Evoke Enters Formal Merger Talks With Bally’s Intralot Following Significant UK Gambling Tax Hikes

Evoke negotiates an all-share deal with Bally’s Intralot at £0.50 per share. Read how UK tax hikes and shop closures are driving this massive industry merger.

By: AXL Media

Published: Apr 22, 2026, 6:46 AM EDT

Source: Information for this report was sourced from iGB

Formal Negotiations Underway for Major Industry Consolidation

The board of Evoke has officially confirmed that it is engaged in discussions with Bally’s Intralot regarding a potential all share combination. The proposed transaction values Evoke at £0.50 per share, or approximately $0.67, and is expected to include a partial cash alternative for shareholders. This development follows months of market speculation after Evoke initiated a strategic review in December to explore a full or partial sale of its assets. Both parties have until 18 May to finalize a firm offer, a deadline set 28 days from the public announcement of the negotiations.

Fiscal Pressures Force Strategic Realignment in the United Kingdom

The push toward a merger is largely attributed to a drastic shift in the British fiscal environment following the government’s autumn budget. This month, the Remote Gaming Duty in the UK officially surged from 21% to 40%, a move that analysts suggest has disproportionately impacted operators with high exposure to domestic online markets. In response to these rising costs, Evoke has already begun a significant retrenchment of its physical footprint. The company announced the closure of 200 William Hill betting shops across the UK, with the decommissioning process scheduled to commence in May.

Financial Advisory and Market Reaction to the Merger Proposal

Evoke is currently evaluating the merits of the Bally’s proposal alongside its appointed financial advisers, Morgan Stanley and Rothschild & Co. The market responded positively to the news of the formal talks, with Evoke’s share price climbing to £0.43 upon the market’s opening, rising from a previous close of £0.38. Despite this rebound, the company faces ongoing pressure from financial institutions, as Deutsche Bank previously downgraded the stock to a hold rating while slashing earnings forecasts for the 2026 and 2027 fiscal years by 12% and 18% respectively.