Bally's Intralot Confirms £225M Takeover Approach for Evoke — William Hill UK Owner Weighs Bid Under Takeover Panel Deadline

Evoke Confirms Takeover Talks with Bally's Intralot — A Potential Distressed-Price Acquisition of William Hill's UK Parent

One of the UK gambling industry's biggest ongoing corporate stories moved into its formal phase on April 20, 2026, when Evoke plc confirmed it is in active discussions with Bally's Intralot regarding a potential all-cash takeover offer at 50 pence per share.

What Happened

Evoke plc — which operates William Hill UK retail and online, 888casino, Mr Green, and several other European casino brands — confirmed on April 20 that it had received a preliminary approach from Bally's Intralot and that discussions are ongoing. The indicative offer price of 50 pence per share values Evoke's equity at approximately £225 million ($304 million), against a net debt position of approximately £1.8 billion — implying a total enterprise value of around £2 billion. Bally's Intralot is the Athens-registered entity formed when Greek lottery operator Intralot completed its acquisition of Bally's Corporation's international interactive gaming business in 2025. Under UK Takeover Panel 'put up or shut up' rules, Bally's Intralot must either announce a binding firm offer or walk away by 5pm London time on May 18, 2026.

Why It Matters

Evoke's predicament reflects the structural pressure facing second-tier UK-listed gambling operators in 2026: the 40% Remote Gaming Duty rate that took effect April 1 has compressed online margins; legacy retail networks are loss-making; and the group's debt load — accumulated through the merger of 888 Holdings and William Hill's international assets in 2022–23 — is constraining operational flexibility. A £225M equity valuation for a group operating three internationally recognised gambling brands is a stark illustration of how far operator valuations have fallen under the combined weight of debt, regulatory costs, and competitive pressure.

Industry Context

If completed, the acquisition would transfer ownership of William Hill UK, 888, and Mr Green to a Greek-American conglomerate at a fraction of the operational value these brands represented at their respective peaks. For Bally's Intralot, the transaction would provide an immediate footprint in the UK's large — if now more heavily taxed — online gambling market, plus a substantial retail estate. Northern & Shell has signalled an intention to appeal the lottery ruling, meaning the UK gambling M&A landscape remains active on multiple fronts simultaneously.