FTSE 250-listed Evoke is in discussions over a 50p-a-share approach made by the Greek lottery and gaming group.
William Hill and 888 owner Evoke has confirmed talks over a potential takeover by lottery and gaming firm Bally’s Intralot in a deal valuing the UK betting group at £225.3 million.
FTSE 250-listed Evoke said it is in discussions over a 50p-a-share approach from the Greek firm.
Bally’s Intralot, which is listed on the Athens stock market, has agreed to table a firm offer for Evoke, or walk away by 5pm on May 18.
Evoke effectively put itself up for sale late last year when it launched a strategic review as it struggles under mounting debts and soaring costs of last November’s betting tax hike.
The firm said in January it was shutting betting shops and cutting costs to offset an expected increase in duty costs of up to £135 million a year from 2027 after Chancellor Rachel Reeves announced tax hikes for online gambling firms in the 2025 autumn budget.
In the budget, Ms Reeves raised remote gaming duty from 21% to 40% from April.
There will also be a new online sports betting duty of 25%, which will cover all sports except horse racing, from 2027.
The potential takeover price for Evoke, formerly 888 Holdings, marks a premium to its closing share price on Friday of 38.85p a share, but it has seen its valuation collapse in recent years and is said to owe lenders around £1.8 billion.
Much of its debts were built up when 888 bought the non-US operations of William Hill for £2 billion in 2021.
Bally’s Intralot was formed by the tie-up between Greek lottery firm Intralot and US casino operator Bally’s Corporation last year.
Bally’s Corporation is the front-of-shirt sponsorship for Nottingham Forest Football Club.
