Evoke, the owner of William Hill and the 888 online casino brand, has agreed to a £243 million all-stock takeover by Greek casino and lottery operator Bally's Intralot. The deal, announced on Friday, comes after months of negotiations between the two companies.
Details of the Acquisition
Bally's Intralot, headquartered in Athens, operates in 39 countries worldwide, including the United States and Australia. The company serves as a technology vendor for numerous national lotteries, providing online and mobile portals, central gaming systems, and point-of-sale terminals. Its origins trace back to Greece, but it has since expanded globally.
Evoke, based in Gibraltar, has faced significant financial pressures in recent years, with its share price falling by 90 percent over the last four years. At the start of that period, Evoke paid £2.2 billion to acquire William Hill's network of 1,400 high street bookmakers. The company currently carries a net debt of approximately £1.8 billion and has a market value of around £181 million.
Investor Reaction and Market Context
Evoke shares rose by 15 percent last Friday, reflecting investor optimism about the deal with Intralot. While Intralot already has a presence in Ireland through its role as provider for the National Lottery, the Greek company has limited market share in the UK. This acquisition is seen as a strategic move to expand into the British gambling market.
A spokesperson for Intralot commented: “Intralot continues to believe that the UK is a highly attractive geography and the current market dislocation presents a significant opportunity for consolidation.”
Future Implications
The takeover is expected to strengthen Intralot's position in the UK iGaming sector, leveraging Evoke's established brands and retail network. For Evoke, the deal provides a lifeline amid financial struggles, offering a path to stability under new ownership. The all-stock transaction means Evoke shareholders will become part of the combined entity, with Intralot's expertise in lottery technology potentially driving innovation in William Hill and 888's operations.
