Bally’s Intralot Secures £262m Funding to Finalize Evoke Merger

The European gambling landscape is undergoing a massive transformation that will permanently shift the balance of power. Bally's Intralot SA has taken the decisive financing step to finalize the acquisition of Evoke PLC. This is not just about a few new licenses; it is about the complete absorption of an industry giant that owns some of the most famous names in the betting world. With the securing of new senior secured notes worth £262 million, approximately €310 million, the path for the completion of the transaction is now finally clear.

This deal is much more than a simple corporate merger. It is a strategic maneuver to massively strengthen the market position in Europe and the Anglo-Saxon region. Bally’s Intralot, which is listed on the Athens Stock Exchange (ATHEX), is sending a clear signal to its competitors. While other companies struggle with regulatory hurdles, this merger creates a new powerhouse with enormous appeal through brands like 888, Mr Green, and William Hill. The integration of these platforms is intended not only to drive user numbers up but, above all, to increase operational efficiency through technical synergies.

Numbers and facts

The purchase price for Evoke PLC was already set on June 4th at a transactional value of £243 million. To handle this volume and finance the future integration, Bally's Intralot took out two tranches of term loans with private investors with a tenor of three years. After the takeover, the company will manage a combined total debt of approximately €2.8 billion. This sounds like a massive sum, but the management firmly expects massive savings. In the first phase, synergy effects amounting to £180 to £200 million are to be achieved. These savings result from the consolidation of technology applications, reduced marketing costs, as well as lower capital expenditures and operating costs.

Another interesting aspect of the deal is the involvement of Deutsche Bank. The bank has agreed to purchase 1.42 million new shares of Bally's Intralot at an average price of €1.09 per share, for a total of €1.55 million. This is part of a Total Return Equity Swap. Deutsche Bank made it clear that it does not consider this a strategic investment. The shares will be transferred to Bally's Intralot after the settlement of the agreement and held as treasury shares. For the company, this means additional stabilization of the capital structure during this critical transition phase.

Background

Bally's Intralot's decision to focus more on the Athens location is a deliberate break with the dominance of the London Stock Exchange. Once Evoke investors vote on the acquisition on August 17, 2026, the stock will disappear from the London Stock Exchange (LSE). This is a bitter blow for the London financial center, as only three major gambling companies will remain there in the future: Entain, Playtech, and Rank Group Plc. For Bally's Intralot, however, moving to the Greek capital means an enormous upgrade of their status.

„Relevance is the most important thing for any stock. In Athens right now, we’re a top 20 stock on the Athens Stock Exchange. With this combination, we go into the Athens top- 10. We will be listed in a bigger pool of indexes and funds. That, in essence, has an enhancement on your multiples, which makes it very interesting and makes your paper more valuable, which is interesting.“ - Robeson Reeves, CEO at Bally's Intralot

The portfolio of the new giant is impressive. It includes brands such as William Hill, 888, Mr Green, Gamesys, JackpotJoy, Botemania, and the Intralot lottery business. This means the company covers almost every segment of legal gambling, from sports betting and online casinos to state-regulated lotteries. This breadth is intended to provide stability in case individual markets or segments experience periods of weakness.

Why it matters for German players

For German players, this news is particularly interesting because brands like 888 and Mr Green have been a fixed size on the local market for years. In Germany, gambling is subject to the strict rules of the State Treaty on Gambling 2021 (GlüStV 2021). Only providers listed on the so-called whitelist of the Joint Gambling Authority of the States (GGL) are allowed to offer their services legally. Since both 888 and Mr Green have made great efforts in the past to obtain and maintain German licenses, an even more professional alignment is expected as a result of the takeover. The integration into Bally's technology could theoretically improve the user experience, while strict German limits remain unchanged.

Specifically, for you as a customer, this means: The deposit limit of €1,000 per month across all providers, monitored by the LUGAS system, remains in place. The OASIS exclusion file also remains the central instrument for player protection. The takeover by Bally's Intralot will not change the maximum stake limit of €1 per spin on virtual slot machines, as this is laid down by law. However, it is possible that through new synergies, bonus offers or the game selection will be optimized within the legal framework. Players should ensure they keep their accounts with licensed domains, as only there the full German player protection including the fast payout guarantee applies.

What it means for GGL-licensed casinos

For other providers on the GGL whitelist, the merger of Bally's, Intralot, and Evoke means increased competition. A company that is listed in the top 10 of a European stock exchange and has such a massive budget can act quite differently in marketing. Smaller German providers could come under pressure because marketing costs, as mentioned in the source, are more likely to fall due to synergies at Bally's while reach increases. At the same time, it is a positive signal for the regulated market. When a global player like Bally's invests so heavily in brands licensed in Germany, it shows confidence in the long-term profitability of the German licensing model despite all restrictions.

The technical consolidation at Evoke could also serve as a model for other groups. The GGL requires operators to provide seamless documentation and transmission of data to the supervisory authorities. A modernized tech stack, as Bally's Intralot is now implementing through the £262 million financing, often makes compliance with these regulatory requirements easier and less error-prone. In the end, this benefits market integrity and player safety, as black sheep continue to lose ground to such highly professionally managed corporations.