£225 Million Takeover Bid Could Revive William Hill’s Retail Business

_{Struggling William Hill betting shops on the High Street. (Image: Wikimedia Commons/WythenshaweMike)}
 

By Daniel Smythe

Bally’s Intralot has made a £225 million play for Evoke, a move that could help revive William Hill’s fortunes in the UK.

Evoke released a statement to investors via the London Stock Exchange on Tuesday, confirming interest from Bally’s Intralot. The bid, which remains under consideration, would see Bally’s Intralot take control of Evoke’s assets for a price of 50p per share. The move comes in the midst of Evoke’s strategic review and could be a potential lifeline for William Hill’s network of beleaguered betting shops.

Speculative Bid but Positive Signs for Evoke

As per the market statement, interest on both sides remains speculative. Evoke’s executives, including CEO Per Widerström, are “evaluating the possible offer” along with advisors from Morgan Stanley and Rothschild & Co. Similarly, Bally’s Intralot, headed by CEO Robeson Reeves, has only revealed some of its hand at this stage. The £225 million offer hasn’t been finalised yet and should be seen as Bally’s Intralot testing the waters. The timing, however, could be fortuitous for both. Evoke launched a strategic review in December 2025, citing, among other reasons, changes to Remote Gambling Tax (RGT) in the UK.

Remote Gaming Tax Fuels Takeover Talks

Despite a sliver of hope that Chancellor Rachel Reeves would row back on her decision to increase RGT from 21% to 40%, lobbying efforts fell on deaf ears. The increase came into effect on April 1, 2026, prompting Evoke to announce the closure of nearly 200 of William Hill’s betting shops. Evoke’s cost-cutting exercise is due to commence on May 1, just 18 days before Bally’s Intralot is due to finalise its bid. That could mean it's too late to save the William Hill betting shops earmarked for closure and the 1,500 people they employ. However, there is hope that Bally Intralot may not close any more shops. 

Casinos.com reached out to Bally’s Intralot for a statement on the retail side of Evoke, but we didn’t receive a reply. However, CEO Reeves said during an investor call on April 20 that he’s in favour of retail businesses.

Although the UK presents a tougher challenge than it once did, Reeves said it’s “important to have a presence in retail”, but that it needs to work “hand-in- hand” with online assets. Alongside William Hill, Evoke also owns two prominent online casinos in the UK, 888 and Mr Green. These assets, combined with William Hill’s retail and online businesses, would give Reeves the ability to strengthen the “hand-in-hand” relationship discussed during the investor call. Reeves went on to say that he and his team know the UK market “exceptionally well”, adding weight to the speculation that Evoke’s retail business may not completely disappear should a takeover happen.

Financial Momentum May Seal the Deal

The £225 million bid comes at a time of rising fortunes for Bally’s Intralot. The Greek gambling company completed its €2.7 billion (£2.3 billion) merger in October 2025. The deal saw Intralot SA assume the assets of Bally’s International Interactive, the digital arm of Bally’s Corporation.

The newly merged entity published its 2025 full-year financials this week. The April 2020 filing takes into account combined revenues from Intralot SA and Bally’s International Interactive. Revenue was up 34.8% to €518 million (£451.2 million), with adjusted EBITDA showing 40.4% growth to €183.5 million (£159).

Buoyed by takeover talks, Evoke's share price jumped up this week from 33.45p to 41.40p at the close of trading on April 22. That may be a positive sign for Evoke, but strong headwinds remain in the UK, particularly if the bid from Bally’s Intralot falls at the last.