Bally’s Corporation has positioned itself as the leading contender to acquire Evoke plc in its entirety, according to industry sources speaking to NEXT.io. The move would see the US operator take control of the entire business, including the prized William Hill brand, in what could be one of the year’s most significant iGaming transactions.

Full Acquisition Makes Strategic Sense

Sources indicate that Evoke’s board favours a single buyer structure. That makes perfect sense from their perspective. Selling the business as one complete package is cleaner than carving it up piecemeal.

For Bally’s, the deal would instantly establish them as a major player in European retail and online betting. Particularly on the UK high street, where William Hill remains a household name.

The timing aligns with Evoke’s ongoing strategic review. The company recently pushed back its FY 2025 results announcement to 29 April, a clear signal that something substantial is in the works. You don’t delay annual results without good reason. An imminent takeover announcement would certainly qualify.

Debt Position Complicates Valuation

Evoke carries approximately £1.8 billion in net debt, representing leverage of around 5.0x EBITDA. That’s a significant burden, largely stemming from the William Hill acquisition that brought the brand under the Evoke umbrella in the first place. Market analysts suggest a realistic valuation for the assets falls somewhere between £1.4 billion and £1.6 billion. Making a full debt takeout challenging, to put it mildly.

This debt situation is precisely why Evoke announced its intention to explore strategic options back in December. The UK’s new gambling tax regime has squeezed margins across the sector, but companies carrying heavy debt loads feel the pressure most acutely. Evoke needs a solution. Bally’s appears ready to provide one.

Bally’s European Ambitions

From Bally’s perspective, this acquisition fits squarely with their stated European expansion strategy. Reports from the Greek press indicate the company has been actively seeking UK market share through M&A activity. Their recently published preliminary 2025 results show strong financial performance, giving CEO Robeson Reeves the ammunition needed to pursue a deal of this magnitude.

Taking control of Evoke would give Bally’s instant scale in regulated European markets. William Hill’s retail estate alone represents a significant asset, while the digital operations provide established customer bases across multiple jurisdictions. That’s far more efficient than building from scratch or pursuing smaller bolt-on acquisitions.

Alternative Scenarios Remain on the Table

If the Bally’s deal fails to materialize or doesn’t meet valuation expectations, other options exist. Sources suggest debt holders could push for greater board influence, potentially triggering an alternative restructuring process. A piecemeal disposal remains possible, though individual assets would likely achieve varied valuations. Performance differences and the fragmented nature of Evoke’s technology portfolio make that a messy option.

Final bids are expected imminently. Evoke’s board will then face a crucial decision: accept the best offer on the table or extend the process in hopes of better terms. With debt holders watching closely and market conditions uncertain, the pressure is on to reach a conclusion. No one wants this dragging into summer.

For Bally’s, this represents a genuine opportunity to transform their European footprint overnight. For Evoke shareholders and debt holders, it could provide the clean exit that’s been needed since the strategic review began. The next few weeks should tell us whether this deal crosses the line.

What the team thinks

Philippa Ashworth says:

Bally’s pursuing Evoke would be a bold play to accelerate its international footprint, but the real question is whether they can secure the financing at favorable terms given current credit markets. A full buyout removes the complexity of carve-outs, though I’d watch closely for potential regulatory hurdles in the UK where scrutiny of US operators has intensified. If they pull this off, it instantly transforms Bally’s from a predominantly domestic operator into a genuine transatlantic player with established brand equity.