Bally’s has identified Italy, Romania and Spain as key strategic attractions in its ongoing discussions over a possible all share combination with Evoke, as the group weighs a £0.50 per share proposal for the William Hill and 888 owners.
The talks follow Evoke’s strategic review, launched after the sharp increase in UK Remote Gaming Duty this month.
Speaking during Bally’s full-year 2025 earnings call, CEO Robeson Reeves said the company saw a compelling opportunity to apply its existing operating model to a significantly larger business and improve financial performance through synergies. He described the opportunity as one Bally’s was pursuing with conviction.
Italy is the standout international asset in this assessment. Reeves said the market is hard to enter and that Evoke already has meaningful scale there. He also highlighted Romania as attractive and named Spain as a market where Bally’s currently has only limited exposure.
The international angle is relevant for a wider global readership because the rationale extends beyond a UK rescue transaction. Bally’s is effectively looking at whether a domestic online operating model can be exported across selected European jurisdictions through acquisition, rather than built market by market. This makes the deal as much a geographic expansion play as a balance sheet opportunity.
Reeves said Bally’s core focus remains UK online, with the wider international portfolio viewed as additional upside. He maintained that retail still has a role when integrated with digital operations, despite the sustained pressure on UK betting shops from tax changes and cost inflation.
Evoke has already announced plans to close around 200 William Hill stores following the latest duty increase.
For the wider sector, the message is clear. Bally’s is looking at Evoke not only as a stressed UK asset, but as a route into selected European markets where scale, licences and local positions would take longer and cost more to build organically.
