Evoke Shareholders Vote In Favour Of Bally’s Intralot Takeover

Bally’s Intralot’s proposed acquisition of Evoke is moving ever closer to completion after the target’s shareholders voted emphatically in favour of it.

The results of Evoke’s special resolution or General Meeting, as it is also known as, were conclusive, with 99.63% of eligible shareholders giving their approval to the acquisition. Similarly, at a Court Meeting held yesterday, 30 of the 31 scheme shareholders voted for and one against the takeover.

Recap on the prospective deal

Following months of speculation, Bally’s struck an agreement in June to buy out Evoke for £243 million. The Greek gambling firm had recommended an all-share acquisition, entitling Evoke shareholders to 52p per share.

On the back of that announcement, Evoke’s share price, which had been in decline for several years, climbed by 16.2% to 46.4p per share. At the time, no fixed date had been set for a takeover, but it was thought that if things ran smoothly, a completion by the end of the last quarter (Q4) of 2026 or Q1 of 2027 would be a realistic target.

Bally’s presents financial results

The timing of Evoke’s shareholder votes on a potential deal was fascinating given it coincided with Bally’s financial results. There were some promising signs, with quarterly revenue year-on-year (YoY) soaring to £584.5 million, representing a 20.5% increase.

A 5.3% quarter-on-quarter jump in UK revenues from Q1 of 2026 was worth shouting about, as was an 11% YoY growth in net gaming revenue (NGR). However, this was offset by a £34 million earnings hit due to the UK tax impact. The economic headwinds have picked up pace after remote gaming duty (RGD) paid on online casino bets shot up in April from 21% to 40% of gross gambling yield (GGY).

Meanwhile, from April 2027, the general betting duty paid on online sports bets will climb from 15% to 25% of GGY, with horseracing exempt. Despite the negative impact on Bally’s earnings before interest, taxes, depreciation, and amortisation (EBITDA), the company’s CEO, Robeson Reeves, remains adamant that the Evoke acquisition represents a significant pathway to growth.

He said: “We remain firmly on track against the margin management commitments we previously disclosed to investors. We are already delivering double-digit growth ahead of that consolidation, which gives us confidence in our position.”

Evoke’s stressed finances

Previously, there had been “material uncertainty” around a potential deal. Although Evoke’s H1 results showed that revenues broadly flatlined, it was thought that if Bally’s couldn’t complete an acquisition, the directors weren’t confident that they could generate enough profitability and cash generation to refinance the £1.8 billion debt pile it sits on.

In January 2028, a £200 million revolving credit facility is set to mature, and later in July 2028, so will £769 million of Evoke’s debt. Any potential delays to a deal could raise the spectre of Evoke falling into bankruptcy.

Roadmap ahead

Given the unanimous shareholder votes, all eyes will be firmly fixed on the regulator and antitrust bodies, who also need to individually approve the deal.

This includes the United Kingdom Gambling Commission (UKGC) and Gibraltar Gambling Division (GDD) as well as the Italian, Maltese, and US regulators.

Once these demands have been satisfied, a court will sanction a hearing for Q4 of 2026 or Q1 of 2027, and the scheme could become effective in the same window. Evoke is facing its biggest test, but a swift and seamless completion would be cause for celebration.