Bally’s Emerges As Front-runners To Acquire Evoke Group

Bally’s is leading the race to acquire Evoke plc as the group’s strategic review moves toward a decisive stage. Interest has come from multiple parties since the process began in December, but Bally’s stands out for its willingness to purchase the full business.

One source close to the discussions said: “They are looking for the easiest structure – so to sell everything to one buyer. That’s their number one priority.”

Earlier reports had already linked Bally’s to expansion plans in the UK through acquisitions, including talks with an established betting brand facing high debt pressure. A successful deal would hand Bally’s control of William Hill and its existing Gamesys Group portfolio.

Competing bids and valuation pressures shape final decision

Final offers are expected shortly, with the board weighing whether to proceed or extend the process if valuations fall short. Interest so far includes proposals to carve out specific units, including the Italian business and other international operations. 

Some bidders have targeted the UK retail segment, while others have explored full-group acquisitions. Market estimates suggest a valuation in the range of £1.4bn to £1.6bn, with a full debt take-out seen as unlikely. 

The group’s financial position remains a key factor, with net debt sitting around £1.8bn and leverage at roughly 5.0x EBITDA. Any buyer is expected to focus on reducing that debt burden as part of the transaction structure.

Delayed results add tension as debt concerns remain central

Industry speculation intensified after Evoke delayed its FY 2025 results to 29 April, confirming that the strategic review is still ongoing.

The group’s exposure to the UK market adds another layer of complexity. Planned increases in Remote Gaming Duty for online casino operations are expected to impact margins from April, forcing operators to rethink cost structures.

If no deal is reached, debt holders could step in to influence the next phase. A source noted: “At that point, all options would be on the table.”

Asset-level dynamics highlight uneven performance across portfolio

A breakup scenario would likely produce mixed outcomes across evoke’s assets. Performance varies significantly, and the underlying technology stack remains fragmented, which complicates integration for potential buyers.

Mr Green has seen a decline in value since its acquisition by William Hill in 2019, reflecting changing market conditions and internal performance challenges.

In contrast, Evoke’s Italian-facing operations are viewed as a strategic entry point into a regulated market with limited advertising access. 

The UK remains a difficult environment in the near term, but operators with strong retail footprints may benefit from reduced marketing intensity. Physical presence continues to play a role in maintaining visibility as competition shifts.