Shares have spiked in evoke plc, the parent company for a range of internationally renowned brands in the betting and gaming industry, after reports that a takeover deal with Greek gambling firm Bally’s Corporation and Intralot.
There are rumours any agreement will resemble a take-private “rescue” deal, which is when a struggling company gets acquired by an investor or firm that removes it from public stock markets. The aim of these types of deals is to stabilize operations, restructure the business, and improve performance away from the pressures of public investors.
Proposal to comprise an all-share combination with a partial cash alternative
evoke plc said Monday it is in talks over a potential all-share combination valuing evoke at £0.50 ($0.67) per share, with a partial cash alternative under consideration. The company said it is reviewing the proposal with advisers Morgan Stanley and Rothschild & Co, adding that a deadline for a formal offer has been set for May 18.
This news was not unforeseen for many investors after the company launched a strategic review in December to explore partial or full sale options, triggering months of speculation about a potential deal.
Bally’s Intralot said any formal offer would be subject to customary conditions and approvals, and could still change in terms of price, structure or consideration. While evoke has not specified which assets could be included in a sale, a November report by Sky News said the company had explored selling its Italian unit to offset the impact of a gambling tax increase introduced in April.
Speaking about the news, Bally’s Intralot CEO Robeson Reeves said: “We have built a business with a margin profile that stands out in this industry. evoke has the scale. We see a compelling opportunity to bring our operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies that we are uniquely positioned to deliver. This is an opportunity we are pursuing with conviction.”
Bally’s Intralot set to continue UK market expansion
Bally’s Intralot are accelerating their international expansion through their combined platform, which now operates across roughly 40 regulated jurisdictions worldwide. The group has been actively building its presence in the UK online gaming market, following its acquisition of Bally’s International Interactive business last year in a deal that positioned Bally’s as the majority shareholder and strengthened its digital and global capabilities.
The expansion appears to be aimed at scaling operations across regulated markets while deepening online and technology-driven offerings. As part of this effort, Bally’s Intralot is weighing further growth opportunities, including its potential move for evoke plc.
The news comes as the company reported a 34.8% rise in 2025 revenue to €518.0 million following the merger in its most recent earnings release. The €2.7 billion deal, completed in October 2025, significantly boosted top-line growth, though underlying performance was weaker once the acquisition impact was excluded, with adjusted EBITDA falling 10.9% on a like-for-like basis.
Performance diverged across segments, with B2C revenue surging 162.7% to €242.4 million, supported by strong online growth in markets such as Turkey and steady gains in Argentina. In contrast, B2B revenue declined 5.6% to €275.6 million, reflecting foreign exchange pressures and softer U.S. performance, although Australia and parts of Europe delivered modest growth. Lottery remained the largest contributor to revenue, followed closely by iGaming and sports betting.
Despite higher revenue and EBITDA growth, the group swung to a net loss of €65.2 million, compared with a profit a year earlier, as increased costs, depreciation and financing expenses weighed on results.
evoke plc to close up to 200 William Hill shops
Meanwhile, William Hill will close 200 betting shops across the UK and cut more than 1,500 jobs as it responds to mounting cost pressures following the latest budget from the Labour Party. The move marks a major retrenchment for a brand that has been a fixture of the British high street for more than six decades.
evoke plc said the closures follow a strategic review launched earlier this year as it explores options to address its £1.8 billion debt. In a statement released earlier this month, the company stated: “Following a thorough review and further to increased cost pressures on the regulated sector including significant tax increases announced by the Government in last year’s Autumn Budget, from May we are closing a number of shops that are no longer sustainable.
“We are offering our full support to our retail colleagues who are affected by these closures.
“These decisions are never taken lightly, however in the face of rising cost pressures we must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations.”
The tax changes were introduced by Chancellor Rachel Reeves, who raised duties on online gambling, including a sharp increase in Remote Gaming Duty and online betting taxes. The measures, aimed at addressing the growth and harms of remote gambling, are expected to generate more than £1 billion annually by 2031.
