Bally’s Intralot Q3 results put revenue at €286.1m for July to September 2026, up 3.6% on the second quarter, and AEBITDA at €88.9m, as UK online growth absorbed part of a €34m hit from the higher remote gaming duty, the company said on 10 November.
The quarter is the second in full under the UK’s 40% remote gaming duty. The figures came in a preliminary nine-month statement published in Athens, which put group revenue for January to September at €830.3m and AEBITDA at €273.6m, a 33.0% margin.
The group’s stock exchange announcement shows a business now driven by Bally’s International Interactive (BII), the online B2C unit consolidated from 8 October 2025. BII contributed €579.2m of nine-month revenue and €195.6m of AEBITDA, a 33.8% margin. The Intralot legacy lottery and betting business contributed €251.1m of revenue and €78.1m of AEBITDA.
Bally’s Intralot Q3 results by segment
Year-on-year comparisons are distorted by the BII consolidation: in the third quarter of 2025 the group was Intralot alone. Group revenue rose to €286.1m from €81.9m, and AEBITDA to €88.9m from €29.9m. The margin fell 5.4 percentage points to 31.1%, with the UK duty increase weighing on the online business.
| Metric | Q3 2026 (€m) | Q3 2025 (€m) | Change (€m) |
|---|---|---|---|
| B2C revenue | 223.0 | 16.5 | +206.5 |
| B2B revenue | 63.1 | 65.3 | -2.2 |
| Group revenue | 286.1 | 81.9 | +204.2 |
| B2C AEBITDA | 68.7 | 5.7 | +63.0 |
| B2B AEBITDA | 20.2 | 24.2 | -4.0 |
| Group AEBITDA | 88.9 | 29.9 | +59.0 |
| AEBITDA margin | 31.1% | 36.5% | -5.4 pts |
Source: Bally’s Intralot preliminary results for the nine months to 30 September 2026. Q3 2025 excludes BII, consolidated from 8 October 2025.
The B2B line is the like-for-like read. B2B revenue slipped 3.4% to €63.1m in the quarter, while B2B AEBITDA dropped 16.5% to €20.2m.
Third quarter against the second
The sequential view strips out the consolidation effect. Revenue grew €10.1m from the €276.1m reported for April to June, with BII adding €7.8m of that. AEBITDA rose 5.1% and the margin widened by half a point.
| Metric | Q3 2026 (€m) | Q2 2026 (€m) | Change |
|---|---|---|---|
| Group revenue | 286.1 | 276.1 | +3.6% |
| BII revenue | 201.6 | 193.8 | +4.0% |
| Intralot legacy revenue | 84.5 | 82.3 | +2.7% |
| Group AEBITDA | 88.9 | 84.6 | +5.1% |
| BII AEBITDA | 62.8 | 60.1 | +4.5% |
| Intralot legacy AEBITDA | 26.0 | 24.5 | +6.3% |
| AEBITDA margin | 31.1% | 30.6% | +0.5 pts |
Source: Bally’s Intralot preliminary results, 10 November 2026. Q2 2026 BII and legacy figures calculated from the company’s stated quarter-on-quarter changes.
The legacy business gained most from Turkey, where revenue rose 25.8%, or €3.3m, on the second quarter, and from Argentina, up €0.9m. Legacy B2B revenue eased 3.0%, or €2.0m, with the US broadly flat. Legacy AEBITDA margin improved to 30.8% from 29.8%.
UK duty: a €68m gross hit in nine months
The UK raised remote gaming duty from 21% to 40% of gross profits on 1 April 2026. Bally’s Intralot puts the gross AEBITDA cost at about €34m in the third quarter, the same as in the second, and about €68m over nine months.
The company says it recovered about 55% of the third-quarter hit through revenue growth, lower marketing spend and cost control. Over nine months the recovery rate was 48.5%, according to its AEBITDA bridge from the pro-forma 2025 base, which includes BII’s pre-acquisition earnings.
| AEBITDA bridge item | €m |
|---|---|
| 9M 2025 pro-forma AEBITDA | 320.8 |
| UK gaming tax increase | -68.0 |
| BII organic growth | +26.2 |
| BII cost mitigations | +6.8 |
| Intralot legacy B2C | +0.4 |
| Intralot legacy B2B | -12.4 |
| 9M 2026 AEBITDA | 273.6 |
Source: Bally’s Intralot, nine months to 30 September 2026 against the 2025 pro-forma period. Items do not sum exactly because of rounding.
Without the tax change, BII AEBITDA would have grown 14.4% year-on-year, the company said. BII revenue rose 10.9% in constant currency over nine months.
The UK carried that growth. UK online revenue rose 12.2% in constant currency in the third quarter, up from 11.6% in the second, with less marketing spend behind it. UK NGR reached a quarterly record for the third quarter in a row. Spain online revenue also hit a record, up 18.9% to €13.3m in the quarter on a larger base of active players.
The UK tax figures follow the pattern in the second-quarter results of majority owner Bally’s Corporation, which reported UK online growth of 11.6% for April to June.
Intralot legacy: US lottery drags B2B
On a like-for-like basis, Intralot legacy revenue fell 4.9% to €251.1m in the nine months, or 3.4% in constant currency. Legacy AEBITDA dropped 13.4% to €78.1m, and the margin narrowed to 31.1% from 34.2%.
| Business | 9M 2026 revenue (€m) | Change y/y |
|---|---|---|
| Intralot legacy total | 251.1 | -4.9% |
| Legacy B2B | 191.0 | -8.1% |
| US B2B | 119.6 | -11.0% (constant currency) |
| Legacy B2C | 60.1 | +7.1% |
| Bilyoner (Turkey) | 45.8 | +3.4% |
| Argentina | 14.3 | +21.1% |
Source: Bally’s Intralot preliminary results, nine months to 30 September 2026 against the same period of 2025.
The US, the largest B2B market, produced most of the decline. Lottery revenue fell against a 2025 period lifted by record jackpots, and equipment sales were lower. Outside the US, legacy B2B revenue grew 3.6% in constant currency. Legacy B2B AEBITDA fell 17.5% to €58.4m, a 30.6% margin against 34.1% a year earlier.
In Turkey, amounts wagered with Bilyoner grew 28.4% in lira, against 17.8% growth for the online sports betting market as a whole. Bilyoner revenue rose 20.6% in local currency, but an 18.2% average fall in the lira cut the euro growth to 3.4%. Argentina revenue grew 21.1% and AEBITDA 8.5% to €3.3m.
Debt, liquidity and the evoke deal
Liquidity rose by €185.1m in the quarter after the group drew the first £157.1m (€183.2m) tranche of a new three-year £261.8m senior secured sterling term facility, signed in July. Part of the money repaid, in August, the €65.0m drawn on the revolving credit facility, which is now fully undrawn at €160.0m.
| Metric (€m) | 30 Sep 2026 | 30 Jun 2026 | 31 Dec 2025 |
|---|---|---|---|
| Total liquidity | 472.4 | 287.3 | n/a |
| Total cash incl. restricted | 312.4 | n/a | 246.7 |
| Total debt | 1,942.3 | n/a | 1,740.6 |
| Adjusted net debt | 1,629.9 | 1,618.9 | 1,493.9 |
Source: Bally’s Intralot balance sheet data, unaudited. Total debt excludes a €43.3m total return swap liability.
Most of the rise in net debt since December comes from the €85.0m paid for a 15-year gaming machine monitoring licence in Victoria, Australia, awarded in April. Adjusted net debt stood at 4.33 times pro-forma AEBITDA.
On a pro-forma basis, combining Intralot and BII for the full 12 months to 30 September, the group generated revenue of €1,101.7m and AEBITDA of €376.7m, a 34.2% margin. Pro-forma profit after tax was €74.2m and levered free cash flow €111.0m, after €138.5m of interest paid.
The new sterling facility is earmarked in part for acquisitions. Bally’s Intralot agreed its all-share takeover of evoke plc in June, and shareholders of both companies have approved the deal. Several competition and regulatory conditions are already met, the company said.
Next steps
Bally’s Intralot expects the remaining gaming regulatory approvals for the evoke acquisition, and the Gibraltar court sanction hearing, to be completed by the first quarter of 2027. In the US, the group is preparing for tenders in New York and South Carolina and for a Maryland request for proposals, according to the cost notes in its results.
Source: Bally’s Intralot
