A major acquisition in the British Gambling industry is looming on the horizon. Evoke has confirmed it is in talks with Bally’s Intralot for a potential £225m acquisition.

Speaking on the iGaming Daily Podcast, SBC News Editor Ted Orme-Claye and iGaming Expert Editor Joe Streeter break down the biggest story in UK gambling this week.

Bally’s Intralot confirms talks

Following confirmation from Bally’s Intralot that it was in talks with Evoke over an acquisition, Evoke proposed a share price offer of 50p per share, on 250 million outstanding shares. This is a significant premium to the 27-28p which Evoke traded at before reports of an acquisition emerged over the weekend.

Bally’s Intralot believes the acquisition gives it an opportunity to strengthen its UK presence, citing “clear synergies” between it and Evoke.

Strategic review reaches its conclusion

The talks are the most significant development to emerge from Evoke’s strategic review. Announced back in December 2025, Evoke has come under pressure as it scaled back William Hill’s international presence, closed over 200 shops domestically and reacted to a near doubling of Remote Gaming Duty, as outlined in the UK Autumn Budget.

Evoke indicated the review could result in either a full sale or the disposal of certain assets. Its share price has fallen 90% over the last 12 months, compounded by a heavy debt load and a tightening regulatory environment.

A pivot for Bally’s Intralot

The potential deal marks a notable shift in direction for Bally’s Intralot, which was formed through the merger of Intralot’s B2B interactive arm and Bally’s Corporation’s international division back in 2024.

The latter being an entity that had initially positioned itself around North American lottery contracts and state government partnerships.

Bally’s Intralot already has an existing UK footprint through Virgin Games, Jackpotjoy and Rainbow Riches Casino – acquired in a previous deal. Those brands are predominantly online and therefore directly exposed to the RGD increases, making Evoke’s retail-heavy portfolio an attractive hedge.

UK retail betting remains exempt from the latest round of tax rises, and Bally’s Intralot’s track record in revitalising distressed brick-and-mortar operations in the US has not gone unnoticed.

The debt question

Bally’s Intralot already carries over $1bn in debt, following its own previous merger. Taking on Evoke would push that combined total towards $3bn.

Whether the deal is structured as a distressed acquisition — with negotiated terms on the debt — remains unclear, and the final shape of any agreement will be critical to making sense of the numbers.

What it means for the UK market

These talks are the latest sign of accelerating consolidation across the UK gambling sector. Entain recently flagged M&A appetite on an investor call, and both Ted and Joe see further deals as an inevitable consequence of the new tax environment.

As Ted noted, “A lot of people clearly see an opportunity in there, but not everyone’s going to be able to be the one to seize it.”

Bally’s Intralot has until the 18th of May to make a decision.