Bally’s Intralot’s Is Eying Up More Mergers After the Expected Evoke Purchase

During Bally’s Intralot’s recent Q1 earnings call, its CEO, Robeson Reeves, explained that the company is looking for other potential merger targets beyond the current bid for indebted British bookmaker Evoke.

Bally’s Intralot CEO Says More Mergers Are Ahead

Reeves told investors that, beyond Evoke, the company continues to assess the broader merger and acquisition landscape and that its undrawn GBP 160 million ($205 million) revolving credit facility provides flexibility to pursue the right opportunities. Rumors from last month suggested that Bally’s is already set to acquire Evoke, but since then, both companies have responded that discussions about the deal are still ongoing.

A potential offer of approximately $280 million for the entire company is currently being negotiated. However, there is no certainty that this interest will result in a formal bid. Bally’s Intralot is expected to confirm by May 18 whether a firm offer will be made.

Reeves, whom Intralot assigned as CEO back in November, stated that Bally’s has built a business with a margin profile that stands out in the industry, noting that Evoke has the scale to support further growth. He also highlighted a compelling opportunity to apply the company’s operating model to a significantly larger business, describing it as an opportunity they are pursuing with conviction.

The Company Will Increase Its Focus on the British Market

Reeves pointed out the increase in Remote Gaming Duty in the UK, describing the tax hike as the “most significant regulatory shift in years.” While this has impacted companies’ bottom lines, the hike has also made the overall market more competitive, forcing operators from all sectors to adjust to the new environment. 

It seems this has prompted Bally’s to adopt a more aggressive approach toward other merger and acquisition opportunities. “We are on the offensive,” Reeves said. “The competitive landscape is shifting in our favor.” 

He explained that the company is not planning to remain idle, stating that it is evaluating strategic opportunities from a position of genuine strength. Reeves also remarked that they have an exceptional understanding of the UK market, but admitted they do not yet have the same level of insight into other markets.

Regarding future merger activity, the strategy may continue to focus on the UK, where the company is particularly confident in its operational capabilities.

That being said, mergers sometimes come with difficulties and financial risks of their own. For example, Bally’s Intralot announced 35% increase in revenue for 2025 recently, but the merger between the two companies also hides some significant losses.