William Hill and 888 parent Evoke confirmed Monday it is in takeover discussions with Bally’s Intralot at 50 pence per share, valuing the FTSE 250-listed betting group at £225.3 million ($303.9 million).
Key Takeaways:
Evoke confirmed 50p-per-share Bally’s Intralot offer valuing group at £225.3M. Bally’s Intralot has until May 18 to make a firm offer or walk away. Deal follows UK’s November 2025 remote gaming duty hike from 21% to 40%. Evoke shares jump 16% on confirmed takeover talksMorgan Stanley and Rothschild & Co are advising Evoke on the evaluation. Under UK listing rules, Bally’s Intralot has until 5 p.m. on May 18 to announce its intentions, unless both parties are happy to extend this.
The debt bill is further compounded by a recent tax hike. Chancellor Rachel Reeves announced increases to online gambling duties in the autumn 2025 budget, raising remote gaming duty from 21% to 40% effective April 2026 and introducing a new 25% online sports betting duty from 2027, with horse racing exempt. Evoke said in March it would close approximately 200 betting shops from May onwards, citing the duty hike as a primary factor and projecting increased duty costs of up to £135 million annually from 2027.
Per Racingpost, Goodbody gaming and leisure analyst David Brohan described the announcement as “no surprise” given recent speculation. “Bally’s Intralot has a podium position in the UK iGaming market, and we view this possible deal as a smart move from them against the backdrop of a more challenging operating environment post the UK tax rises,” Brohan said.
Bally’s Intralot reported combined pro-forma revenues of approximately €1.1 billion and adjusted EBITDA of €431 million in 2025 following the International Interactive acquisition. Evoke said there is no certainty an offer will be made and advised shareholders not to take any action in response to the proposal – standard language at this stage in takeover discussions, regardless of what may follow.
