing debt.
What’s In It for Bally’s?
For Bally’s Intralot, the deal delivers some of the industry’s best-known gambling brands while expanding its footprint in regulated European markets and diversifying the business beyond its traditional lottery and gaming technology operations.
“Underpinned by the combination of Evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Bally’s Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever,” said Bally’s Intralot chairman Soo Kim in a statement.
The enlarged company may ultimately be better positioned to weather the higher tax burden with greater scale allowing it to compete more aggressively in a market that may become increasingly challenging for smaller operators.
“The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification and a platform for strong growth through enhanced capabilities,” Evoke’s chair Mark Summerfield said in a statement.
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