Evoke Appoint New Finance Director Amid Ongoing Takeover Speculation

Evoke has named Janice Duncan as their new Group Financial Director amid swirling rumours over a potential takeover. Duncan, who left her role as Casumo’s Chief Financial Officer (CFO), is a familiar face to Evoke, having previously worked for William Hill, but she will likely have a busy in-tray to deal with.

Making her mark in the iGaming world

Despite initially starting her career in banking, having held a variety of financial roles with the Royal Bank of Scotland (RBS) and RBC Insurance, which later became Direct Line Group, Duncan set her sights on blazing a trail in the competitive iGaming industry.

After making the switch in 2013, Duncan spent just under five years at the prominent UK betting site Coral, holding down key positions in the financial planning department.

From there, she ascended through the ranks at William Hill and was appointed as the UK Online Finance Director in 2019 before moving on at the end of 2020.

In the past few years, Duncan worked as the CFO for casino group Rank Interactive and then Casumo. However, her return to Evoke is fascinating given her contributions predate the company’s acquisition of William Hill in 2022 in a deal which, at the time, was worth £2.2 billion.

Shaping Evoke’s future

Duncan’s arrival comes at a critical moment for Evoke, who find themselves at a bit of a crossroads and facing financial pressure. Part of this is owed to the steep rise in general betting duty paid on online sports wagers, which will jump from 15% to 25% in April next year, and William Hill previously confirmed it will have to sell off a chunk of its retail estate to cushion the blow.

Nevertheless, Duncan appears undeterred by the challenges facing Evoke. Rather, in a LinkedIn post, she preferred to focus on the positives, insisting she is ready to shape the next stage of Evoke’s development.

Duncan wrote:

“I’m delighted to share that I have joined Evoke as Group Finance Director. I’m excited to join Evoke at such an important time in its journey. The opportunity to work with talented teams, driving strategic initiatives, and help share the next phase is one I am looking forward to with great enthusiasm.

“I am excited for what lies ahead and eager to contribute to the continued success of the business and our people.”

Takeover talk bubbling up in the background

News of Duncan’s appointment has come amid growing speculation over Evoke’s long-term future. While Evoke conducted a strategic review earlier this year, gaming group Bally’s Intralot have been mulling over a £225 million takeover.

However, the deadline is looming for them to submit a formal offer, after being granted an extension from the middle of May to June 8 to make a decision.

Intriguingly, a further development emerged, with private equity giant TPG ready to throw their weight into powering a potential deal for Bally’s Intralot. Their involvement, it is suggested, would largely revolve around refinancing Evoke’s borrowings, and Evoke has amassed a big debt pile worth £1.86 billion.

Although TPG have declined to comment on the matter, Evoke’s share price is hovering around the 38.65p mark. Evoke’s market cap is much lower than the potential 50p-a-share offer Bally’s Intralot is deliberating over; but Evoke may now be open to the idea of a quick sale. As far as Duncan is concerned, she will want to ensure Evoke gets the best price possible.