Bally's Intralot Raises £261.7m Senior Loan Ahead of Evoke Acquisition Vote

Updated July 2026

Bally's Intralot has secured a £261.7 million senior secured sterling term facility from institutional lenders to support its planned acquisition of Evoke Group. The fresh debt adds to approximately £889 million already arranged from private credit providers TPG Credit, Oaktree Capital Management, and Oak Hill Advisors, as the group prepares for an Evoke shareholder vote scheduled for August 18, 2026. The acquisition, at 52p per share and totalling approximately £243 million, would bring the brands of William Hill, 888, and Mr Green under Bally's Intralot ownership.

• New facility: £261.7 million senior secured sterling term loan from institutional lenders
• Purpose: part-financing the £243.1 million Evoke acquisition, working capital, and debt refinancing
• Evoke shareholder vote: August 18, 2026
• Bid price: 52p per share, a 138% premium to Evoke's December 2025 share price
• Bally's Intralot adjusted net debt was €1.49 billion as of March 31, 2026
• Deutsche Bank recently acquired 1,425,000 Bally's Intralot shares (0.334% stake) at €1.09 per share

What is the new £261.7m loan and what is it for?

The new sterling term facility is part of the financing stack Bally's Intralot is assembling ahead of the August 18 shareholder court meeting and general meeting at which Evoke shareholders will vote on the proposed scheme of arrangement. The proceeds are designated for general corporate and working capital purposes, to help fund the Evoke acquisition itself, and to refinance some existing debt obligations at the combined group level.

Completing the financing package before the shareholder vote gives Evoke investors certainty that the acquisition is not subject to last-minute funding risk. CEO Robeson Reeves has stated that shareholders "carry low downside risk if we were to fail, but huge upside benefit if we're successful," framing the structure as limiting equity-side downside while retaining upside exposure to a larger, more diversified gaming group.

How was Bally's Intralot formed and who leads it?

Bally's Intralot was created in July 2025 when Intralot, the Athens-listed gaming technology company, acquired Bally's International Interactive, the non-U.S. operations of Bally's Corporation. The combination brought together Intralot's lottery and gaming technology business with Bally's international interactive gaming operations. Robeson Reeves, former CEO of Bally's Corporation, leads the group. Soo Kim serves as chairman.

The deal was structured to separate the Bally's brand's international operations from the U.S. land-based casino business and to build a technology-led gaming group with international reach. The Evoke acquisition, if approved, would significantly expand the group's consumer-facing online gaming presence.

What is Evoke Group and what is at stake in this acquisition?

Evoke Group is the holding company for a set of well-known European gambling brands. William Hill, founded in 1934, is among the most recognised names in UK betting with both a retail estate and a substantial online operation. 888 Holdings operates an online casino and poker platform across regulated European markets. Mr Green is a digital casino brand with a particularly strong position in Scandinavia.

Evoke initiated a strategic review in December 2025 after the UK government announced an increase in remote gambling duties, which placed additional pressure on the profitability of UK-focused operators. Bally's Intralot made its initial approach at 32p per share in January 2026; the agreed 52p represents the price at which Evoke's board concluded the deal was worth recommending to shareholders.

What is Bally's Intralot's total debt position?

Bally's Intralot reported total debt of €1.75 billion (approximately £1.49 billion) and adjusted net debt of €1.49 billion as of March 31, 2026. The group has since arranged approximately £889 million in acquisition financing from TPG Credit, Oaktree Capital Management, and Oak Hill Advisors, primarily to fund the Evoke transaction and refinance Evoke's own existing borrowings. The new £261.7 million sterling term facility announced on July 28 is an additional layer of that financing structure.

The aggregate debt burden is material relative to the headline deal size. Private credit markets have shown continued appetite for gaming sector transactions in 2026, reflecting confidence in the cash-generative characteristics of the business even as regulatory and tax costs in the UK rise.

What is the 52p bid price and how was it reached?

Bally's Intralot is offering 52p per Evoke share, valuing the company at approximately £243.1 million. The price represents a 138% premium to Evoke's share price on December 9, 2025, the last trading day before its strategic review was announced. The deal structure includes a capped partial cash alternative worth approximately £117 million; the remainder is settled in new Bally's Intralot shares.

The step-up from 32p (the January 2026 initial approach) to 52p reflects months of negotiation. Evoke's board is recommending the scheme to shareholders, which is the formal signal that a sufficient premium has been reached. A 138% premium to the pre-announcement price is well above typical control premiums in European gaming M&A.

What does shareholder approval on August 18 require?

A scheme of arrangement under UK company law requires approval by a majority in number of shareholders present and voting at the court meeting, representing at least 75% by value of the shares voted. If the scheme is approved at the August 18 meeting, it then requires court sanction before it becomes effective. Bally's Intralot and Evoke would then proceed to complete the transaction, subject to any outstanding regulatory clearances.

What does the combined group look like if the deal completes?

A merged Bally's Intralot and Evoke would combine gaming technology and lottery infrastructure with a sizable consumer-facing online and retail wagering business in the UK and Europe. The group would operate William Hill's retail and online wagering, 888's casino and poker platform, Mr Green's premium digital casino, and Bally's Intralot's existing lottery and gaming technology business across Africa, Latin America, and other international markets.

Chairman Soo Kim described the combination as creating "a global gaming and lottery champion with scaled pan-European B2C" operations at the time of the June 2026 announcement.

What are the key financial risks in the Evoke acquisition?

Leverage is the primary risk. The group will carry a substantial debt load post-acquisition in markets where the regulatory and tax environment for UK-facing operators has become more demanding. The UK introduced higher remote gambling duties in 2025, directly affecting the profitability of William Hill and 888's domestic operations, and these costs compound the challenge of servicing a large debt stack.

CEO Reeves's assertion that shareholders face "low downside risk" is technically defensible given the low equity cost of the deal structure, but lenders holding the group's debt face different exposure characteristics if cash generation from the combined business falls short of scheduled repayments. The level of private credit backing the deal reflects lenders' own confidence in those cash flows, and that assessment will be tested once integration begins.

Frequently Asked Questions

What is the new Bally's Intralot loan of £261.7m for?

The £261.7 million senior secured sterling term facility is being used to part-finance the £243 million acquisition of Evoke Group, for general working capital purposes, and to refinance some existing debt within the Bally's Intralot group.

When do Evoke shareholders vote on the Bally's Intralot acquisition?

The shareholder court meeting and general meeting are scheduled for August 18, 2026. Evoke's board is recommending shareholders vote in favour of the scheme of arrangement.

What premium is Bally's Intralot paying for Evoke?

The 52p per share offer represents a 138% premium to Evoke's share price on December 9, 2025, the day before the company announced its strategic review.

What is Bally's Intralot's total existing debt?

Total debt was €1.75 billion (approximately £1.49 billion) as of March 31, 2026, before the new acquisition financing facilities are added to the balance sheet.

Who is Robeson Reeves?

Robeson Reeves is the CEO of Bally's Intralot. He was previously CEO of Bally's Corporation, the U.S. gaming company from which Bally's International Interactive was spun out in 2025 to form the merged Bally's Intralot entity.