Evoke plc has confirmed it has received a takeover approach from Bally’s Intralot, in a move that could reshape parts of the UK gambling market.
In a statement issued on 20 April 2026, Evoke said the proposal values its shares at 50 pence each, i.e. a 28 per cent premium to Friday’s closing price. The disclosure follows several days of market speculation, during which the company’s shares surged by around 31 per cent.
As previously reported by SiGMA News, Evoke plc initiated a strategic review in December and has since attracted interest from multiple parties across its business. However, Bally’s Intralot appears to hold an advantage, largely because it is willing to acquire the group in its entirety.
The approach is expected to take the form of an all-share combination, with a partial cash alternative available to shareholders. However, Evoke emphasised that discussions remain at an early stage and there is no certainty that a formal offer will be made.
Final decision in May
After the announcement, shares in Evoke jumped to around £0.43, signalling investor optimism as takeover discussions continue.
The company said it is assessing the proposal with the support of its financial advisers, Morgan Stanley and Rothschild & Co. Under UK takeover rules, Bally’s Intralot has until 5 pm on 18 May 2026 to either announce a firm intention to proceed or walk away, unless an extension is agreed.
Bally’s Intralot indicated that a combination with Evoke could deliver “substantial strategic and operational synergies”, including increased scale, broader geographic reach and potential cost savings. Analysts note that such a deal would significantly expand Bally’s Intralot’s presence in the UK, a market where it already has strong exposure through its Jackpotjoy brand.
That exposure, however, comes with rising risks. The UK government recently increased Remote Gaming Duty from 21 per cent to 40 per cent, placing pressure on operators’ margins. A merger would also bring together two companies carrying notable levels of debt. Evoke plc has a debt burden of around £1.8 billion ($2.25 billion), while Intralot reported net debt of €1.49 billion ($1.62 billion) at the end of last year. Managing that combined leverage is likely to be a central issue in any negotiations.
FY25 show promising results
Despite these pressures, Evoke plc has reported steady financial performance. Revenue for the 2025 financial year rose two per cent to £1.79 billion ($2.24 billion), while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to reach between £355 million and £360 million ($444–$450 million), marking double-digit annual growth.
Bally’s Intralot, meanwhile, reported pro forma revenues of €1.08 billion ($1.17 billion) and adjusted EBITDA of €431 million ($467 million). The results for 1Q26 are expected to follow the trend.
Once the deal is finalised, Bally’s Intralot would shift its focus more heavily towards online gaming, potentially changing how the combined business operates. Evoke plc currently owns around 1,300 high street betting shops under the William Hill name, although it has already announced plans to close up to 200 outlets as it responds to rising costs.
Evoke plc itself was created from the merger of 888 and William Hill in a £2.2 billion ($2.75 billion) deal completed in 2021, but has since faced ongoing pressure from its heavy debt burden. Analysts, including Deutsche Bank, have recently downgraded the stock and cut earnings forecasts. However, analysts hope that a takeover by Bally’s Intralot may improve the company’s outlook and reshape its long-term fortunes.
Rome wasn’t built in a day, but your next deal could be. From 02 to 05 November 2026 the city becomes the heartbeat of global iGaming when SiGMA World opens its gates. With 30,000 delegates, 1,200+ sponsors and exhibitors, and 550+ expert speakers, history is calling at the mother of all conferences.
