Rumors: Bally’s Corp. Is Set to Acquire Evoke

According to NEXT.io, Bally’s Corp. is positioned to acquire the entirety of Evoke plc because the former is ready to purchase the group in its entirety, which aligns with the wishes of the latter’s board.

Bally’s Corp. Rumored to Have Its Eyes on Evoke

One source said that for Evoke, a single buyer would be the easiest structure to sell everything. If the deal is completed, it would propel Bally’s Corp. into the ranks of Europe’s leading B2C operators. This would happen as Evoke purchased the well-established high street brand William Hill a few years back.

Rumors have circulated that a major announcement might be imminent, following Evoke’s decision to delay its FY 2025 results to 29 April, with the strategic review still described as “ongoing.” Evoke currently holds a substantial net debt position of approximately GBP 1.8 billion (about $2.25 billion) according to the latest reported figures, representing leverage of around 5.0x EBITDA. Market feedback indicates that a full debt take-out would be difficult, with a more realistic valuation for the assets likely to fall in the GBP 1.4 – 1.6 billion (approximately $1.7 – 2.0 billion) range.

Evoke going for sale isn’t anything new. The company announced its decision to go on sale in December last year, as the UK doubled down on its new gambling tax policies, putting Evoke in a somewhat difficult financial situation, which is exacerbated by the debt related to the William Hill acquisitions.

Why Would Bally’s Want to Acquire Evoke?

Buying Evoke makes a lot of sense when one considers Bally’s financial position and its goals of further expanding into the European market. According to reports from the Greek press, Bally’s is looking to take a market share in Britain via M&A. Additionally, just a few days ago, Bally’s published a preliminary 2025 report, which indicates a highly successful financial year for the company, according to CEO Robeson Reeves. 

If no transaction materializes, one source suggested that debt holders might push for increased influence over the board, potentially prompting an alternative restructuring or sale process. In the case of a piecemeal asset disposal, individual assets are likely to achieve varying valuations, reflecting differences in performance as well as a fragmented technology portfolio. NEXT.io’s source has said that currently, all options would be on the table.

That being said, final bids are anticipated imminently, leaving Evoke’s board to decide whether to move forward with a transaction or extend the process if valuations fail to meet expectations.