Bally’s Intralot in talks to buy William Hill owner Evoke

Bally’s Intralot has opened discussions to buy Evoke, the owner of William Hill, in a proposed cash offer valuing the company at £225.3 million ($304 million). The offer is priced at 50 pence per share, roughly a 29% premium to Evoke’s closing price before the announcement. Under U.K. takeover rules the bidder has until 5:00 p.m. London time on May 18, 2026, to either announce a firm offer or withdraw.

Evoke confirmed it is in talks with Bally’s Intralot over a possible offer and cautioned that there is no certainty a bid will be made or on what terms. The proposed price values the business at about $304 million.

Evoke has been restructuring after several years of financial, regulatory and operational pressure. The group carries about £1.8 billion of net debt while its market capitalization sits near £175 million. As part of its turnaround, Evoke sold selected U.S. assets to Hard Rock Digital in 2024, exited remaining business-to-consumer operations and plans to close around 200 William Hill betting shops in May.

Regulatory enforcement has affected the company. In 2017 the business faced a £7.8 million fine related to player protection failures, and in 2023 it agreed to pay £19.2 million after the regulator identified broad social responsibility and anti-money-laundering failings. The U.K. Gambling Commission placed the company’s license under review in 2023. Tax changes have also added pressure: the U.K. online gaming tax rate rose from 21% to 40%, a shift Evoke estimates will cost the group between £125 million and £135 million each year.

Evoke reported improvement in recent trading. Q4 2025 revenue was approximately £464 million, up 7% quarter on quarter. The company expected full-year revenue to rise about 2% year on year and forecast Adjusted EBITDA growth of 14–15%, implying margins close to 20%.

Bally’s Intralot described the proposal as a scale-focused transaction intended to expand its international footprint and drive efficiencies. CEO Robeson Reeves described the opportunity this way: “We have built a business with a margin profile that stands out in this industry. Evoke has the scale. We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver.” The company said a combination could deliver enhanced scale, a wider geographic footprint and cost efficiencies.

Bally’s Intralot has expanded aggressively in recent years. In 2025 it became majority shareholder of Intralot after an acquisition of Bally’s International Interactive division, launched its first U.K. casino, and last year bought Australian operator Star Entertainment. Bally’s is also advancing U.S. projects, including a casino-resort in Chicago and planned properties in Las Vegas and New York City.

Questions remain about financing and execution. Bally’s has reported losses in part tied to financing costs and faces ongoing capital commitments. Some analysts have raised concerns about the company’s debt position and cash flexibility. Bally’s Intralot said that if the transaction proceeds its financing would be aligned with its stated financial policy goals within the company’s existing perimeter.

Market participants will watch whether Bally’s Intralot submits a binding bid by the May 18 deadline, any changes to the proposed cash-or-share mix and further updates on Evoke’s restructuring and trading performance.