Bally’s Proposes 50p-a-Share Bid for Evoke, Valuing It Over £200m
US casino group Bally’s has tabled a cash-and-share bid of 50p per Evoke share, valuing the William Hill owner at over £200m with a firm offer deadline of May 18. Evoke warns UK gambling tax hikes—from 21% to 40% corporate rate and from 15% to 25% sports levy—will cost £135m annually and force 200 shop closures.
1. Bally’s Launches 50p Bid
Bally’s has offered a cash-and-share proposal at 50p per Evoke share, valuing the William Hill owner at over £200m. The bid, driven by Bally’s sports betting arm and sponsor of Nottingham Forest FC, must be firmed by 5pm on May 18 or withdrawn.
2. Evoke’s Debt and Performance Challenges
Evoke carries £1.8bn of debt from its 2021 acquisition of William Hill’s non-US operations, and its share price has plunged 90% since then. The company posted a £191m loss after tax in 2024 on revenues expected to total £1.7bn.
3. Tax Hikes Increase Financial Strain
Recent UK gambling tax hikes—the corporate charge rising from 21% to 40% and the levy on online sports from 15% to 25%—are projected to cost Evoke £135m annually. In response, Evoke plans to close around 200 William Hill shops and cut jobs due to higher levies.
4. Deal Timeline and Uncertainties
Evoke tapped Morgan Stanley and Rothschild to review strategic options and cautioned there is no certainty the bid will proceed. Bally’s is bidding through its Athens-listed Intralot unit and must decide by May 18 whether to make a firm offer.