Evoke has confirmed it is in talks with US casino operator, Bally’s Intralot, over a potential takeover deal valued at £214m, according to AJ Bell.

The offer, which is valued at 50 pence per share, represents a 32% premium on its closing share price on Friday. The proposal is expected to comprise an all-share combination with a partial cash alternative.

Evoke, the owner of William Hill, 888 and Mr Green, said there can be no certainty that an offer will be made or as to the terms on which any offer might be made.

Under takeover rules, Bally’s Intralot has until 18 May to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer. This deadline can be extended with the consent of the company.

Following the update, shares in Evoke jumped by over 6%.

Head of markets at AJ Bell, Dan Coatsworth, said that Evoke has been “weighing up options” since announcing a strategic review last December.

He added: “At its peak in 2021, Evoke – previously called 888 – was worth £1.6bn. It ended 2025 with a mere £100m valuation, weighed down by slowing UK growth, troubles integrating William Hill following its 2022 acquisition, and buckling under the pressures of tighter regulation, tax, and high levels of borrowing.

"Evoke’s last reported net debt position was £1.8bn on 30 June 2025. This sky-high debt means Bally’s has two options. It either buys the business and slowly pays down the debt, or it buys Evoke and immediately breaks it up to try and claw back some cash to accelerate debt repayments."

Coatsworth added that there are questions around Evoke's future if a buyer for some or all of its assets is not found.

He concluded: "The UK-listed gambling sector has been slowly shrinking over the past decade and a takeover of Evoke would leave Entain, Gaming Realms, Playtech and Rank as the only players still on the London market, alongside Flutter which maintains a secondary listing.
“The gambling sector has been an easy target for successive UK governments seeking to generate extra tax revenue.

"UK high-street gambling has particularly suffered as tighter rules around betting machines have hurt margins, footfall has been in structural decline, cost pressures have intensified, and online operations are highly competitive. That’s terrible news for a brand like William Hill which was once the envy of the gambling sector for its size and reach."

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