Published on: April 18, 2026, 12:16h.
Updated on: April 18, 2026, 12:16h.
- A deal announcement may occur shortly
- Evoke faces considerable financial struggles
- Bally’s is reportedly the preferred bidder
Reports suggest that Bally’s (NYSE: BALY) is nearing a deal to acquire Evoke (OTC: EIHDF), the parent company of William Hill, positioning it as a much-needed “rescue” for this financially distressed gaming enterprise based in the UK.
According to anonymous sources reported by The Times, Bally’s is in advanced discussions with the former 888 company, with an announcement possibly forthcoming. However, the details remain tentative, and a deal isn’t guaranteed.
Evoke, which manages the renowned William Hill brand outside the United States, engaged investment banks Morgan Stanley and Rothschild last December to seek strategic options to enhance shareholder value. Following that, speculation about possible suitors began, noting that U.S. operators such as DraftKings (NASDAQ: DKNG), Fanatics, and MGM Resorts International (NYSE: MGM) might consider offers for Evoke.
While those rumors didn’t progress, recent reports indicate increased interest from Bally’s and Betfred regarding acquiring Evoke. As per The Times, Bally’s has allegedly received unofficial preferred bidder status from Morgan Stanley and Rothschild.
Bally’s Potential Acquisition of Evoke
If successful, this acquisition would align with Bally’s strategy of acquiring financially troubled companies to secure attractive assets at lower prices, subsequently implementing turnaround strategies. A notable instance of this approach is their previous acquisition of Star Entertainment in Australia.
Currently, Evoke is facing severe financial challenges, burdened by $2.4 billion in debt primarily incurred during the 2022 acquisition of William Hill’s international operations from Caesars Entertainment (NASDAQ: CZR), despite having a market cap of only $216.4 million.
Evoke is further challenged by the UK government’s increase in betting taxes, although Bally’s has familiarity with UK regulations from its previous ownership of Gamesys. Last July, Gamesys was sold to Greek gaming firm Intralot, making Bally’s the majority stakeholder.
Despite its significant debt, Evoke is seen as a potentially enticing target due to its online casino presence and ownership of well-established brands.
Challenges Ahead for Bally’s
Bally’s credit ratings are currently in the junk category, indicating that financing the Evoke acquisition would likely come at high-interest rates. Estimates suggest that the regional casino operator has liabilities ranging from $4.5 billion to $5.6 billion.
Bally’s is actively seeking to reduce this debt through asset sales and new term loans. It has utilized proceeds from the Intralot transaction and part of a $1.1 billion term loan secured in February to pay down a $1.47 billion term loan due in 2028. The new loan extends until 2031.
“We forecast that Bally’s leverage will remain elevated for several years due to ongoing development expenditures,” S&P Global stated. “Bally’s Chicago is expected to be completed by early 2027. Additionally, we’re analyzing the financing terms for the upcoming Bally’s Bronx and Bally’s Las Vegas projects as more details emerge.”