US-based casino operator Bally’s has made an offer of £225 million ($303 million) to take over Evoke. The betting group, which includes flagship brands 888 and William Hill, is understood to have given Bally’s preferred bidder status.
In December, it announced a strategic review that could lead to the sale of the company. With news of the potential Bally’s takeover, the group’s stock price has risen by over 30% in the last week. It now stands at 40.76 GBX, having been 20.95 GBX at the start of December.
Dan Coatsworth, head of markets at AJ Bell said the price rise “suggests the market is sceptical this is a winning bid”.
“Shareholders aren’t in a strong position to demand more money,” he added. “Bally’s doesn’t need to be generous with an offer as the ball is in its court for negotiations. Evoke is in such a weak position, and there are question marks about its long-term future if it cannot find a buyer for some or all its assets.”
William Hill Takeover Straddled Evoke With Debt
Evoke is currently facing around £1.7 billion ($2.2 billion) of debt, primarily from the £2.2 billion ($2.97 billion) acquisition of William Hill in 2021. This excluded William Hill’s US operations, which Caesars Entertainment took over in the same year.
“This sky-high debt means Bally’s has two options,” said Coatsworth. “It either buys the business and slowly pays down the debt, or it buys Evoke and immediately breaks it up to try and claw back some cash to accelerate debt repayments.”
The troubles for the group have been exacerbated by tax rises in the UK. From the start of April, the country now taxes revenue from online casinos at 40%, up from the previous 21%.
Evoke said the changes would cost between £125 million and £135 million (around $170 million) annually. William Hill has reacted by closing hundreds of 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,” said Evoke CEO Per Widerström when announcing the company’s latest financial results earlier this year.
Users Fighting Evoke Over Online Casino Glitch
Amid the tax rises on online casinos in the UK, a glitch in the Evoke system caused chaos among its user base. Thousands of players won huge sums on the company’s Jackpot Drop games, only for 888 and William Hill to void the winnings.
Several users are now threatening to take legal action against the company, claiming that the winnings should be honored.
One user in Canada, James Kotylak, who won over CA$1 million (around $940,000) playing at 888 said he wanted to accelerate proceedings against the company as he was worried the takeover would derail any chances of claiming back compensation.
Kotylak criticized both 888’s actions in voiding his winnings and the company’s communication, alleging he was frequently misled and given false information.
“To have a life‑changing win like that erased by a vague ‘glitch’ with no evidence has been devastating,” said Kotylak in an interview with CasinoBeats earlier 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.”
