Bally's Intralot recommends the acquisition of evoke plc

• Bally's Intralot has recommended the acquisition of evoke plc in a deal valuing the company at £243.1m and an enterprise value of £2.2bn, a 77% premium on evoke's three-month average share price
• Evoke plc shareholders are set to receive 0.537 Bally's Intralot shares per evoke share, equivalent to 52 pence, as the two companies look to create a "diversified European gaming champion"
• The deal, expected to close in Q4 2026 or Q1 2027, would make the combined group the second-largest player in the UK iGaming market, uniting the Intralot and evoke businesses including flagship brands William Hill and 888

Bally’s Intralot has confirmed that it has recommended the acquisition of evoke plc, in what has been a much-anticipated deal in the sector.

The company has put down official details of the proposed purchase of evoke plc’s business, with the evoke shareholders entitled to receive 0.537 shares in Bally’s Intralot, equivalent to 52 pence per evoke share.

Evoke has spent a long time exploring its options

This puts evoke’s value at £243.1m, and enterprise value at £2.2bn, and the offer is a 77% premium on the three-month volume-weighted evoke share price of 29.4p before the announcement.

The latest development comes after evoke launched a Strategic Review in December 2025 and has explored different scenarios ever since to maximize the value for its shareholders, citing growing costs of doing business in the United Kingdom.

The company has considered a range of options, but has finally settled for the offer tabled by Intralot, believing that it would bring the best possible value to shareholders indeed.

Bally’s Intralot has already received irrevocable undertakings of around 29.07% of evoke’s existing share capital, the company confirmed in a statement shared with the media, and the deal is expected to close in the final quarter of 2026 or the first quarter of 2027.

The deal is still subject to the customary shareholder and regulatory approvals. Bally’s ChairmanSoo Kim commented on the proposed acquisition and said that it was an exciting opportunity to unite the Intralot and evoke businesses together and create a diversified European gaming champion "with greater scale, resilience and operational capability."

"Intralot has a proven track record of creating shareholder value through successful integration of acquired businesses whilst preserving their distinct strengths. We are confident that this transaction will deliver substantial benefits for both Intralot and Evoke shareholders," the Chairman added.

Bally’s Intralot has outlined the plans for the acquisition, arguing that it seeks to create a new gaming and lottery champion that will have a much stronger scale and reach across its core regulated markets.

Together, the group will become the second-largest company in the UK iGaming market and the fourth largest in the UK online sports betting, with Bally’s Intralot significantly expanding its presence in the United Kingdom through evoke’s flagship brands William Hill and 888.

Optimizing scale, reach, and synergizing technolgoy

Evoke’s brands will also benefit from Intralot’s Vitruvian data technology designed to enhance the player journey and significantly improve acquisition efficiency, engagement, and lifetime value.

Evoke Chairman Mark Summerfield also commented on the outlined deal and 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."

"I’m confident 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," Summerfield said.

The deal is expected to unlock £180m of synergies by the second year, resulting from marketing spend, operational efficiencies and IT infrastructure. Evoke previously suggested it may scale down its operations in Italy, citing the UK tax situation.

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