Bally’s is weighing a potential acquisition of Evoke, with its leadership pointing to expansion opportunities across Europe, namely in Italy and Romania, as a key draw. The discussion surfaced alongside the company’s full-year 2025 earnings call, where CEO Robeson Reeves shared his perspective on the assets that could come with the deal.
Evoke recently confirmed it was in talks over an all-share combination, valued at £0.50 per share. The move follows a strategic review launched in December, prompted by a sharp increase in the UK’s Remote Gaming Duty, which nearly doubled this month. That shift has placed pressure on operators and pushed companies like Evoke to consider selling parts or all of their business.
Europe Seen as a Gateway for Expansion
Reeves made it clear that Evoke’s presence in several European markets is a major attraction. Italy stood out in particular, described as a market that’s tough to enter but already well established under Evoke’s operations. Romania also featured prominently in his comments, alongside Spain, where Bally’s currently has only a limited footprint.
Analysts have previously highlighted the strength of Evoke’s international arm. Estimates suggest its Italy-focused operations generate around £60 million in EBITDA each year, with steady growth in the mid-teens. Across the group, international gaming revenue rose 14% in the fourth quarter, with Italy and Denmark both reaching record quarterly figures.
Confidence Holds Despite Tax Changes
Despite the higher tax burden in the UK, Bally’s remains upbeat about its prospects there. The company reported a 10.5% year-on-year increase in UK B2C net gaming revenue in the first quarter. Early April figures, shortly after the tax increase took effect, showed continued double-digit growth along with stable player activity and wagering levels.
Reeves pointed to growing market share as evidence that the strategy is working. The company has increased its active player base by 7% compared to last year, even as some competitors cut back on marketing.
He also suggested that the current environment could open the door to more consolidation. “The remote gaming duty change has created a more differentiated competitive landscape. Operators with thin margins and limited scale are under real pressure. I have said on previous calls that we’re actively evaluating opportunities and that we will not miss a genuinely compelling one. This morning’s [Evoke]
announcement is consistent with that posture,” Reeves said.
The company is keeping an eye on additional deals beyond Evoke, focusing on regulated markets, strong brands, and opportunities that fit operationally.
Financing Questions Remain
While Reeves spoke openly about strategy, he shared fewer details about how a deal would affect Bally’s financial structure. The company ended December with €93.4 million in free cash flow, while adjusted net debt rose to €1.493 billion from €334.2 million a year earlier.
“If we move ahead with Evoke we’re looking into a different capital structure moving forward,” Reeves confirmed. “And as we said, we will refrain at this moment of making and giving any further insights [into]
how we think about it.”
Even so, Bally’s highlighted its available resources, including a €160 million undrawn revolving credit facility, which Reeves said provides flexibility to act when the right opportunity appears.
Rhode Island iGaming plan and US expansion
Alongside its European ambitions, Bally’s has deepened its digital footprint in the United States, starting with its home base of Rhode Island. Expanded online gambling strengthens the long-term competitiveness of its two local casinos, Bally’s Tiverton Casino & Hotel and Bally’s Twin River Lincoln Casino Resort.
As for the land-based sector, the company secured approval to develop a major casino resort in Chicago, marking the first such project in the city. Local officials selected Bally’s to build and operate the venue, which will be located at the Tribune Publishing Center site in the River West area.
Source:
Bally’s Interactive eyes Italy, Romania entries as CEO Reeves talks up Evoke opportunity, igamingbusiness.com, April 21, 2026
