UMVA has learned that a monumental shakeup is underway in the gaming industry, as Bally's Intralot has agreed to acquire betting and gaming operator evoke in an all-share deal valued at approximately £243.1 million ($327 million).
This stunning development brings together iconic brands like William Hill and 888 with Bally's expanding lottery and online gaming business, creating a formidable force in the market. The deal follows a lengthy process that began with evoke's strategic review launched in December 2025, sparked by UK gambling tax increases that raised concerns about earnings, debt levels, and financial flexibility.
Under the agreed terms, evoke investors will receive 0.537 new Intralot shares for each evoke share, valuing evoke at 52 pence per share based on Intralot's market price. Shareholders also have the option to choose a cash alternative at the same valuation, although total cash payments will be capped. Evoke's stock price surged 6% following the announcement.
The combined company is poised to become one of Europe's largest lottery and online gaming operators, serving six core markets across sports betting, online casino, poker, bingo, and lottery products. Projections indicate the merged group would generate approximately €3.2 billion ($3.7 billion) in revenue and €856 million ($997 million) in adjusted EBITDA, based on fiscal 2025 figures.
This acquisition represents a strategic masterstroke, as Intralot expects the addition of William Hill and 888 to strengthen its UK position while allowing it to combine evoke's customer base with its technology platform and data capabilities. The company anticipates annual cost and capital expenditure savings of about £180 million by the end of the second year after completion.
Evoke's board unanimously backed the proposal, which followed several months of discussions and an increase from an earlier 32 pence per share proposal made in January 2026. The deal still requires shareholder, regulatory, and gaming-licensing approvals, with completion expected during the fourth quarter of 2026 or the first quarter of 2027.
Bally's Chairman Soo Kim hailed the deal as a means to create "a leading, diversified European gaming champion with greater scale, resilience and operational capability." Evoke Chairman Mark Summerfield expressed delight in announcing the acquisition, believing the agreed terms represent the most attractive and deliverable outcome for evoke shareholders.
