Bally’s Nears Acquisition of Evoke Following £225M Bid

(AsiaGameHub) –   Casino operator Bally’s, based in the US, has tabled a £225 million ($303 million) bid to acquire Evoke. The betting group, whose leading brands are 888 and William Hill, is reported to have granted Bally’s the status of preferred bidder.

Evoke initiated a strategic review in December that opened the door to a potential sale. Following news of the possible acquisition by Bally’s, the company’s share price has surged more than 30% in the past week. The price is currently 40.76 GBX, a significant increase from 20.95 GBX at the beginning of December.

According to Dan Coatsworth, head of markets at AJ Bell, the share price increase “suggests the market is sceptical this is a winning bid”.

“Shareholders aren’t in a strong position to demand more money,” he continued. “Bally’s doesn’t need to be generous with an offer because it holds the advantage in negotiations. Evoke is in such a weak position, and its long-term viability is uncertain if it cannot find a buyer for part or all of the business.”

William Hill Takeover Straddled Evoke With Debt

Evoke is currently burdened with approximately £1.7 billion ($2.2 billion) of debt, largely stemming from its £2.2 billion ($2.97 billion) purchase of William Hill in 2021. This deal did not include William Hill’s US operations, which were acquired by Caesars Entertainment that same year.

“This massive debt load presents Bally’s with two choices,” Coatsworth stated. “It can purchase the entire business and gradually reduce the debt, or it can buy Evoke and promptly break it up to recoup cash and speed up repayments.”

The company’s challenges have been worsened by recent tax increases in the UK. Since the start of April, the government has been taxing online casino revenue at 40%, a sharp rise from the former rate of 21%.

Evoke estimated the new tax regime would result in an annual cost of between £125 million and £135 million (approximately $170 million). In response, William Hill has shuttered hundreds of its betting shops.

“We have moved quickly and decisively to execute on our mitigation plans, including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course,” Evoke CEO Per Widerström commented while presenting the firm’s most recent financial results.

Users Fighting Evoke Over Online Casino Glitch

Compounding the issues from UK tax hikes, a system malfunction at Evoke created turmoil for its customers. A technical error in the company’s Jackpot Drop games led to thousands of players winning large amounts, but 888 and William Hill subsequently invalidated those payouts.

A number of users are now threatening to sue the company, asserting that their winnings should be paid.

One Canadian player, James Kotylak, who won over CA$1 million (around $940,000) on 888, expressed his intention to speed up legal action. He fears the potential takeover could jeopardize his opportunity to seek compensation.

Kotylak condemned both the decision to void his winnings and the company’s handling of communications, claiming he was repeatedly misled and provided with incorrect details.

“To have a life‑changing win like that erased by a vague ‘glitch’ with no evidence has been devastating,” Kotylak told CasinoBeats in an interview this month.

“I’m not asking for special treatment — just for the casino to be held to the same standard of proof and accountability that they expect from their players.”