William Hill owner agrees £243m takeover by Greek casino and lottery firm
Summary
The owner of William Hill and the 888 online casino brand, Evoke, has agreed to be bought for £243 million by the Greek casino and lottery company Bally’s Intralot. This deal follows financial challenges for Evoke after new UK gambling taxes and other business problems.Key Facts
- Evoke, owner of William Hill and 888casino, agreed to a £243 million takeover by Bally’s Intralot.
- Bally’s Intralot is a Greek company with international operations, including in the US.
- Evoke bought William Hill’s 1,400 betting shops for £2.2 billion four years ago, but its shares have since dropped 90%.
- UK increased remote gaming tax from 21% to 40%, causing problems for Evoke’s business.
- Evoke has about £1.8 billion in debt and a market value of around £180 million.
- Evoke plans to close about 200 William Hill shops due to cost and tax pressures.
- The company faced management problems, including a CEO removal and a money-laundering investigation.
- Evoke paid a £9.4 million fine in 2022 for failures that led to large customer losses during the Covid pandemic.
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