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Bally’s Intralot’s Acquisition of Evoke Clears Key Shareholder Hurdles

By jili tutorial · September 19, 2026

Bally’s Intralot’s Acquisition of Evoke Clears Key Shareholder Hurdles

A Major Step Forward in a High-Stakes Takeover

The proposed acquisition of evoke, the parent company of William Hill and 888, by Bally’s Intralot has moved a significant step closer to completion. At the Greek-American company’s annual general meeting (AGM) held on 17 September, an overwhelming majority of shareholders voted in favor of the deal, signaling strong confidence in the strategic direction set by the company’s leadership.

The vote, which saw 99.585% of Bally’s Intralot shareholders approve the takeover (with just 0.415% opposing), effectively removes a major internal obstacle. This result closely mirrors the outcome of evoke’s own shareholder meeting in August, where 99.63% of votes were cast in favor of the acquisition. With both companies’ shareholders now on board, the path forward is clear, though a few regulatory checkpoints remain.

What Happened at the Shareholder Meetings?

Bally’s Intralot AGM – 17 September

The Athens-listed Bally’s Intralot convened its annual general meeting to address, among other agenda items, the proposed acquisition of evoke. The deal, valued at approximately £243.1 million, offers 52 pence per share for each evoke share. The near-unanimous approval from Bally’s Intralot shareholders represents a strong vote of confidence in the company’s management and strategic vision.

Evoke’s AGM – 17 August

A month earlier, evoke held its own shareholder meeting where the acquisition proposal was put to a vote. The result was similarly decisive: 99.63% of votes cast were in favor of the deal. This near-unanimous support from evoke’s shareholders underscores a shared belief that the acquisition represents the best path forward for the company, particularly given the challenging operating environment in the UK betting sector.

What Remains Before the Deal Closes?

Regulatory Approvals and the Court Sanction Hearing

While shareholder approval is a critical milestone, it is not the final step. The acquisition must still clear several regulatory hurdles, the most significant of which is the court sanction hearing. At this hearing, a judge will review the scheme of arrangement and provide the final judicial green light. This hearing is tentatively scheduled for either Q4 2026 or Q1 2027, depending on how quickly other necessary approvals are obtained.

Timeline for Completion

If all regulatory approvals are secured without unexpected delays, the acquisition is expected to complete within the Q4 2026–Q1 2027 window. Once finalized, evoke will be delisted from the London Stock Exchange (LSE), marking the end of its time as a publicly traded entity on the UK market.

The Journey of Evoke: From FTSE 250 to Acquisition Target

A Brief History

Evoke, formerly known as 888 Holdings, has had a storied history on the London Stock Exchange. At its peak, the company was a constituent of the prestigious FTSE 250 index. However, in late 2023, the company was downgraded from this index, and in 2024, it underwent a rebranding to become “evoke.”

Today, evoke finds itself listed on the FTSE SmallCap and FTSE All-Share indices. This demotion, while significant, reflects the broader challenges the company has faced in recent years, including increased regulatory pressure and shifting market dynamics.

Why Did Evoke Put Itself Up for Sale?

In December 2025, evoke announced that it had begun searching for a buyer. This decision was prompted by a strategic review of its business, which was triggered in part by significant changes to UK gambling taxation. The UK government had announced a substantial increase in online gambling taxes, including a rise in Remote Gaming Duty from 21% to 40%. The first of these increases took effect on 1 April, and the financial impact was expected to be substantial.

Evoke has been proactive in mitigating these headwinds. The company has accelerated the closure of physical William Hill retail outlets, with an additional 200 shops slated for closure, as confirmed in March. These measures, while painful, are part of a broader effort to streamline operations and preserve profitability in a challenging environment.

Bally’s Intralot: A Strategic Player in the UK Market

A Company Born from a Recent Merger

Bally’s Intralot is the result of a 2025 merger between Bally’s Corporation and Intralot. The merger followed Intralot’s acquisition of Bally’s International Interactive, a move that created a combined entity with significant scale and a diversified portfolio. This is not Bally’s Intralot’s first foray into high-profile acquisitions, and the company’s leadership is well-versed in navigating complex deals.

Confidence in the Face of Challenges

The UK betting sector is currently navigating a period of significant uncertainty. Increased taxation, stricter regulations, and shifting consumer preferences have all contributed to a more difficult operating environment. Despite these challenges, Bally’s Intralot’s leadership, under CEO Robeson Reeves, has expressed confidence that the combination will create value for all stakeholders. The company believes that its scale, combined with its operational expertise, will allow it to successfully integrate evoke and its brands, including William Hill.

A Closer Look at the Financial Concerns

The Debt Question

One of the most talked-about aspects of the acquisition is the level of debt carried by both companies. Evoke reported £1.89 billion in debt for the first half of 2026, while Bally’s Intralot declared net debt of over €1.6 billion (approximately £1 billion) for the same period. Additionally, Bally’s Corporation, which holds a 58% majority stake in Bally’s Intralot, is itself burdened with significant debt. This has raised concerns about the financial stability of the combined entity, with some analysts questioning whether Bally’s Corporation can continue as a going concern.

Leadership’s Response

Despite these concerns, Robeson Reeves and his team have consistently downplayed the risks. They argue that the debt will not hinder the post-merger group’s strategy or long-term ambitions. The company has outlined a clear plan for deleveraging, which includes asset disposals, operational efficiencies, and the realization of synergies from the merger. While the road ahead is not without challenges, the leadership team remains optimistic about the future.

What’s Next for Evoke and William Hill?

A Shared Vision for the Future

For evoke and its brands, including the iconic William Hill, the acquisition represents a potential lifeline. The company has faced significant headwinds, but under new ownership, there is hope that it can stabilize and eventually thrive. Bally’s Intralot has indicated that it sees significant value in the William Hill brand and its established presence in the UK market.

The Road to Completion

As the deal moves closer to completion, all eyes will be on the remaining regulatory approvals. The court sanction hearing, which is expected to take place in late 2026 or early 2027, will be a pivotal moment. If all goes as planned, evoke will officially become part of the Bally’s Intralot family, and its shares will be delisted from the LSE.

Conclusion: A Deal That Marks a Turning Point

The resounding approval of the acquisition by both Bally’s Intralot and evoke shareholders marks a major milestone in what has been a complex and closely watched deal. While significant challenges remain, including regulatory approvals and the management of substantial debt, the groundwork has been laid for a successful transition.

For evoke, this acquisition offers a path forward at a time of considerable uncertainty. For Bally’s Intralot, it represents an opportunity to expand its footprint in the UK market and create a more resilient and diversified portfolio. As the deal moves toward completion, stakeholders on both sides will be watching closely, hopeful that this union will deliver the value and stability that has been promised.

The coming months will be critical, and the business world will be watching to see how this story unfolds. One thing is certain: the landscape of the global betting and gaming industry is about to change.