Bally’s on the Brink of Acquiring Struggling William Hill Owner Evoke

Bally’s (NYSE: BALY) is reportedly on the verge of acquiring Evoke (OTC: EIHDF), the financially distressed owner of William Hill, in a move that could reshape the UK gaming landscape. According to The Times, the deal is expected to be announced in the coming days, though nothing is yet finalized.

Evoke, formerly known as 888, has been under significant financial pressure, with $2.4 billion in debt and a market capitalization of just $216.4 million. The company hired investment banks Morgan Stanley and Rothschild last December to explore strategic alternatives, including potential sales, amid rising UK betting taxes and financial strain.

Bally’s has reportedly been granted preferred bidder status by the investment banks, positioning it as the frontrunner in what is being described as a ‘rescue’ mission. The Rhode Island-based operator has a history of acquiring financially troubled companies, turning them around, and deploying strategic assets—much like its acquisition of Star Entertainment in Australia.

Bally’s has also demonstrated experience navigating the UK regulatory environment, having previously owned Gamesys, which was sold to Intralot last July for $3.17 billion. This experience could prove invaluable in managing Evoke‘s operations, particularly its iconic William Hill brand outside the US.

However, Bally’s is not without its own financial challenges. The company’s credit ratings are deep in junk territory, and it faces $4.5 billion to $5.6 billion in outstanding liabilities. Despite this, Bally’s has been actively working to reduce its debt through asset sales and new term loans, including a recent $1.1 billion loan that extended its obligations to 2031.

“We expect Bally’s leverage will remain elevated over the next several years due to ongoing development spending,” according to S&P Global. The company is also planning to complete its Bally’s Chicago project by early 2027, with potential future projects like Bally’s Bronx and Bally’s Las Vegas adding to its financial commitments.

If the deal goes through, it would mark a significant consolidation in the iGaming industry, giving Bally’s a stronger foothold in the UK market and access to Evoke‘s valuable online casino footprint and well-known brands.