Bally’s Intralot Has Until June 8 to Make a Formal Offer for William Hill Owner Evoke as TPG Financing Emerges

The proposed acquisition of Evoke, the gambling company that owns William Hill, 888casino, 888sport, 888poker, and Mr Green, has gained a significant financing partner with the reported emergence of TPG Credit as a backer for the deal. TPG Credit, a division of the global private equity firm TPG, is in discussions to provide up to £800 million — approximately $1.07 billion — to support Bally’s Intralot’s potential takeover of the London-listed company, according to reporting from Sky News. The June 8 deadline for Bally’s Intralot to submit a formal offer provides a near-term catalyst for the transaction.

Evoke disclosed in late April that it was in discussions with Bally’s Intralot, a joint venture entity, regarding a possible offer for the company’s entire issued share capital at 50 pence per share. The disclosure came as part of Evoke’s ongoing strategic review, which the board initiated following a strategic options assessment that began after the UK government’s October 2024 budget created new challenges for the company’s retail operations. The strategic review is examining a range of alternatives including a potential sale, asset disposals, or other restructuring options.

The Financing Structure

Evoke carries a significant debt load, including €600 million in senior secured notes issued in September 2025 and a £200 million revolving credit facility. Any acquirer would need to address these obligations as part of a transaction. TPG Credit’s reported commitment of up to £800 million would be used in part to refinance these existing borrowings, according to sources familiar with the discussions cited by Sky News. The size of TPG’s potential contribution suggests a transaction structure built around substantial leveraged financing — common in private equity-backed acquisitions of this scale.

For Bally’s Intralot, securing TPG Credit as a financing partner resolves one of the key execution risks in the deal. Evoke reported a loss after tax of £549.1 million for fiscal year 2025, heavily influenced by impairment charges, and its leverage ratio was approximately 5.2 times adjusted EBITDA. Lenders considering exposure to an Evoke acquisition need to price that leverage and the company’s recent track record carefully, making a credible and committed financing partner an important signal to Evoke’s board and shareholders.

What Evoke Brings to the Table

Evoke’s portfolio of brands represents some of the most established names in global sports betting and online casino gaming. William Hill is among the oldest sports wagering brands in the world, with a substantial UK retail footprint and regulated online presence across multiple markets. The 888 brands bring a significant digital audience and established iGaming technology infrastructure. Mr Green is a premium online casino brand with European reach.

A successful acquisition by Bally’s Intralot would represent a major expansion of the acquirer’s international footprint and brand portfolio. Bally’s Corporation, the US casino operator, has been actively building its digital and international presence through several strategic transactions over recent years. Adding Evoke’s brands would meaningfully scale its global operations, though integration of a company of Evoke’s complexity — across multiple regulated markets and product categories — would be a significant undertaking. Regulatory approvals from the UK Gambling Commission and other competent authorities would be required before any deal could close.

Whether Bally’s Intralot ultimately submits a formal offer by June 8, and whether Evoke’s board deems the proposed terms sufficient to recommend to shareholders, will determine whether the transaction moves into formal process or whether another extension of the offer deadline is sought. The emergence of TPG Credit as a backer increases the likelihood that the deadline produces a concrete development rather than another deferral.