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William Hill owner Evoke has agreed a £243.1 million takeover by Greek gambling firm Bally’s Intralot.

Bosses at Evoke, which also owns the 888 brand, said they have agreed a deal worth 52p per share.

Bally’s Intralot, which is listed on the Athens stock market, had been locked in talks with Evoke for the past two months after first tabling a roughly £225 million deal.

The companies said on Friday that they think recent increases in gambling taxes in the UK and heightened competition in the country have resulted in a “opportunity for consolidation”.

In April, Evoke confirmed it was closing around 270 betting shops to help offset the impact of higher taxes.

Mark Summerfield, chairman of Evoke, said the company sought to maximise value for shareholders following a strategic review due to “significant UK duty changes and the constraints posed by the Evoke Group’s existing capital structure”.

The group previously said it expected duty costs to increase by up to £135 million a year from 2027 after Chancellor Rachel Reeves announced tax hikes for online gambling firms in the 2025 autumn budget.

In the budget, Ms Reeves raised remote gaming duty from 21% to 40% from April.

There will also be a new online sports betting duty of 25%, which will cover all sports except horse racing, from 2027.

Mr Summerfield said: “The combination will create one of the world’s leading online betting and gaming groups with superior scale, exceptional brands, increased diversification, and a platform for strong growth through enhanced capabilities.

“I’m confident Intralot will be a strong and supportive owner of the business, and together with the more sustainable capital structure, the combination offers the best route to deliver long-term value for our shareholders and broader stakeholders.”

Soo Kim, chairman of Bally’s, said: “We are excited about the opportunity to bring Intralot and Evoke together to create a leading, diversified European gaming champion with greater scale, resilience and operational capability.

“Underpinned by the combination of Evoke’s iconic brands of incredible heritage, such as William Hill and 888, with Intralot’s best-in-class technology and data capabilities, highly executable synergies and the ability to invest our substantial free cash flow in growth markets – we are confident that the enlarged group will not just be stronger than before, but stronger than ever.”

Evoke has been hamstrung be large debts in recent years, particularly linked to its deal to buy the non-US operations of William Hill for £2 billion in 2021.

The company most recently reported almost £1.9 billion of debt at the end of 2025.

Bally’s Intralot was formed by the tie-up between Greek lottery firm Intralot and US casino operator Bally’s Corporation last year.

Bally’s Corporation is the front-of-shirt sponsorship for Nottingham Forest Football Club.