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Evoke, the company behind betting giants William Hill and 888, has confirmed it is in discussions regarding a potential takeover by lottery and gaming firm Bally’s Intralot. The proposed deal values the UK betting group at £225.3 million.

The FTSE 250-listed firm stated it is considering an approach of 50p per share from the Greek company, which is listed on the Athens stock market.

Bally’s Intralot has committed to tabling a firm offer for Evoke, or withdrawing its interest, by 5pm on 18 May.

Evoke initiated a strategic review late last year, effectively putting itself up for sale, as it grapples with escalating debts and the increased costs stemming from November’s betting tax hike.

In January, the company announced plans to close betting shops and implement cost-cutting measures to mitigate an anticipated annual increase in duty costs of up to £135 million from 2027.

The potential takeover price for Evoke, formerly 888 Holdings, marks a premium to its closing share price on Friday of 38.85p a share, but it has seen its valuation collapse in recent years and is said to owe lenders around £1.8 billion.

Much of its debts were built up when 888 bought the non-US operations of William Hill for £2 billion in 2021.

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.

In January, the company announced plans to close betting shops and implement cost-cutting measures to mitigate an anticipated annual increase in duty costs of up to £135 million from 2027.

This follows Chancellor Rachel Reeves’ announcement in the 2025 autumn budget of tax increases for online gambling firms, raising remote gaming duty from 21 per cent to 40 per cent from April.

Additionally, a new 25 per cent online sports betting duty, excluding horse racing, will be introduced from 2027.

Per Widerstrom, chief executive of Evoke, said: “We were very disappointed with the outcome of the UK Budget in November that dealt a significant blow to both Evoke and the wider regulated industry.

“We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market.

“As a result of these significant UK tax increases, the board is assessing its strategic options, with a resolute focus on maximising shareholder value.”

He added: “We have moved quickly and decisively to execute on our mitigation plans including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course.”