{"id":2821,"date":"2026-05-19T09:24:00","date_gmt":"2026-05-19T09:24:00","guid":{"rendered":"https:\/\/www.bettingjobs.com\/?p=2821"},"modified":"2026-05-19T09:24:00","modified_gmt":"2026-05-19T09:24:00","slug":"28-days-later","status":"publish","type":"post","link":"https:\/\/www.bettingjobs.com\/bettingjobs-earningsandmore-partnership\/28-days-later\/","title":{"rendered":"28 days later"},"content":{"rendered":"<p><strong>Domino hoo hoo:<\/strong> The talks between Evoke and suitor Bally\u2019s Intralot look set to go down to the wire, with Monday\u2019s deadline looming and the two parties evidently still unable to agree on a deal.<\/p>\n<ul>\n<li>The May 18 date was set when Bally\u2019s Intralot\u2019s 50p-a-share approach was <a href=\"https:\/\/earningsandmore.substack.com\/i\/194770607\/bally-ho\">first announced on April 20<\/a>.<\/li>\n<li>Now it comes down to the final weekend. \u201cI\u2019m sure there will be people burning the midnight oil on this, one way or another,\u201d said one advisor.<\/li>\n<\/ul>\n<p><strong>In the house:<\/strong> If a deal was just down to the price of the equity, then an agreement would likely have been consummated at the start of the process.<\/p>\n<ul>\n<li>The initial analyst reaction was positive, with Investec saying in the wake of Evoke\u2019s <a href=\"https:\/\/earningsandmore.substack.com\/p\/duty-calls\">FY25 earnings<\/a> they were \u201coptimistic of an offer being tabled by the deadline provided.\u201d<\/li>\n<li>But as multiple sources have pointed out, the shadow of Evoke\u2019s \u00a31.86bn debt looms over the discussions and leaves the prospects for a successful conclusion delicately balanced.<\/li>\n<\/ul>\n<p><strong>In a heartbeat: <\/strong>Yet, as one well-placed industry source pointed out, the debtholders are not in the room and the calculus for Bally\u2019s Intralot is effectively quite simple.<\/p>\n<ul>\n<li>\u201cAny deal will constitute a change of control and, in that scenario, you need to potentially pay off all or part of the debt,\u201d the source said.<\/li>\n<li>\u201cSo Bally\u2019s will need \u00a31.9bn of debt or cash or a combination of both.\u201d<\/li>\n<\/ul>\n<p><strong>You can\u2019t always get what you want: <\/strong>Hence, perhaps, the wording of the initial announcement saying any final offer would constitute an \u201call-share combination with a partial cash alternative.\u201d<\/p>\n<ul>\n<li>That cash alternative might be quite limited and could yet prove to be a sticking point with Evoke\u2019s shareholders.<\/li>\n<li>Specifically, sources suggested the Shaked family, the former founder and majority shareholders at 888, might not accept the terms.<\/li>\n<li>As 19% shareholders in Evoke, that \u201ccould cause a problem,\u201d said the source.<\/li>\n<li>\u201cThe Shakeds will need to be convinced this is the best deal for them,\u201d said another.<\/li>\n<\/ul>\n<p><strong>A new low:<\/strong> Should a deal be announced on Monday or before, the two companies will be merging at a moment of huge uncertainty in the UK market, where the combined entity would be a dominant player with pro forma revenue in 2025 of nearly \u00a31.9bn and adj. EBITDA of over \u00a3730m.<\/p>\n<ul>\n<li>Bally\u2019s Intralot was itself only formed last year and consists largely of the old Gamesys business, and more latterly the Bally\u2019s international interactive division.<\/li>\n<li>As of 2025, the business produced revenues of \u00a31.09bn, with 94% coming from the UK, and adj. EBITDA of \u00a3431m.<\/li>\n<li>From the Evoke side, it produced revenues of \u00a31.78bn and EBITDA of \u00a3301m. Bally\u2019s Intralot has debt of \u00a31.49bn.<\/li>\n<\/ul>\n<p><strong>28 weeks later:<\/strong> Sources are split on whether a deal will be announced on Monday or whether the combatants will ask for more time. \u201cI think it will be a challenge to get this over the line,\u201d said the deal-making source. \u201cI think they will ask for an extension.\u201d<\/p>\n<ul>\n<li>\u201cIf they get to an offer I would say it would mean a refinancing of the entire debt structure, with at least one bank standing behind that,\u201d the source added.<\/li>\n<li>Others, however, are more hopeful that the saga will be brought to an end.<\/li>\n<li>\u201cGoing through it now, I think it is more likely they will reach a deal,\u201d said the industry source.<\/li>\n<\/ul>\n<div><\/div>\n<div><a href=\"https:\/\/earningsandmore.substack.com\/p\/28-days-later\">Click HERE to read the FULL article!<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Domino hoo hoo: The talks between Evoke and suitor Bally\u2019s Intralot look set to go down to the wire, with Monday\u2019s deadline looming and the two parties evidently still unable to agree on a deal. The May 18 date was set when Bally\u2019s Intralot\u2019s 50p-a-share approach was first announced on April 20. Now it comes&hellip;<\/p>\n","protected":false},"author":13,"featured_media":2823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[24],"tags":[],"class_list":["post-2821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bettingjobs-earningsandmore-partnership"],"acf":[],"post_author_name":"","post_authors_type":"","post_authors_from_team_members":false,"_links":{"self":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/comments?post=2821"}],"version-history":[{"count":1,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2821\/revisions"}],"predecessor-version":[{"id":2824,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2821\/revisions\/2824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media\/2823"}],"wp:attachment":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media?parent=2821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/categories?post=2821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/tags?post=2821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}