Bally's Nears Rescue Buy of William Hill Owner Evoke

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Bally's Corporation is in advanced talks to acquire Evoke plc, the UK-based gambling company that owns the William Hill and 888 brands. Evoke has been struggling under a heavy debt load of over 1.7 billion pounds, while facing rising tax burdens in the UK market. Bally's, a US casino operator, is seen as the preferred bidder and a deal announcement could come as early as this week if terms are finalized. The acquisition would allow Bally's to expand its online gaming presence outside of its casino operations and provide a path to address Evoke's financial troubles.

Why it matters

This potential deal would reshape the global gambling landscape, merging the US casino muscle of Bally's with the strong UK-based brands of Evoke like William Hill and 888. It could lead to faster debt reduction for Evoke, boost Bally's online gaming capabilities outside of its casino footprint, and result in job cuts at Evoke's retail betting shops but growth in digital betting. However, the acquisition also poses risks for Bally's as it would need to navigate Evoke's financial mess without sinking itself.

The details

Bally's has emerged as the preferred bidder to acquire Evoke plc, the UK gambling company that owns the William Hill and 888 brands. Evoke has been struggling under a heavy debt load of over 1.7 billion pounds, exacerbated by tax hikes in the UK market that have increased online gaming duty to 40% and sports betting tax to 25%. Evoke expects full year 2025 revenue of around 1.79 billion pounds, up 2% from 2024, with adjusted EBITDA in line with forecasts despite the impact of store closures. Bally's, a US casino operator, sees the acquisition as a cheap entry point into the UK online betting market. Bally's itself carries 4.5 to 5.6 billion dollars in debt with junk credit ratings, but has a track record of executing turnarounds, including its recent push into the Australian market.

• Evoke kicked off its strategic review in December 2025 amid cash woes.
• Evoke's full year 2025 results are due on April 29, 2026.
• Bally's and Evoke are aiming to announce a deal as early as this week if terms are finalized.

What’s next

If a deal is reached, regulators in the UK will closely examine the acquisition of Evoke by Bally's to assess the impact on the gambling market. Key areas of focus will likely include the combined entity's debt levels, plans for Evoke's retail betting shops, and any potential changes to taxes or regulations governing the industry.