Evoke, the London-listed gambling group that owns William Hill and 888, has agreed to a £243mn all-share acquisition by Bally's Intralot. The deal values each share at 52 pence, representing a 138% premium to the closing price on December 9, the day before Evoke announced its strategic review. Shareholders can elect to receive cash instead of shares.

Evoke launched the sale process in December after the UK autumn Budget introduced steep tax increases on the gambling sector. The company generates roughly two-thirds of its revenue from the UK market, leaving it more exposed than diversified rivals like Flutter and Entain. These tax rises forced Evoke to warn of potential job cuts and seek a buyer to weather the regulatory headwinds.

Bally's Intralot chief executive Robeson Reeves said the acquisition provides access to Evoke's international operations in Italy and Romania, rather than simply doubling down on the UK. He believes the higher tax burden will drive smaller operators out of business, potentially strengthening Evoke's market position in Britain.

The combined group would rank second in UK interactive gaming and fourth in online sports betting, creating one of the world's largest online betting and gaming companies. Regulatory approval is required, with completion targeted for late 2026 or early 2027.