Evoke: William Hill owner confirms £225m takeover approach from Bally’s Intralot
William Hill and 888 owner Evoke has confirmed talks over a potential takeover by lottery and gaming firm Bally’s Intralot in a deal valuing the UK betting group at £225.3m.
FTSE 250-listed Evoke said it is in discussions over a 50p-a-share approach from the Greek firm.
Bally’s Intralot, which is listed on the Athens stock market, has agreed to table a firm offer for Evoke, or walk away by 5pm on May 18.
Evoke effectively put itself up for sale late last year when it launched a strategic review as it struggles under mounting debts and soaring costs of last November’s betting tax hike.
The firm said in January it was shutting betting shops and cutting costs to offset an expected increase in duty costs of up to £135m a year from 2027 after Chancellor Rachel Reeves announced tax hikes for online gambling firms in the 2025 autumn budget.
In the Budget in November last year, Ms Reeves raised remote gaming duty from 21 per cent to 40 per cent from April.
There will also be a new online sports betting duty of 25 per cent, which will cover all sports except horse racing, from 2027.
The potential takeover price for Evoke, formerly 888 Holdings, marks a premium to its closing share price on Friday of 38.85p a share, but it has seen its valuation collapse in recent years and is said to owe lenders around £1.8 billion.
Much of its debts were built up when 888 bought the non-US operations of William Hill for £2bn in 2021.
Bally’s Intralot was formed by the tie-up between Greek lottery firm Intralot and US casino operator Bally’s Corporation last year.
Bally’s Corporation is the front-of-shirt sponsorship for Nottingham Forest Football Club.
In January, Evoke said it had moved “quickly and decisively” to offset recent budget changes to gambling taxes through shop closures and cost cuts.
Evoke previously said it expects to offset around half of the impact of the tax increases through store closures and also measures including potential “changes to the customer proposition” and supplier savings.
Speaking in January, Per Widerstrom, chief executive of Evoke, said: “We were very disappointed with the outcome of the UK budget in November that dealt a significant blow to both Evoke and the wider regulated industry.
“We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market.”
“As a result of these significant UK tax increases, the board is assessing its strategic options, with a resolute focus on maximising shareholder value.”
He added in a statement for investors in January: “We have moved quickly and decisively to execute on our mitigation plans including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course.”