'An important milestone for Evoke,' is how an internal email, exclusively seen by BonusFinder, greeted Evoke staff this morning, Friday 5 June, as news broke that the company agreed to a £243M sale to Bally's Intralot.
Evoke, who own the William Hill and 888 brands, among others, announced in April that they were in discussions with the Athens-listed operator and today, went public confirming that the company's Board have recommended to shareholders of an all-share acquisition of the company by Bally's Intralot.
The announcement of the Bally's Intralot acquisition
Speaking to staff on an internal company call just hours after the deal was announced, Evoke CEO Per Widerstrom told staff:
"Today we announce that evoke has reached an agreement on a recommended acquisition by Bally's Intralot. Following the strategic review we launched last year, the Board carefully considered a range of options for the future of the business. It concluded that this transaction would create a stronger business for the future.
"Together, Evoke and Bally's Intralot would have greater scale, broader geographic reach, stronger technology capabilities and enhanced financial strength, creating a platform that is better positioned to compete and grow in an increasingly challenging regulatory environment."
Company's struggles are due to hike in remote gaming duty states Chairman
In the public statement, Evoke's Chairman Mark Summerfield referenced the hike in the remote gaming duty as a reason for the company's struggles as of late.
"Following the announcement of the Strategic Review in December 2025, we have been resolutely focused on how best to maximise value for our shareholders in light of the significant UK duty changes and the constraints posed by the Evoke Group's existing capital structure.
"Having considered a range of options, I am delighted to announce the acquisition by Bally's Intralot and believe the agreed terms represent the most attractive and deliverable outcome for Evoke stakeholders.
"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 Bally's 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."
Evoke's recent struggles causing debt for the company
In what's been a turbulent time for Evoke, their debt of an estimated £1.86B was accumulated after 888 Holdings bought William Hill's UK brand from Caesars Entertainment in 2022.
Earlier this year, William Hill 'accidentally' paid out millions to customers when their in-house casino game Jackpot Drop malfunctioned. They also announced that they'll close around 200 betting shops across Britain as the recent tax hikes by Rachel Reeves came to fruition on 1 April.
Commenting on the acquisition, which has valued evoke at 52p per share, Bally's chairman Soo Kim added:
"We are excited about the opportunity to bring Intralot and evoke together to create a leading, diversified European gaming champion with greater scale, resilience and operational capability.
"Underpinned by the combination of evoke's iconic brands of incredible heritage, such as William Hill and 888, with Intralot's best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets - we are confident that the Enlarged Group will not just be stronger than before, but stronger than ever.
"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."
Per Widerstrom reassures staff
Evoke CEO Widerstrom looked to calm expectations with staff about the offer being completed immediately. He told staff:
"The most important thing to understand is that today's announcement is the beginning of a process, not the end of one. The transaction remains subject to shareholder, court and regulatory approvals and is expected to complete during the final quarter of 2026.
"Until then, Evoke remains an independent company and it is very much business as usual. There are no immediate changes to roles, reporting lines, teams or ways of working."
This last line will reassure the 11,000 staff who work for the company. However, doubts remain about their long-term futures after the purchase.
A turbulent time coming to an end: Staff reassured they will receive bonuses
As previously revealed, staff were told on a company call just six weeks ago that there would be no salary review or bonus opportunities for staff for the year of 2026. However, that has since changed as Per Widerstrom revealed in the morning email.
"We know how important it is to reward your contribution and recognise the hard work ahead, so I want to share another piece of positive news. I'm pleased to confirm that we will be implementing a salary increase, effective 1 July, and an annual bonus scheme for 2026."
However, it's been announced that private lenders TPG Credit, Oaktree and OHA have committed about £889M to refinance Evoke's existing debt and help support the deal. And further negative news for Evoke employees was revealed that Bally's Intralot plan to, once the takeover is complete, embark on roughly £180M in synergy savings.
So, the turbulent time for Evoke looks to be coming to an end with the takeover from Bally's Intralot set to be completed by Q4 2026 or Q1 2027. News of the deal sent the share price soaring to 45.8 pence, a huge 14% higher than it was trading the day before.
Despite the negativity, Widerstrom did want to highlight the opportunities ahead: "While today marks the beginning of a new chapter, it is also recognition of everything we have achieved together," stated Evoke's CEO.
"The opportunity ahead is to combine those strengths with those of Bally's Intralot and help shape one of the leading gaming and betting businesses in our industry. Over the past few years, we have transformed evoke into a stronger, more disciplined and more competitive business, strengthening our brands, improving performance and continuing to deliver for our customers despite significant industry change. And for that, I'm really grateful to you all."
