US casino operator Bally’s is in talks to acquire Evoke, the London-listed owner of William Hill and 888, as rising UK gambling taxes deepen financial pressure on the group.
The proposed cash and share offer values Evoke at more than £200m, based on an indicative price of £0.50 per share. Bally’s has until May 18th to confirm a firm intention to proceed or withdraw. Evoke says there is no certainty a deal will be agreed.
The approach follows a strategic review launched by Evoke late last year, with advisers appointed to explore options as the company grapples with a £1.8bn debt burden linked to its acquisition of William Hill’s non-US assets in 2021. Since that transaction, Evoke’s share price has fallen by around 90%.
Recent UK tax changes have added further strain. Increases introduced this month raised duties on online gambling from 21% to 40%, while online sports betting excluding horse racing rose from 15% to 25%. Evoke has previously indicated the changes could cost up to £135m annually.
Per Widerström, CEO of Evoke, has already initiated cost reduction measures, including the planned closure of around 200 William Hill retail locations.
Bally’s, headquartered in Rhode Island, operates a portfolio of casinos, online betting platforms and racing assets across the US. The bid is being advanced through Bally’s Intralot, in which the company holds a controlling stake.
Evoke’s operational challenges extend beyond the UK. The group has recently faced regulatory scrutiny in the Middle East, including the suspension of VIP accounts and management changes linked to AML controls. This follows a £9.4m penalty from the UK Gambling Commission related to historical compliance failures.
The potential transaction highlights growing divergence between US and UK market conditions, with US operators continuing to pursue expansion opportunities while UK based businesses face tightening fiscal and regulatory headwinds. For Bally’s, the move would represent a significant entry into the UK and European market. For Evoke, it may offer a pathway to balance sheet restructuring and operational reset under new ownership.
