Robeson Reeves, Chief Executive Officer at Bally’s Intralot, shed light on the markets that caught their eye when the opportunity to make an offer for evoke sparked up.
Speaking on the operator’s recent earnings call for FY2025, Reeves acknowledged that due to its entry challenges, Italy wouldn’t have initially been a market that stood out to Bally’s Intralot, but it does hold appeal for the firm.
Earlier this week, Bally’s Intralot confirmed it is in discussions with evoke regarding a possible offer for the entire issued and to be issued share capital of the company at 50p per share, totalling approximately £225m.
Reeves continued: “Romania is an attractive market and was on the list. There’s also a kind of layering aspect, whereby they’re a decent player in Spain and we already have a presence in Spain, so there is some logic there.
“With any of these M&A opportunities, you have to look at everything in the round. We have to take all the appropriate steps. I view some of these as ways to accelerate time. To have the international footprint that they have would take many years, and at that scale, so we will review all opportunities. It’s a sensible fit.”
evoke operates the brands of 888casino, 888sport, 888poker and William Hill in Italy and Spain, while the group also features 888 and Winner in Romania.
Reeves reiterated his previously stated comments on the evoke deal; that the acquisition was a ‘compelling opportunity’ to bring its operating model to a significantly larger business, and the potential to transform its financial performance through massive synergies.
However, the Bally’s Intralot CEO also expressed the value of evoke’s retail locations across the UK, describing it as generating ‘good cash’ and a ‘byproduct’ of what it is assessing.
Entering a new tax era with strength
Bally’s Intralot is well-positioned to tap into the UK should it pull the trigger on the acquisition of evoke.
In Q1 2026, the firm’s UK net gaming revenue (NGR) was £147.9m, up approximately 10.5% year-over-year (YoY), with every month of the financial period delivering growth in comparison to the previous year. UK online revenue in January and February was £95.7m, 11.1% uptick YoY, while March had double-digit growth.
“We entered the tax change from a position of strength, not retreat,” noted Reeves.
With just over two weeks passing since the remote gaming duty increase, the CEO said that UK NGR in April so far is up double-digits YoY to £32.2m, with healthy player 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. Whilst 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 tighten generosity 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
In December last year, evoke began 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’.
Even though evoke has £1.8bn in debt, alongside Bally’s Intralot having debt of around £4.5bn, the deal is being framed as a potential rescue deal for the UK giant, which would mean Bally’s does not need to absorb full evoke debt.
Bally’s Intralot has set a deadline of no later than 5pm UK time on 18 May 2026, to confirm whether the operator will make an offer for evoke or announce that 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 be aligned with its stated financial policy goals within its existing perimeter if the proposal results in a consummated transaction.
evoke has advised its shareholders not to take any action in relation to 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 vary the offer’s terms, including price, form and mix of consideration and transaction structure.
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