Published on: June 5, 2026, 06:08h.
Updated on: June 5, 2026, 06:08h.
- Bally’s Intralot announces £243 million takeover of Evoke and William Hill
- Acquisition offers Evoke at 52p per share, a 138% premium
- This merger forms a larger gambling entity amidst UK tax challenges
Bally’s Intralot, under the Bally’s umbrella (ATHEX: BYLOT), has finalized an agreement to purchase Evoke (OTC: EIHDF) for around £243 million (approximately US$328 million).
On Friday morning, Evoke confirmed it has come to terms with the Athens-based gaming tech provider for an all-stock transaction, setting Evoke’s share price at 52 pence each.
Shareholders of Evoke will also have the option for a capped cash alternative, amounting to approximately £117 million (US$157 million) in total.
This merger is expected to “forge a global leader in gaming and lottery, with enhanced pan-European B2C presence, significantly expanding reach across locally regulated markets,” as stated by the Evoke board.
Following the announcement, Evoke’s stock experienced a spike, reaching an eight-month peak in London.
Tax Surprise
After the UK government revealed increased taxation on remote gambling, Evoke initiated a strategic review in December, citing concerns about its profitability.
This review eventually sparked takeover discussions with Intralot, which initially approached Evoke in January 2026 at a rate of 32 pence per share, as detailed in the most recent Evoke board statement.
The proposed offer is notably a 138% premium over Evoke’s share price as of December 9, the day before announcing the strategic review, according to the board.
At the close of 2025, Evoke was burdened with around £1.86 billion (US$2.5 billion) in debt, largely accumulated from its acquisition of William Hill’s non-US assets.
Bally’s Intralot has arranged approximately £889 million in financing from TPG Credit, Oaktree, and OHA to facilitate the transaction and refinance Evoke’s outstanding debts.
Benefits for Bally’s
This acquisition enables Bally’s Intralot to integrate some of the most recognized gambling brands while broadening its presence in regulated European markets, and diversifying beyond its traditional lottery and gaming tech sectors.
“The union of Evoke’s storied brands, including William Hill and 888, with the superior technology and data capabilities of Bally’s Intralot will yield significant synergies, allowing us to invest our considerable free cash flow into growth markets. We believe that this expanded group will not only be resilient but thrive,” stated Soo Kim, chairman of Bally’s Intralot.
With increased scale, the new entity could navigate higher taxation more effectively, gearing up for competitive challenges in a tightening market for smaller firms.
“This collaboration will give rise to one of the premier online betting and gaming organizations globally, marked by substantial scale, renowned brands, diversified offerings, and a robust growth platform through enhanced capabilities,” remarked Mark Summerfield, chair of Evoke.