William Hill & 888 Takeover Approved as Evoke Shareholders Back £243m Bally's Intralot Bid

⏱ 3 min read

William Hill and 888 — two of Britain's oldest gambling brands — are set for their most significant ownership change in a generation. Shareholders in Evoke plc, the parent of both operators, voted on 18 August 2026 to approve a £243 million ($328m) all-share takeover by Bally's Intralot. The margin was decisive: 99.91% of shares backed the scheme at the court meeting, and 99.63% supported it at the general meeting.

The deal — first announced on 5 June 2026 — was driven in large part by the UK government's decision to double Remote Gaming Duty (RGD) from 21% to 40% in April 2026, a tax shock that hammered Evoke's margins and sparked a strategic review. Court sanction and full regulatory clearance are now the final hurdles, with completion expected in Q4 2026 or Q1 2027. Evoke itself flagged a "material uncertainty" over Bally's Intralot's ability to sustain operations post-acquisition — a disclosure that will unsettle bettors and business partners alike.

---

The Deal

Bally's Intralot — the joint venture between US-listed Bally's Corporation and Greek lottery operator Intralot — agreed to acquire Evoke plc in an all-share transaction valuing the company at 52p per share, a 77% premium to Evoke's three-month volume-weighted average price of 29.4p before the possible bid was first disclosed in April.

Evoke shareholders will receive 0.537 new Bally's Intralot shares for each Evoke share held, with a limited cash alternative also available. The new shares will list on Euronext Athens. Subject to court sanction and regulatory approvals — including review by the UK Gambling Commission — the transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027.

---

Why Evoke Sold

Evoke launched a strategic review in December 2025 after the UK Autumn Budget 2025 announced a doubling of Remote Gaming Duty to 40% — a rate that took effect in April 2026. The same Budget also introduced a new remote betting duty of 25% on online sports bets from April 2027, up from the previous 15%. Evoke's shares fell approximately 18% on the day of the Budget announcement, making it one of the worst-hit listed UK operators given its heavy domestic exposure.

With a debt-laden balance sheet and narrowing UK margins, the board concluded that an outright sale offered more value than a standalone turnaround. Flutter Entertainment and Entain, with larger international footprints, absorbed the same tax shock with far smaller share-price moves.

---

The Material Uncertainty Warning

Buried in Evoke's H1 2026 interim results, the company's auditors flagged a "material uncertainty" over whether Bally's Intralot has the financial capacity to operate the group following completion. The directors noted a "lack of visibility over Intralot's ability and intentions to operate the group under its ownership" — unusually candid language for a deal that has already cleared its shareholder vote.

That warning matters directly for the Gambling Commission's change-of-control review. The Commission requires incoming owners to demonstrate sufficient financial resources and personal suitability before approving a licence transfer. Evoke's own public disclosure that those questions remain open could slow or complicate regulatory sign-off beyond the projected Q4 2026 timeline.

---

What Changes for Bettors

In the short term, nothing: William Hill and 888 remain fully licensed and operational throughout the Commission's review period. Both brands will continue under their existing UKGC licences until the regulator formally approves the change of control.

• Existing accounts, bonuses, and pending withdrawals are unaffected during the review.
• Both brand names are expected to be retained under new ownership.
• Bally's Intralot has not announced changes to product, odds, or customer terms.
• Completion is not expected before Q4 2026 at the earliest — several months of regulatory uncertainty remain.

---

Deal at a Glance

Metric	Detail
Deal value	£243.1 million (~$328m)
Offer price per Evoke share	52p — a 77% premium to the 3-month VWAP of 29.4p
Consideration	All-share: 0.537 Bally's Intralot shares per Evoke share; limited cash alternative
New shares listed on	Euronext Athens
Shareholder vote	99.91% (court meeting) · 99.63% (general meeting) — 18 Aug 2026
Regulatory trigger	UK RGD doubled to 40% from April 2026; remote betting duty rising to 25% from April 2027
Remaining steps	Court sanction · UK Gambling Commission change-of-control approval
Expected completion	Q4 2026 or Q1 2027

---

Sources

Primary corporate filings and regulatory coverage verified across six independent sources for this article.

A 40% Remote Gaming Duty was the straw that broke Evoke's back. Two of Britain's most recognisable betting brands now head into new ownership — and the Gambling Commission's change-of-control review is the last gate between a shareholder supermajority and a completed deal.

— Evoke plc, H1 2026 Interim Results · Material uncertainty disclosure, August 2026