Bally’s Intralot has reached an agreement to acquire Evoke, the parent company of well-known U.K. betting and gaming brands William Hill and 888, in a deal valued at approximately £243.1 million or $324.4 million. As major industry consolidations continue to reshape the market, many international players turn to trusted offshore betting sites to find alternative sports betting platforms with competitive lines.

Bally’s Bets Bigger on Global Growth With Evoke Deal

The whispers regarding Bally’s interest in Evoke began to grow louder several months ago, and now those rumors have come to fruition with the announcement that Bally’s subsidiary, Intralot, will purchase Evoke for over $320 million, forming a European gaming powerhouse.

Shareholders will receive 0.537 shares of Intralot for every Evoke share they own. Evoke’s directors will heartily advise that the shareholders vote in the affirmative for the deal, stating that Intralot’s offer is the best short and long-term solution for the company.

Evoke chairman Mark Summerfield echoed those sentiments, stating that Intralot’s deal is the “most attractive and deliverable outcome. The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.

“I’m confident Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders.”

Soo Kim, the chairman for both Bally’s and Intralot, stated, “We are excited about the opportunity to bring Intralot and Evoke together to create a leading, diversified European gaming champion with greater scale, resilience, and operational capability.

“Underpinned by the combination of Evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Intralot’s best-in-class technology and data capabilities, highly executable synergies, and the ability to invest our substantial free cash flow in growth markets – we are confident that the Enlarged Group will not just be stronger than before, but stronger than ever.”

Building Better & Stronger

Intralot will now become No. 2 in the U.K. iGaming market share and No. 4 in sports betting. The technological integration between the brands will pose a significant challenge, but ultimately, selecting the best features from each brand could lead to a hybrid that surpasses anything produced by Intralot, William Hill, or 888.

“Intralot has a proven track record of creating shareholder value through the successful integration of acquired businesses whilst preserving their distinct strengths,” Chairman Kim said. “We are confident that this transaction will deliver substantial benefits for both Intralot and evoke shareholders.”

Economies of scale will also be invaluable, as Bally’s officials have stated that the merger “unlocks £180 million of identified annual run-rate cost and capex savings, to be realized within two years of completion across marketing spend optimization, operational efficiencies, and IT infrastructure.”

Recent trading performance in the U.K. has also been encouraging. Net gaming revenue increased 11.5% year-over-year in April and accelerated to 16% growth in May. Customer acquisition during those two months rose by more than 50%, reflecting strong momentum in the company’s core market.

Bally’s Intralot CEO Robeson Reeves said acquiring Evoke will save Intralot approximately seven years in developing its global presence.

“We’ll be number two in the UK; we’ll be pretty large in other markets, but there’s a big old planet where we can still expand into,” he said.

“We want to have diversified income, so we’ll definitely be looking at which markets we spend our money in. I’m definitely looking at this as giving us a pathway for further expansion,” Reeves added.