Bally’s Intralot is assessing a potential all-share combination with Evoke, with chief executive Robeson Reeves outlining the appeal of the target’s European footprint and wider consolidation opportunities.
Evoke confirmed talks over a possible deal priced at £0.50 per share, following a strategic review launched in December after the UK nearly doubled Remote Gaming Duty this month.
During the company’s full-year 2025 earnings call, Reeves pointed to Evoke’s scale across Europe as a central attraction. “We see a compelling opportunity to bring our operating model to a significantly larger business and the potential to transform its financial performance through synergies we are uniquely positioned to deliver,” he said.
European Markets Offer Expansion Potential
Reeves highlighted Italy as a key market due to its barriers to entry and Evoke’s established position. Romania also featured as an attractive option, while Spain could support Bally’s smaller presence.
Estimates suggest Evoke’s Italian-facing operations generate around £60 million in EBITDA annually, with steady growth. The company reported a 14% rise in international gaming revenue in the fourth quarter, alongside record results in Italy and Denmark.
Reeves indicated Bally’s could focus on its UK strengths while gaining additional exposure abroad. “We don’t necessarily understand some of these other markets as well as I would like. So we’re being fortunate in the fact that you can look at M&A with a single lens on actually essentially applying your business model just to the UK market, and you can pick up other territories free,” he noted.
UK Operations Remain Central
Reeves reiterated the importance of the UK market, including maintaining a retail presence alongside online operations.
“I think it’s important to have presence in retail. I think it’s a good business. It needs to work very much hand-in-hand with online,” he said, while acknowledging pressures from regulatory changes, pandemic impacts, and rising taxes.
Despite this, Bally’s reported continued growth in the UK. B2C net gaming revenue rose 10.5% year-on-year in Q1, while early April trading showed double-digit gains with stable player activity.
“Our product is competitive and our player base is growing. So active players are up 7% year-on-year. While some competitors have been reducing marketing, we have been gaining players. The market share thesis I articulated on previous calls is not theoretical; it’s happening,” Reeves said.
M&A Strategy and Financial Considerations
Reeves described the current tax environment as a driver of consolidation, increasing pressure on smaller operators. “The remote gaming duty change has created a more differentiated competitive landscape. Operators with thin margins and limited scale are under real pressure,” he said, adding that Bally’s continues to assess further deals.
He also indicated a transaction could alter the group’s capital structure.
As of December, Bally’s reported €93.4 million in free cash flow and adjusted net debt of €1.493 billion, with access to a €160 million undrawn credit facility.
The proposed Evoke deal comes less than a year after Bally’s completed its €2.7 billion merger with Intralot, forming a combined entity with operations spanning the US, UK, and Europe.
Source:
“Bally’s Interactive eyes Italy, Romania entries as CEO Reeves talks up Evoke opportunity”, igamingbusiness.com, April 21, 2026
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