Shares in Evoke plc jumped into focus after the William Hill owner confirmed it is in takeover talks with Bally’s Intralot over a deal valuing the business at £225.3 million.
The FTSE 250-listed group said discussions centre on a possible 50p-a-share offer from the Athens-listed bidder, which must either make a firm approach or walk away by May 18 under takeover rules.
The proposal represents a notable premium to Evoke’s recent closing price of 38.85p, though it comes against the backdrop of a dramatic collapse in the company’s valuation in recent years as debt and regulatory pressures have mounted.
Evoke — formerly 888 Holdings — effectively put itself up for sale after launching a strategic review late last year, as it grapples with roughly £1.8 billion in debt and rising operating costs.
Much of that burden stems from its £2 billion acquisition of the non-US arm of William Hill in 2021, a deal struck at the height of consolidation in the global betting sector.
Since then, the outlook has darkened sharply. The company has been forced to shut betting shops and cut costs in anticipation of sweeping tax changes announced by Rachel Reeves in the 2025 Autumn Budget.
Under the reforms, remote gaming duty will rise from 21 per cent to 40 per cent from April, alongside the introduction of a new 25 per cent online sports betting duty from 2027 — measures expected to add up to £135 million a year to Evoke’s tax bill.
The prospective buyer, Bally’s Corporation-backed Bally’s Intralot, was created through a tie-up with Greek lottery operator Intralot, underscoring the growing trend towards cross-border consolidation in gaming and betting.
Whether a deal materialises may hinge on whether Bally’s Intralot is willing to shoulder Evoke’s substantial debt pile and navigate an increasingly hostile regulatory environment in the UK — factors that have already driven a steep repricing of the sector.
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