Bally’s Intralot reported full-year 2025 revenue of €520.6 million, up 35.5% year-on-year, with Adjusted EBITDA of €184.6 million, up 41.2%, in results announced on 17 March from Athens that confirm the scale of the group’s transformation following the consolidation of Bally’s International Interactive in the fourth quarter.
The Athens-listed group, formed when Intralot S.A. completed the €2.7 billion acquisition of the International Interactive business of Bally’s Corporation in early October 2025, closed the year with an AEBITDA margin of 35.5%. On a pro forma twelve-month basis, assuming BII had been part of the group for all of 2025, revenue reached €1.086 billion and AEBITDA totalled €430.8 million at a margin of 39.7%, in line with previous management guidance.
Group cash at year-end, including restricted cash, stood at €244.9 million. Adjusted net debt was €1,491.8 million, producing an adjusted net leverage ratio of 3.46x on a pro forma basis.
Fourth quarter reshapes the revenue mix
Q4 2025 is where the BII effect becomes visible. Reported group revenue for the quarter rose to €256.7 million from €113.2 million a year earlier, with B2C operations accounting for approximately 72.6% of the total. The consolidation of BII contributed €169.7 million of revenue and €68.1 million of AEBITDA at a 40.1% margin in the quarter.
The geographic centre of gravity shifted with the deal. The UK became the group’s largest market, representing more than 60% of total group revenue during Q4. Management disclosed preliminary UK online revenue of £95.7 million in the first two months of 2026, up 11.1% year-on-year, with January at £49.4 million (+9.9%) and February at £46.3 million (+12.4%).
Stripping out the BII contribution tells a different story about the legacy Intralot operations. On a like-for-like basis, revenue declined 8.7% year-on-year and Adjusted EBITDA fell 10.9%, which management attributed to foreign exchange headwinds and higher merchandise sales and implementation fees booked in 2024.
B2B holds steady as US operations absorb FX pressure
The B2B segment remained the largest earnings contributor, at 53.4% of group revenue and 50.6% of total AEBITDA. US operations accounted for roughly 66.5% of segment revenue and 78.1% of segment AEBITDA. Reported US revenue declined 5.2%, but performance in constant currency was broadly stable at -1.1%, and disciplined opex management delivered AEBITDA growth of 5.4%.
Outside the US, Australia posted constant-currency revenue growth of 4.0%, Argentina’s B2B AEBITDA rose 22.5% year-on-year, and Croatia delivered 13.2% revenue growth. Those gains partially offset softer performance in other international markets.
On the B2C side, legacy operations showed a mixed picture. Argentina B2C revenue rose 2.5% with AEBITDA up 6.9%. In Turkey, the underlying online sports betting market expanded by approximately 50% in local currency, but reported Turkish revenue fell 21.8% because of changes to the remuneration structure within the business value chain and euro translation effects. Cost reductions held the AEBITDA decline to 4.1%.
Debt structure rebuilt around the BII transaction
The acquisition triggered a comprehensive refinancing. Intralot Capital Luxembourg S.A. issued €600 million of 6.75% Senior Secured Notes due 2031 and €300 million of Senior Secured Floating Rate Notes. Intralot Holdings UK Ltd. secured a £400 million six-year Senior Secured Term Loan with institutional lenders, and Intralot Capital Luxembourg S.A. arranged a €200 million four-year term loan with a consortium of Greek banks. A €160 million revolving credit facility was also put in place and remains undrawn.
Following the refinancing, the group repaid the $230 million bank loan and the €100 million syndicated bond loan in October 2025, with the latter repayment releasing €20.2 million of previously restricted cash. The €130 million retail bond remains on the balance sheet. Total funded debt stood at €1.69 billion at year-end, compared with €427.5 million a year earlier.
Levered free cash flow on a pro forma basis came in at €172.7 million, after €43.2 million of tax payments, €63.7 million of tangible and intangible asset purchases, €16.1 million of lease repayments and €135.0 million of interest and similar expenses paid.
Management intends to recommend a dividend distribution of approximately €30 million to the annual shareholders’ general meeting, drawn from previously undistributed profits. A pre-dividend based on projected 2026 results is also being considered for after the publication of H1 2026 figures.
Acquisition pipeline stretches back to Gamesys
The BII consolidation is the latest chapter in an M&A strategy that has defined both sides of the current group. For Bally’s Corporation, the Interactive business originated from the $2.7 billion acquisition of London-listed Gamesys Group in October 2021, financed through a combination of cash, newly issued shares and $1.5 billion of senior notes split between 5.625% notes due 2029 and 5.875% notes due 2031. Gamesys was subsequently rebranded as Bally’s International Interactive.
The Gamesys purchase followed a series of smaller 2021 transactions that broadened Bally’s US footprint, including properties in Nevada, Illinois and Indiana for a combined $275 million, alongside the acquisitions of Monkey Knife Fight, SportCaller, Bet.Works and the Association of Volleyball Professionals. The company also completed a 10-year partnership with Sinclair Broadcast Group to rebrand regional Fox Sports Networks as Bally Sports.
More recent Bally’s Corporation transactions include the Aspers Casino Newcastle acquisition in the UK and, in February 2025, the completion of the Standard General take-private and the merger with The Queen Casino & Entertainment, financed in part by $500 million of senior secured notes due 2028 provided by funds managed by Apollo. The October 2025 combination of Bally’s International Interactive with Intralot created the current Athens-listed entity, with Bally’s Corporation holding the majority stake.
Intralot itself brought a 30-year track record of B2B lottery contracts across more than 40 jurisdictions, including long-running work for state lotteries in the US, Australia and across Europe. The combined entity now operates under the Bally’s Intralot brand across online gaming, lottery, iLottery and sports betting.
The M&A picture
The balance-sheet firepower arrived just as Bally’s Intralot opened talks to acquire William Hill and 888 owner Evoke Plc in an all-share combination with partial cash alternative valuing the UK-listed operator at approximately £225 million, confirmed by Evoke on 20 April and subject to a firm-offer deadline of 17:00 London time on 18 May under UK Takeover Panel rules.
Bally’s Intralot CEO Robeson Reeves framed the rationale in the announcement as a combination of margin performance and scale.
We have built a business with industry-leading margins, and Evoke brings the scale. We see a compelling opportunity to plug our high-performance operating model into a much larger platform, and we are pursuing this with conviction.
Guidance and the year ahead
Management confirmed that the pro forma AEBITDA of €430.8 million and 39.7% margin for 2025 were in line with the projections issued at the time of the BII transaction. The early 2026 UK online trend of 11.1% year-on-year growth through February provides the clearest near-term signal on how the consolidated group is trading, with Q1 results expected to be the first quarter reported on a fully combined basis.
The €30 million dividend proposal, the May 18 deadline on the Evoke offer, and the scheduled H1 2026 publication are the three fixed points on the calendar that will determine whether the BII consolidation story extends into a second, larger European acquisition before the end of the year.
Source: Bally’s Intralot
