Bally’s Reportedly Close to Acquiring William Hill Owner Evoke
Posted on: April 18, 2026, 12:16h.
Last updated on: April 18, 2026, 12:16h.
- A deal could be announced in the coming days
- Evoke is under significant financial duress
- Bally’s reportedly has preferred bidder status
Bally’s (NYSE: BALY) is reportedly close to acquiring William Hill owner Evoke (OTC: EIHDF) in a transaction being characterized as a “rescue” mission of the financially strapped UK-based gaming company.
Citing unidentified sources with knowledge of the matter, The Times reports Bally’s is in advanced conversations with the company formerly known as 888 and a transaction could be announced in the coming days. The sources acknowledge nothing is firm as of yet and it’s possible a deal isn’t reached.
Evoke, which controls the iconic William Hill brand outside the U.S., hired investment banks Morgan Stanley and Rothschild last December to explore strategic alternatives in an effort to generate shareholder value. Soon after, speculation emerged regarding potentially suitors for Evoke with one research firm noting several American operators, DraftKings (NASDAQ: DKNG), Fanatics, and MGM Resorts International (NYSE: MGM) could consider explore bids for Evoke.
That talk never advanced beyond the rumor stage, but more recently, there’s been more persistent chatter that Bally’s or Betfred may be interested in acquiring Evoke. The Rhode Island-based regional casino operator is said to have been granted unofficial preferred bidder status by Morgan Stanley and Rothschild, according to The Times.
Evoke Deal Would Be a Bally’s ‘Special’
If Bally’s wins Evoke, it would fit with the operator’s long-running history of acquiring financially weakened companies in an effort to get appealing assets on the cheap and then deploy a turnaround playbook. Australia’s Star Entertainment is a prime example of that.
Indeed, Evoke is in a dark financial place. It has $2.4 billion in debt, much of which was taken on to finance the 2022 purchase of William Hill’s international operations from Caesars Entertainment (NASDAQ: CZR), but its market capitalization is just $216.4 million.
Evoke has also been hindered by the UK’s move to up betting taxes, but Bally’s has experience in dealing with the UK regulatory environment because it owned Gamesys. Last July, Gamesys was sold to Greek gaming company Intralot in a deal that made Bally’s the majority owner of that company.
Despite its hefty debt burden, Evoke is considered a potentially attractive target because of its online casino footprint and its ownership of well-known brands.
Bally’s Has Debt Issues of its Own
Bally’s credit ratings reside deep into junk territory, meaning that if it has to borrow capital to close a deal for Evoke, it’d be doing so at high interest rates. Estimates vary, but indicate the regional casino operator has $4.5 billion to $5.6 billion in outstanding liabilities.
Through asset sales and new term loans, Bally’s is actively working to trim those obligations. It used funds from the Intralot deal and a portion of a $1.1 billion term loan it landed in February to eliminate a $1.47 billion term loan that was due in 2028. The newer loan comes due in 2031.
“We expect Bally’s leverage will remain elevated over the next several years due to ongoing development spending,” according to S&P Global. “We believe Bally’s Chicago will likely be completed by early 2027. In addition, to the extent its future Bally’s Bronx and Bally’s Las Vegas projects are debt-financed, we will assess the terms of the financing as more information becomes available.”
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