Bally’s Intralot outlines markets that made the evoke deal attractive

(AsiaGameHub) –   Robeson Reeves, CEO of Bally’s Intralot, explained the markets that drew the company’s attention when the chance to bid for evoke arose.

During the operator’s recent FY2025 earnings call, Reeves noted that Italy—with its entry barriers—wasn’t an initial standout for Bally’s Intralot, though it does hold appeal for the firm.

Earlier this week, Bally’s Intralot confirmed it’s in talks with evoke about a potential offer for all of the company’s issued and soon-to-be-issued share capital at 50 pence per share, totaling approximately £225 million.

Reeves continued: “Romania is a desirable market and was on our radar. There’s also a complementary angle—evoke is a solid player in Spain, and we already have a footprint there, so that makes sense.

“For any M&A opportunity, you need to consider all factors holistically. We have to follow all proper procedures. I see these deals as a way to speed up our growth—building an international presence like evoke’s would take years at that scale, so we’ll evaluate all options. It’s a logical match.”

evoke runs the brands 888casino, 888sport, 888poker and William Hill in Italy and Spain, while the group also offers 888 and Winner in Romania.

Reeves repeated his earlier remarks about the evoke deal: that the acquisition is a ‘compelling opportunity’ to bring Bally’s Intralot’s operating model to a significantly larger business, with the potential to transform its financial performance through substantial synergies.

However, the Bally’s Intralot CEO also highlighted the value of evoke’s UK retail locations, describing them as generating ‘good cash’ and an added benefit of the deal under consideration.

Entering a new tax era with strength

Bally’s Intralot is well-positioned to expand its UK presence if it proceeds with the evoke acquisition.

In Q1 2026, the firm’s UK net gaming revenue (NGR) reached £147.9 million, up roughly 10.5% year-over-year (YoY), with every month of the quarter showing growth compared to the prior year. UK online revenue in January and February hit £95.7 million, an 11.1% YoY increase, while March posted double-digit growth.

“We entered the tax change from a position of strength, not retreat,” noted Reeves.

Nearly two weeks after the remote gaming duty hike, the CEO reported that UK NGR for April so far is up double digits YoY to £32.2 million, with healthy player numbers and wager volumes.

“We have not lost customers to competitors and we have not lost them to the unregulated market. Our brands are robust, our product is competitive and our player base is growing. Active players are up 7% YoY. While some competitors have been reducing marketing, we have been gaining players.”

Reeves continued: “Wagers per player are lower year on year; that is intentional. We’ve tightened our offerings as part of our mitigation program; we are generating more efficient revenue from a larger player base. That is good business. I said on previous calls that a less competitive market would benefit operators with our scale and margin profile. 19 days into the new tax regime, I am more confident in that view than ever.”

Where we stand

Last December, evoke launched a strategic review of its operations, which included ‘a potential sale of the Group, or some of the Company’s assets and/or business units’.

Despite evoke’s £1.8 billion in debt and Bally’s Intralot’s own £4.5 billion in liabilities, the deal is being framed as a potential rescue for the UK giant—meaning Bally’s does not need to absorb all of evoke’s debt.

Bally’s Intralot has set a deadline of no later than 5pm UK time on 18 May 2026 to confirm whether it will make an offer for evoke or announce it does not intend to pursue the deal.

“We entered the tax change from a position of strength, not retreat.”

Robeson Reeves, Chief Executive Officer at Bally’s Intralot

The company has told shareholders, debt holders and other stakeholders that its financing will align with its stated financial policy goals within its existing framework if the proposal results in a completed transaction.

evoke has advised its shareholders not to take any action regarding the proposal. The company is set to publish its financial results for the year ended 31 December 2025 (FY25) on 29 April.

Any offer is subject to customary conditions and approvals, and Bally’s Intralot reserves the right to adjust the offer’s terms—including price, form and mix of consideration, and transaction structure.

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