Evoke (LON: EVOK), the debt-laden British gambling group that owns William Hill UK and 888, has confirmed it is in takeover discussions with Bally’s Intralot that would value the company at £225.3 million, sending its shares up nearly 16 percent on Monday after the proposal was publicly disclosed.
The approach from Athens-based Bally’s Intralot, which is active across 40 regulated gambling jurisdictions worldwide, proposes 50 pence per share for the entire issued share capital of Evoke, a premium of nearly 29 percent to the company’s closing price of 38.85 pence on Friday and a dramatic contrast to what was once one of the more prominent names in UK gambling.
Evoke, which was formerly known as 888 Holdings, has seen its market capitalisation collapse to a fraction of its former size following a series of missteps since it acquired the non-US operations of William Hill for £2 billion in 2021, a transaction that loaded approximately £1.8 billion of net debt onto the combined Business. The stock is now worth less than one tenth of what it was at its peak five years ago.
The proposed deal structure is an all-share combination with a partial cash alternative, and Bally’s Intralot must confirm its intention to proceed or walk away by 5 p.m. on May 18 under UK Takeover Panel rules. The company said there is no certainty a firm offer will be made, and Evoke’s board is evaluating the approach with financial advisers Morgan Stanley and Rothschild.
The trigger for the sale process was the UK government’s 2025 autumn budget, which raised Remote Gaming Duty on online casino products from 21 percent to 40 percent effective April 1, 2026, a change Evoke estimated would increase its annual duty costs by up to £135 million from 2027. The company had already announced it was shutting a number of betting shops from May and had withheld its full-year guidance in January as it ran a strategic review examining all options including a sale.
Bally’s Intralot was formed through a transaction that combined Greek lottery operator Intralot with the International interactive business of US casino operator Bally’s Corporation last year. Its majority shareholder, Rhode Island-based Bally’s Corporation, is better known in the UK as the front-of-shirt sponsor of Nottingham Forest Football Club.
The acquisition, if completed, would hand a transatlantic gaming group ownership of two of the most recognisable names in British betting at a price that reflects just how severely the combination of rising debt, regulatory headwinds, and operational underperformance has eroded the value that was once embedded in these brands.