Bally’s Intralot S.A. (LSE:0KA1) has reached agreement on an all-share takeover of evoke plc (LSE:EVOK), in a transaction that values the UK online gaming operator at approximately £243.1 million. Under the terms of the deal, evoke shareholders can elect to receive 0.537 newly issued Intralot shares for each evoke share held, or choose a cash alternative of 52 pence per share, subject to an aggregate cap of around £117.1 million.
The acquisition comes against a backdrop of higher UK Remote Gaming Duty rates and is intended to create a leading pan-European gaming and lottery business with enhanced scale across several regulated markets. Following completion, Intralot is expected to become the second-largest operator in the UK iGaming sector, while targeting annual cost and capital expenditure synergies of approximately £180 million. Management also expects the enlarged group to benefit from stronger revenue generation, improved EBITDA margins and increased cash flow.
Shareholders offered stock participation or cash exit
Evoke investors who choose the share alternative will collectively own around 11.5% of the enlarged company, giving them exposure to the future performance and growth prospects of the combined business. Shareholders electing the cash option should note that allocations may be scaled back if total demand exceeds the available cash consideration cap.
To facilitate the transaction, Intralot intends to admit the new shares to trading on Euronext Athens. The cash element of the acquisition will be financed through a committed bridge facility. The combined group aims to use its greater scale to benefit from changes in the UK regulatory landscape, expand its reach across both online and retail gaming channels, and improve profitability through technology-driven customer engagement and operational efficiencies.
Strategic rationale centres on scale and efficiency
The merger is designed to strengthen the group’s position across key regulated gaming markets while broadening its portfolio of brands and products. Management believes the transaction will create opportunities to improve customer acquisition and retention, optimize technology platforms and generate meaningful operational savings.
By combining complementary assets and market positions, the enlarged company is expected to be better placed to compete in an increasingly regulated environment while maintaining a focus on sustainable revenue growth and profitability.
More about Bally’s Intralot S.A.
Bally’s Intralot S.A. is a global gaming, betting and lottery operator created through the merger of Bally’s and Intralot in October 2025. The company provides a range of digitally driven gaming and lottery products powered by proprietary technology and operates in multiple regulated jurisdictions, including the UK, Spain and selected U.S. states. Its strategy focuses on expanding recurring revenues from regulated markets while maintaining strong EBITDA margins and operational discipline.
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