William Hill Owner Evoke Could Draw Trio of American Suitors

Posted on: January 8, 2026, 07:07h. 

Last updated on: January 8, 2026, 07:07h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • The 888 and William Hill owner is undergoing a strategic review.
  • A research firm says at least three US-based gaming companies could consider an acquisition.
  • Three other big names are likely out of the running.

Evoke, the owner of the 888 and William Hill brands outside the US, is in the midst of a strategic review that could result in a sale and it’s possible the UK-based company could draw bids from multiple American competitors.

888 and William Hill owner Evoke could draw takeover bids from multiple American companies. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

In a new report, Eilers & Krejcik Gaming (EKG) said Evoke’s evaluation of “strategic options,” which was announced last month, “is likely to result in the sale of some or all of the business.” The research firm adds DraftKings (NASDAQ: DKNG), Fanatics, and MGM Resorts International (NYSE: MGM) could make runs at the company.

For any acquirers, it would open a path to a strong position in the UK, Italy, Spain, and some other European markets, with potential to expand further into newer markets such as Africa,” says EKG.

Of the aforementioned trio, only MGM has ex-North America digital gaming exposure – a footprint that operator has bolstered through acquisitions.

Ups and Downs of Buying Evoke

There are pluses and minuses for any prospective buyer when it comes to potentially acquiring Evoke. On the downside, there’s the UK tax regime in the UK, which has been a drag on the company. Likewise, there’s $2.4 billion in debt, much of which was accrued to finance the 2022 purchase of William Hill’s international operations from Caesars Entertainment (NASDAQ: CZR).

Regarding that debt burden, DraftKings’ balance sheet is largely clean while MGM has an influx of cash from selling a regional casino in Ohio and saved capital by not pursuing a New York City casino license, which is to say that company could make an acquisition of Evoke, financially speaking.

What is clear is that even with the debt, Evoke’s sale price would be reasonable for any of DraftKings, Fanatics, and MGM because the prospective seller’s market capitalization hovers around $130 million. It also has attractive brands.

“They would also be buying some very well-known brands, a very large casino business with strong content and platforms, and a lot of experience in running Europe-facing businesses,” adds EKG.

The research firm adds any or all of DraftKings, Fanatics, and MGM could be credible contenders to acquire Evoke “but some or even all may be distracted by other potential acquisition / strategic opportunities in the U.S. (e.g., prediction markets), Europe, and beyond.”

In a note to clients today, Texas Capital analyst David Bain said MGM could be a reasonable fit for Evoke while reiterating the view DraftKings and Fanatics could also be in play.

Don’t Expect These Companies to Buy Evoke

Where there are interested parties, there are likely to be some with similar levels of ambivalence and that’s likely true in the case of Evoke with EKG noting several well-known gaming companies are unlikely to kick the tires on the William Hill owner.

That group includes Flutter Entertainment (NYSE: FLUT), which makes sense because that operator already has podium positioning in many of the markets in which Evoke does business.

Likewise, Caesars Entertainment (NASDAQ: CZR) probably isn’t in acquisition mode and has long eschewed international markets while Penn Entertainment (NASDAQ: PENN) “is surely out of the mergers and acquisitions game for now,” according to EKG.