Published on: June 5, 2026, 06:08h.
Updated on: June 5, 2026, 06:10h.
- Bally’s Intralot finalizes £243 million acquisition of Evoke and William Hill
- Offer places Evoke’s value at 52p per share, reflecting a 138% premium
- Transaction enhances the scale of the gambling group amidst UK tax challenges
Bally’s-controlled Bally’s Intralot (ATHEX: BYLOT) has finalized its plans to acquire Evoke (OTC: EIHDF) in a deal valued at approximately £243 million (around US$328 million).
In an announcement this morning, Evoke disclosed that it has reached an agreement with the Athens-listed gaming technology provider for a fully-stocked deal valuing Evoke at 52 pence per share.
Shareholders of Evoke will also have access to a capped partial cash option, amounting to an estimated £117 million (USD$157 million) collectively.
This agreement is expected to “establish a dominant global gaming and lottery champion with reinforced pan-European B2C operations, significantly expanding reach across locally regulated markets,” stated Evoke’s board.
Following this news, Evoke’s shares soared to an eight-month high in the London market.
Tax Shock
Evoke initiated a strategic review in December after the UK government unveiled increased taxes on remote gambling, warning that this would significantly affect profitability.
The review ultimately prompted takeover discussions with Intralot, which initially approached Evoke in January 2026 with an offer of 32 pence per share, according to the board’s statement released on Friday.
The accepted offer reflects a remarkable 138% premium over Evoke’s stock price on December 9, the day before the company announced its strategic reassessment.
Evoke concluded 2025 with around £1.86 billion (USD$2.5 billion) in debt, largely accumulated from its acquisition of William Hill’s non-US assets.
Bally’s Intralot has secured about £889 million in funding from TPG Credit, Oaktree, and OHA to facilitate the transaction and refinance Evoke’s outstanding debts.
What’s in it for Bally’s?
For Bally’s Intralot, this acquisition not only brings some of the most recognized gambling brands into its portfolio but also enhances its presence in regulated European markets and diversifies its operations beyond traditional lottery and gaming technology.
“With the combination of Evoke’s venerable brands, such as William Hill and 888, alongside Bally’s Intralot’s state-of-the-art technology and data capabilities, we believe this enlarged entity will be not just stronger than previously, but stronger than ever,” stated Soo Kim, the chairman of Bally’s Intralot.
This expanded entity is expected to be better equipped to manage the increased tax liabilities, with its larger scale enabling it to compete more aggressively in a market that may become more challenging for smaller players.
“The merger will form one of the leading online betting and gaming organizations globally, boasting enhanced scale, exceptional brands, and diversified offerings while creating a robust platform for significant growth through advanced capabilities,” said Evoke’s chair Mark Summerfield.