Evoke, the owner of William Hill and 888, has agreed to be bought by Bally’s Intralot, a Greece-based lottery, gaming and technology group with operations across regulated markets, in an all-share deal that values Evoke at about GBP243.1m (€281m).
The recommended offer gives Evoke shareholders 0.537 new Intralot shares for each Evoke share, equal to 52p a share (about €0.60) based on Intralot’s share price of €1.12. Shareholders can choose cash instead for some or all of their holding, although that option is capped at GBP117m (€135m).
The deal, announced today, follows a strategic review launched after the UK government’s decision to sharply raise gambling duties. Evoke had warned that the tax changes would hit profits and cash generation, while its stretched balance sheet left it with little room for manoeuvre.
Mark Summerfield, Evoke’s chairman, said the board had been “resolutely focused on how best to maximise value for our shareholders in light of the significant UK duty changes and the constraints posed by the Evoke Group’s existing capital structure”.
He added: “Having considered a range of options, I am delighted to announce the Acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders.”
Tax changes add pressure
Evoke’s position has weakened since the November 2025 Budget, when the UK government announced that Remote Gaming Duty would rise from 21 per cent to 40 per cent from April 2026. A higher duty on online betting, excluding horse racing, is due to follow in April 2027, rising from 15 per cent to 25 per cent.
The company’s board said the changes would increase annual duty costs by about GBP125m (€145m) to GBP135m (€156m) once fully implemented, before any action to soften the impact. About GBP80m (€92m) of that hit is expected in 2026.
The pressure came on top of debts left by Evoke’s 2022 acquisition of William Hill’s non-US business from Caesars Entertainment. The deal gave the group one of the best-known names in British betting, but it also left the company heavily leveraged just as regulation, taxation and competition became tougher.
Evoke opened talks with Intralot after reviewing possible options, including a sale of the whole company, disposals of individual businesses and alternative capital structure solutions. Intralot first approached with a non-binding proposal worth 32p a share in January. After further talks, the offer was raised to 50p in April and then to 52p, equivalent to about €0.60 per Evoke share based on Intralot’s stated €1.12 share price.
Reuters reported on Friday that Evoke shares rose as much as 14 per cent in early trading after the agreement was announced.
Debt refinancing takes centre stage
The transaction is not only a takeover of Evoke’s equity. It also contains a refinancing package designed to deal with near-term debt pressure.
Private lenders led by TPG Credit, Oaktree and OHA have agreed to provide up to GBP889m (€1.03bn) in new financing, which will be used to replace debt due in 2028 and push the pressure further down the road.
Intralot said it would not guarantee or provide collateral for that facility, but it has agreed to support Evoke with a mandatory GBP200m (€231m) repayment by the end of 2027 and to fund up to GBP50m (€58m) of synergy-related costs, subject to conditions.
Intralot expects the enlarged company to generate about GBP180m (€208m) of annual pre-tax cost and capital expenditure savings by the end of the second year after completion. Those savings are expected to come mainly from marketing, operating efficiencies and IT infrastructure.
What happens next
The deal is expected to be implemented through a scheme of arrangement under Gibraltar law and will need approval from Evoke shareholders and Intralot shareholders. It also requires regulatory and gaming approvals in several markets, including the UK, Italy, Malta, Spain, Gibraltar and parts of the US.
Intralot expects completion in the final quarter of 2026 or the first quarter of 2027. If approved, Evoke shareholders will own about 11.5 per cent of the enlarged group, assuming no one chooses the cash alternative.
The combined business would bring together Intralot’s lottery and technology operations with Evoke’s consumer brands, including William Hill, 888casino, 888sport, 888poker, Mr Green and Winner.ro.
Sokratis Kokkalis, chairman of Bally’s Intralot, said: “Today marks the beginning of a major new chapter for our company with the submission of a binding offer for the acquisition of evoke, aimed at creating a very strong global player in the gaming industry.”
Don’t just read the news, stay ahead of it. Subscribe HERE to SiGMA’s Top 10 News countdown for stories shaping iGaming’s future, weekly insights from the world’s biggest iGaming community, and exclusive subscriber-only offers.
