William Hill owner Evoke agrees to £243 million takeover by Bally's Intralot

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Reaching an agreement on the takeover of Evoke has gained Bally’s Intralot “seven years” and moved the gambling operator “closer to the business I’ve always wanted us to become”, according to chief executive Robeson Reeves.

In a statement released on Friday morning, William Hill owner Evoke said it recommended an all-share acquisition of the company by Bally’s Intralot, the Greek lottery and gambling operator, in a deal worth approximately £243 million. 

Reeves, 42, said the takeover was of a company with a strong presence internationally as well as in the United Kingdom, a market “people are scared of” due to increases in tax and heightened regulation, but which is “an excellent market for a large operator”.

Reeves said: “We’re delighted to have got to this stage. Tax changes have brought about this opportunity. If you look at it, any large operator is essentially growing while the long tail [of smaller betting operators] is being squeezed. UK tax and regulation will lead to few operators in the market.”

• Private equity giant reported to be in talks to help finance the £225 million takeover of William Hill owner Evoke 

• William Hill owner Evoke in talks over £225 million takeover 

Evoke, which also includes the 888 and Mr Green brands, was formed when what was then called 888 Holdings completed the £2 billion purchase of William Hill's UK business from Caesars Entertainment in 2022. 

That deal meant it was burdened with considerable debt, with the company's annual report published in April reporting it to amount to about £1.86bn at the end of last year.

Evoke launched a strategic review following the budget last November, which hit online gaming operators with a near doubling of remote gaming duty to 40 per cent.

Although the tax rises spared betting offices, in April Evoke announced it was set to close around 200 shops, blaming the financial blow from the budget as one of the main factors behind the decision.

Reeves said there was "no intention to re-review" decisions already taken on betting shops, but added that retail would remain a core part of what William Hill offered.

Reeves added that the combined group would seek to make approximately £180m in savings, which would include a "rationalisation of marketing spend" with a focus on digital spending rather than sponsorship, as well as potential changes in management structures and technology infrastructure.

Evoke's chairman Mark Summerfield said: "Following the announcement of the strategic review in December 2025, we have been resolutely focused on how best to maximise value for our shareholders in light of the significant UK duty changes and the constraints posed by the Evoke Group's existing capital structure.

"Having considered a range of options I am delighted to announce the acquisition by Bally's Intralot and believe the agreed terms represent the most attractive and deliverable outcome for Evoke shareholders.

"I'm confident Bally's Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders."

William Hill's parent company taken over by Bally's IntralotCredit: Grossick Photography (racingpost.com/photos)

The Bally's Intralot offer values Evoke at 52 pence per share, up from the original offer of 50p, and additional terms include an all-share structure and a partial cash alternative.

Reports last weekend suggested private equity giant TPG Credit was being lined up to help finance the takeover, and it was confirmed in the release that it, alongside Oaktree and OHA, had committed approximately £889m to support the deal and refinance Evoke's existing debt.

Bally's Intralot chairman Soo Kim added: "We are excited about the opportunity to bring Intralot and Evoke together to create a leading, diversified European gaming champion with greater scale, resilience and operational capability.

"Underpinned by the combination of Evoke's iconic brands of incredible heritage, such as William Hill and 888, with Bally's Intralot's best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever."

Evoke's share price rose by 14.5 per cent to 45.80p by the close of Friday.

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