Caesars agreement complicates Bally's acquisition of evoke

Bally's Intralot's £243.1 million acquisition of evoke requires approval from many regulators around the world. One of them is Pennsylvania, where Bally's Corporation has its digital operations.

evoke paid $50 million in 2024 to end its Sports Illustrated partnership and exited consumer-facing activities in the US. Even so, the company's active B2B agreements continue. One of them covers 888 Atlantic providing technology, player account management and customer support to Caesars' WSOP online platform in Pennsylvania. The latest extension of the contract is valid until 19 September 2026, and a wind-down period of up to six months is foreseen.

The problem stems from Pennsylvania law, which restricts groups that acquire an interactive gaming manufacturer from also holding an interactive gaming license. Bally's Corporation controls Bally's Intralot, and Bally's Pennsylvania, an online casino operator holding two licenses, is also owned by it. The normal licensing process can take nine months or longer, which could significantly delay closing.

The companies say most of the required approvals have been received and the transaction is proceeding as planned. As a solution, 888 Atlantic would give up its Pennsylvania manufacturer license. The regulator is approving the conditional change of control, and the deal can be completed before this license surrender takes effect. In the meantime, interim measures will apply until 888 Atlantic's activities are wound down.