PRESS: Evoke nears takeover by US casino firm Bally's - Sunday Times
US-based casino operator Bally’s Corp is in talks to buy Evoke PLC, the Sunday Times reported.
The Rhode Island-based firm has been informally granted preferred bidder status by the former FTSE 250-listed betting operator and owner of the William Hill and 888 brands, according to City sources.
Bally’s could unveil a rescue deal as early as this week, if terms can be agreed, the Sunday Times said. Evoke owes lenders around £1.8 billion, compared to its stock market valuation which has fallen to just £175 million.
Shares in Evoke closed up 6.5% at 37.90 pence per share on Friday. The stock has fallen 18% in the last months and 91% over the last five years.
Back in December, Evoke kicked off a strategic review, which could include a sale of the company, after the UK government budget which the gambling firm warned would lift yearly duty costs by up to £135 million.
At the time, Evoke said the review will look into a ‘range of potential alternatives to maximise shareholder value’. These include a sale of the whole group, or some assets.
Earlier this month, Evoke confirmed it would close 200 William Hill shops starting in May.
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