The owner of William Hill and the 888 online casino brand has agreed to a £243 million takeover by Greek casino operator Bally’s Intralot, according to The Guardian. The deal was finalized following two months of negotiations, reflecting significant shifts in the UK gambling landscape.
What happened
The agreement between Evoke, the parent company of William Hill, and Bally’s Intralot comes after extensive discussions over the past two months. The deal, valued at 52 pence per share, represents a 77% premium over Evoke’s average share price. This sale follows a substantial downturn for Evoke, whose share price has plummeted by 90% since its £2.2 billion acquisition of William Hill’s betting network in 2022.[1]
The changes in the UK gambling environment, particularly the government’s decision to raise remote gaming duty from 21% to 40%, prompted Evoke to explore strategic options. The chief executive, Per Widerström, indicated that these tax increases could cost the company up to £135 million annually. Intralot’s chair, Soo Kim, expressed confidence that the merger will significantly benefit both parties’ shareholders.
Why it matters
The completion of this takeover highlights the volatile nature of the gambling market in the UK. Following the tax hikes, Evoke is under pressure to adapt to a transformed competitive landscape, which poses challenges for operator profitability. The merger allows Intralot to enhance its footprint as a casino and lottery operator amid these financial turbulence.
Background
On May 20, 2022, Evoke acquired William Hill’s network of 1,400 UK high street bookmakers for £2.2 billion. This acquisition was viewed as a major success at the time. However, financial challenges have compounded since then, leading Evoke to initiate a review of strategic options by appointing financial advisors Morgan Stanley and Rothschild in December 2025.[3]
In early 2023, Evoke faced operational setbacks, including the removal of its chief executive amid an internal probe into compliance failures. These incidents contributed to declining investor confidence and share price challenges, culminating in the decision to pursue a takeover to maximize shareholder value.
What’s next
The regulatory approval process for the takeover is expected to take several months, with stakeholders anticipating a clearer understanding of the future competitive landscape by the end of 2026.
