28 days later
Deadline for Bally’s Intralot to reach Evoke deal nears
Takeover talks go down to the wire with debt the likely sticking point…
But sources suggest Bally’s might also be eyeing up a LiveScore bid.
Bragg signs a term sheet with games supplier Drayton valued at $9m.
Earnings extra: Gambling.com cuts 25% of workforce in AI embrace.
Hard Rock Bet is growing – we know you know! And we want to bring in some more maestros to make beautiful music in our Sportsbook. You need to be among the very best in the industry to be considered for these roles. Are you up to it?
Killing time
Domino hoo hoo: The talks between Evoke and suitor Bally’s Intralot look set to go down to the wire, with Monday’s deadline looming and the two parties evidently still unable to agree on a deal.
The May 18 date was set when Bally’s Intralot’s 50p-a-share approach was first announced on April 20.
Now it comes down to the final weekend. “I’m sure there will be people burning the midnight oil on this, one way or another,” said one advisor.
In the house: 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.
The initial analyst reaction was positive, with Investec saying in the wake of Evoke’s FY25 earnings they were “optimistic of an offer being tabled by the deadline provided.”
But as multiple sources have pointed out, the shadow of Evoke’s £1.86bn debt looms over the discussions and leaves the prospects for a successful conclusion delicately balanced.
In a heartbeat: Yet, as one well-placed industry source pointed out, the debtholders are not in the room and the calculus for Bally’s Intralot is effectively quite simple.
“Any deal will constitute a change of control and, in that scenario, you need to potentially pay off all or part of the debt,” the source said.
“So Bally’s will need £1.9bn of debt or cash or a combination of both.”
You can’t always get what you want: Hence, perhaps, the wording of the initial announcement saying any final offer would constitute an “all-share combination with a partial cash alternative.”
That cash alternative might be quite limited and could yet prove to be a sticking point with Evoke’s shareholders.
Specifically, sources suggested the Shaked family, the former founder and majority shareholders at 888, might not accept the terms.
As 19% shareholders in Evoke, that “could cause a problem,” said the source.
“The Shakeds will need to be convinced this is the best deal for them,” said another.
A new low: 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 £1.9bn and adj. EBITDA of over £730m.
Bally’s Intralot was itself only formed last year and consists largely of the old Gamesys business, and more latterly the Bally’s international interactive division.
As of 2025, the business produced revenues of £1.09bn, with 94% coming from the UK, and adj. EBITDA of £431m.
From the Evoke side, it produced revenues of £1.78bn and EBITDA of £301m. Bally’s Intralot has debt of £1.49bn.
28 weeks later: Sources are split on whether a deal will be announced on Monday or whether the combatants will ask for more time. “I think it will be a challenge to get this over the line,” said the deal-making source. “I think they will ask for an extension.”
“If 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,” the source added.
Others, however, are more hopeful that the saga will be brought to an end.
“Going through it now, I think it is more likely they will reach a deal,” said the industry source.
Enter LiveScore…
A live one: Bally’s Intralot is, meanwhile, rumored to be mulling a bid for LiveScore that would value the still loss-making media-to-betting operator business at around £500m.
According to multiple sources spoken to by E+M, Bally’s Intralot is considering a bid as an alternative option to the ongoing Evoke discussions.
However, all the sources agreed the potential remained open for Bally’s to consider doing both deals.
“I wouldn’t put it beyond [Soo] Kim to want to do both,” said one consultant about the chair of Bally’s.
Ring me: In September 2022, LiveScore received £50m of investment from the Swiss-based Ringier Group for a 9.99% stake, which valued the business at £500m.
According to the last figures posted at Companies House, the operator behind LiveScore, LiveScore Bet and Virgin Bet generated revenue of £206m in the year to March 2025 and a gross profit of £158m.
Within that, betting revenue rose 18% to £185m while the media business saw revenue fall by 10% to £19.1m.
The UK was worth 85% of the business.
However, it made an operating loss of £26.7m, albeit nearly halving its losses from the previous year of £50.7m.
Note: Earnings+More reached out to both LiveScore and Bally’s Intralot but did not hear back.
Gambling.com Group [Nasdaq: GAMB] is fueling the online gambling industry with unmatched performance marketing solutions. Leveraging proprietary technology, a diverse portfolio of premium websites, and the newly acquired consumer-facing OddsJam and B2B service provider, OpticOdds, $GAMB connects operators to high-value players across the globe.
Positioned as a dynamic leader in the sector, Gambling.com Group is an engine of growth and profitability, backed by a proven track record of driving revenue for operators in sports betting, iGaming, and beyond.
Visit our investor page to see why it’s the platform behind the industry’s most successful operators.
+More
Polymarket has secured an exclusive multiyear partnership with Italy’s Serie A, expanding its push into sports through official league deals. The agreement makes Polymarket the league’s exclusive US prediction-market partner, granting access to official data, logos and branding rights. Integrity monitor Genius Sports will provide data services. The deal follows similar partnerships with MLS and LaLiga earlier this year.
Las Vegas Sands has completed a $1bn unsecured debt refinancing through $500m in 5.3% senior notes due 2031 and a further $500m in 5.65% notes due in 2033. Proceeds will repay $1bn in senior notes maturing in August 2026. LVS reported total debt of $15.6bn as of the end of March.
Deal talk
ReferOn: Affiliate management platform ReferOn has completed a management buyout led by former general manager Alex Bukin, who now becomes CEO. The company said the transition will not affect day-to-day operations or partnerships, while several senior executives have also been promoted. ReferOn said the buyout will support long-term product development and expansion efforts.
Read across
Ain’t got all the facts, but I got a hunch: The UK Gambling Commission said it was determined to go ahead with the implementation of affordability checks – or what it insists should be called financial risk checks – despite the criticism leveled at its planned rollout by an advisory group member. See yesterday’s Compliance+More.
Who’s the wanker in the black? Entain claims that a single line of guidance from the UK’s Independent Football Regulator could immediately remedy the situation whereby black-market operators are able to advertise their offerings to UK customers. From Tuesday’s C+M.
+More careers
The big moves: ProphetX has expanded its executive leadership team, appointing Jesse Wachtel as CFO, Nathan Busscher as chief product officer and Damon Mercadante as VP of growth marketing. The company said the hires add “further institutional and fintech experience to ProphetX’s management bench.” Busscher previously held senior roles across electronic trading and brokerage infrastructure firms including TradeStation and Altruist Financial, while Mercadante joins from fantasy sports platform Sleeper after earlier marketing roles at Paramount and CBS Interactive.
MGM Resorts’ MGM Osaka has appointed Nobuki Watanabe as chair. Watanabe has been managing executive officer at Orix Corp, MGM’s Japan-based joint venture partner in the casino. Accel Entertainment has elected Bruce Wardinski to its board. Ainsworth Game Technology has appointed Ryan Comstock as permanent CEO. Comstock has been acting CEO since last October. Scientific Games’ CFO Nick Negro is stepping down from his position after three years with the company. Ray Anderson will work as interim CFO until a permanent CFO is named. Super Group has promoted Kirsty Ross to the role of COO.
Head of Paid Social – Lisbon
Head of CRM – Miami
Swedish Country Manager – Malta
Bragg M&A
The Davey age: Bragg – now having dropped ‘Gaming’ from its name – has signed a binding term sheet to acquire games provider Drayton International in an all-stock deal worth roughly $9m: 4.5 million new shares at $2.00, with closing targeted for Q3.
Industry heavyweight Matt Davey joins as chair, succeeding Holly Gagnon, and will hold around 10% of the company post-close.
Drayton brings equity stakes in five game studios and three wholly owned technology and distribution platforms, generating mid-single-digit millions in revenue and EBITDA-positive.
It’s a bolt-on, not a needle-mover: Bragg’s FY26 guidance excludes any contribution.
The strategic logic centers on advance deposit wagering, legal in 30-plus US states versus seven for online slots, which management said could expand US reach more than fivefold.
Investors focused on the dilution, sending shares down 12% intraday before a partial recovery to close off down 6%.
See the E+M PRO M&A X-Ray edition from this morning.
E+M PRO
Gambling.com
AI-first world problems: “There’s more risk in not moving fast enough than moving too slow,” said Charles Gillespiie, outgoing CEO and now chair of Gambling.com, after the company announced that the implementation of AI would mean the company was cutting 25% of its workforce. The company said the moves would deliver $13m of savings and embrace a flatter organization with fewer management layers. In Q1, revenue was flat but adj. EBITDA tumbled by 43% and guidance was again cut.
See this morning’s Earnings Extra edition (PRO subs only).
Soft2Bet Evaluates Alberta Market Entry to Strengthen Canadian Footprint
Soft2Bet has announced its intention to enter the Alberta iGaming market, pending regulatory approval. Leveraging success from its Ontario brand, ToonieBet, the company eyes a market projected to exceed $700 million at maturity. Soft2Bet is currently preparing for technical requirements under the iGaming Alberta Act, overseen by the AiGC and AGLC.
“We are committed to delivering localized, engaging experiences that reflect the unique preferences of each market,” said David Yatom Hay, General Counsel, Soft2Bet.
Connections
The big deal: Bragg Gaming has expanded its partnership with Belgian operator 711 ahead of the 2026 World Cup, integrating Kambi’s turnkey sportsbook into Bragg’s PAM platform following 711’s acquisition of a Belgian F+ license. The deal will also introduce Bragg’s Fuze engagement tools to 711’s Belgian sportsbook operations, adding features such as tournaments and quests within Belgium’s regulatory framework.
Octoplay’s games are now available in the UK on bet365. Regency Casino has launched its online platform in Greece through a partnership with SkillOnNet. Kwiff has hired RavenTrack as its primary affiliate tracking provider under a strategic partnership that will see it integrate RavenTrack’s advanced platform-as-a-service technology. Kalshi is now the official prediction market partner of Madison Square Garden and MSG Networks under a multiyear agreement.
Still overpaying for geolocation? Find out why over 25 operators have upgraded to GeoLocs!
Adjacencies – Paysafe Q1s
Merchant ivory: Paysafe said global online gambling-derived revenue grew 20% YoY in Q1, with strength across both of Paysafe’s segments. Within merchant solutions, ecommerce grew 17%, with online gambling specifically up 28%, which the company attributed to robust North American volumes.
CEO Bruce Lowthers described online gaming as structurally seasonal, with Q1 and Q4 the strongest quarters and Q2 “muted.”
CFO John Crawford guided Q2 revenue growth to approximately 4%, below the company’s 5-8% FY range, partly due to the seasonal roll-off of postseason volume.
First-quarter revenue was $443m, up 10%, with a net loss of $36.5m. The company reaffirmed its FY26 guidance for revenue and adj. EBITDA growth of 5-8%.
Say cheese: Paysafe reported a strong bookings quarter. It extended partnerships with Hard Rock and Golden Nugget to support their expansion into Canada, and signed a new agreement with Cheddr, a platform for sports and culture predictions in North America.
On the consumer side, Paysafe said sports-betting growth during the NFL playoffs contributed to momentum, with active users reaching 7.9 million, up 9% YoY.
To the Moon: During the quarter, Paysafe announced a partnership with MoonPay that allows players to deposit stablecoins and cryptocurrencies with iGaming and daily fantasy sports brands in the US.
Lowthers said five operator pilots are currently underway and that the offering is in pilot mode, with a rollout expected over the course of 2026.
He framed crypto as “just another” local payment method, positioning it as a way to let consumers pay how they prefer rather than a strategic bet on crypto itself.
He cited an internal Paysafe survey in which 83% of respondents expressed interest in paying with crypto.
Agentic: Separately, the company said it piloted “end-to-end agentic payment capabilities” with enterprise client Norwegian Air, built on the MCP and Google AP2 protocols and aligned with frameworks from Visa and Mastercard.
Paysafe said a single integration would let merchants offer AI-powered commerce across ChatGPT, Claude and Gemini.
Upcoming earnings
May 20: Better Collective (earnings)
May 21: Better Collective (call), GiG Software, CIRSA
May 26: Kambi Earnings Debrief
May 29: Genius Sports Earnings Debrief
Does your Bet Builder supplier or in-house Same Game Multi solution support 12 sports, including all of the main global betting sports, plus local variants and even eSports? Does your product allow your end-users to place both Pre-Match and In:Play Bet Builders across multiple sports? Can you offer cashout across all Bet Builder transactions? Does your solution use your own odds rather than another opinion of the market? If the answer to any of these is ‘no’ then come and find out why over 200 operators are using the Algosport Bet Builder solution today.
An +More Media publication.
For sponsorship inquiries email scott@andmore.media.
