Global gaming and lottery company Bally’s Intralot announced Friday that – after months of talks – it has agreed to acquire evoke, which owns popular U.K. sports betting and iGaming brands William Hill and 888, for £243.1 million.
Key Takeaways
- The acquisition talks began in April after evoke began exploring a sale in late 2025.
- The merger makes Bally’s Intralot the No. 2 player in the U.K. iGaming market.
- Evoke’s “iconic” brands made the company attractive as a takeover target.
The agreement comes after Bally’s Intralot first made an offer in the spring and ends evoke’s quest to sell, which began late last year. Bally’s Intralot cited geographical scale, evoke’s attractive brands, tech merging, significant synergies, and financial strength as reasons for the takeover.
“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,” Bally’s Intralot chairman Soo Kim said.
“Underpinned by the combination of evoke’s iconic brands of incredible heritage, such as William Hill and 888, with 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.”
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Financial details
Bally Intralot agreed to an all-share purchase, and evoke shareholders will receive 0.537 equivalent Bally’s Intralot shares at 52 pence per evoke share. Bally’s Intralot’s offer represents a 77% premium to the three-month volume-weighted share price of 29.4p before the Greek company made its April bid.
The deal is subject to shareholder and regulatory approval, and the two sides believe it will be completed by late 2026 or the first quarter of 2027.
After 2025, evoke’s debts were valued at £1.8 billion, almost five times its EBITDA. Evoke chairman Mark Summerfield said the acquisition gives the British gaming company a more sustainable capital structure.
“Having considered a range of options, I am delighted to announce the acquisition by Intralot and believe the agreed terms represent the most attractive and deliverable outcome for evoke shareholders,” Summerfield said. “The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.”
Merger details
The merger gives the two companies access to six core markets worth an addressable €36 billion, according to Bally’s Intralot, and now makes the Greek gaming operator No. 2 in the U.K. iGaming market share and No. 4 in sports betting.
Bally’s Intralot plans to infuse its gaming technology into evoke’s operators and said the merger “unlocks £180 million of identified annual run-rate cost and capex savings, to be realised within two years of completion across marketing spend optimisation, operational efficiencies and IT infrastructure.”
Bally’s Intralot, which operates in nearly 40 countries, reported group revenue of €518 million, a 34.8% year-over-year increase, for full-year 2025. Adjusted EBITDA was up 40.4% with a 35.4% margin.
The company said net gaming revenue in the U.K. grew 11.5% year-over-year in April, while May is up 16%. Bally’s Intralot says customer acquisition is up by more than 50% over those two months.
"Intralot has a proven track record of creating shareholder value through the successful integration of acquired businesses whilst preserving their distinct strengths,” Kim said. “We are confident that this transaction will deliver substantial benefits for both Intralot and evoke shareholders.”
