Bally’s Reportedly Poised to Acquire Financially Distressed Evoke

Bally’s (NYSE: BALY) is reportedly close to finalizing the acquisition of Evoke (OTC: EIHDF), the financially troubled owner of William Hill. According to The Times, the deal could be announced soon, though it remains subject to final negotiations.

Evoke, which operates under the former name 888, is facing severe financial challenges, including $2.4 billion in debt and a market capitalization of just $216.4 million. The company engaged Morgan Stanley and Rothschild last December to explore strategic options, including potential sales, as it grapples with rising UK betting taxes and financial instability.

Bally’s has been identified as the preferred bidder by the investment banks, positioning it to potentially rescue Evoke in a transaction that could be finalized in the near future. The move aligns with Bally’s history of acquiring financially distressed companies, such as its acquisition of Star Entertainment in Australia, and subsequently implementing turnaround strategies.

The acquisition would also leverage Bally’s prior experience in the UK market, having previously owned Gamesys before selling it to Intralot for $3.17 billion in July 2025. This experience could be critical in managing Evoke‘s operations, particularly its ownership of the globally recognized William Hill brand outside the US.

However, Bally’s is not without its own financial hurdles. The company’s credit ratings are currently in junk territory, and it faces substantial debt obligations totaling between $4.5 billion and $5.6 billion. Despite these challenges, Bally’s has been taking steps to reduce its debt burden, including securing a $1.1 billion term loan in February and extending its obligations to 2031.

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

If successful, the acquisition of Evoke would significantly strengthen Bally’s position in the UK iGaming market, providing access to a robust online casino footprint and a portfolio of well-established brands.