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October 9, 2025 – Bally’s Corporation (NYSE: BALY) has announced the completion of Intralot S.A.’s (ATSE: INLOT) acquisition of Bally’s International Interactive business. The deal, valued at €2.7 billion enterprise value, marks a transformational step for both companies, combining Intralot’s global lottery and gaming operations with Bally’s digital interactive platform.
The transaction provides Bally’s with significant cash liquidity while positioning Bally’s International Interactive for continued global expansion. Bally’s now holds a 58% majority stake in Intralot, allowing the company to maintain strategic influence over the combined entity’s future direction.
Transaction Structure and Financial Details
The acquisition consideration included €1.530 billion in cash paid directly to Bally’s, along with €1.136 billion in newly issued Intralot shares. Bally’s received 873,707,073 new shares at an implied value of €1.30 per share. Combined with Bally’s existing holding of 207,534,878 Intralot shares, the transaction results in Bally’s controlling a 58% equity interest in the Greek gaming and lottery operator.
On October 8, 2025, Intralot announced the successful completion of a €429 million new share offering, which saw strong demand from both institutional and retail investors. The offering was oversubscribed multiple times, reflecting market confidence in the combined entity’s growth potential.
Creating a Global iGaming and Lottery Powerhouse
The combined business positions Intralot as one of the largest listed companies on the Athens Stock Exchange. The merged entity is projected to generate approximately €1.1 billion in annual revenue with EBITDA margins exceeding 39%, driven by operational efficiencies, cross-market opportunities, and data-driven innovation.
Bally’s International Interactive will maintain its leadership team, technology infrastructure, and digital capabilities within Intralot’s structure. The integration combines Bally’s proven digital expertise and Vitruvian data platform with Intralot’s lottery infrastructure and global reach. This combination targets an addressable market estimated to reach €200 billion globally by 2029.
The deal is expected to create significant cross-selling opportunities across B2G, B2B, and B2C channels, allowing both companies to access new markets and customer segments.
Strategic Debt Reduction and Capital Allocation
Bally’s plans to allocate at least $1.0 billion of after-tax cash proceeds toward reducing secured debt, including outstanding revolver balances. This debt reduction strategy is part of a broader financial restructuring that includes the contemplated sale and leaseback of Bally’s Twin River Lincoln Casino Resort, which would contribute an additional $500 million toward secured debt and credit facilities.
The transaction allows Bally’s to maintain liquidity through its recently announced $670 million revolver, supporting the company’s strategic growth initiatives. Bally’s expects to allocate a minimum of $200 million to fund development of its Chicago casino project, which is moving forward under a $940 million commitment with Gaming and Leisure Properties.
Leadership Commentary
Robeson Reeves, CEO of Bally’s Corporation, said: “This is a milestone transaction for Bally’s. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth. Our shareholders now have visibility into the value of our interactive division as part of a larger, globally scaled operator. Intralot’s lottery expertise and reach, combined with Bally’s International Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term.”
About Bally’s Corporation
Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence. The company owns and operates 19 casinos across 11 states, a golf course in New York, and a horse racetrack in Colorado. Bally’s holds online sports betting licenses in 13 jurisdictions across North America and recently expanded internationally with the acquisition of Aspers Casino in Newcastle, UK.
The company’s digital portfolio includes Bally Bet, a sports betting platform, Bally Casino, an iCasino platform, and Bally’s International Interactive division (formerly Gamesys Group). With 11,500 employees, Bally’s casino operations feature approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. The company also holds rights to developable land in Las Vegas at the former Tropicana Las Vegas site.
About Intralot S.A.
Intralot, a publicly listed company established in 1992, is a leading gaming solutions supplier and operator active in 40 regulated jurisdictions worldwide. With approximately 1,700 employees as of March 2025, Intralot delivers technology solutions across geographies, serving multiple verticals and supporting operators in raising funds for good causes.
The company has been awarded the Responsible Gaming Framework certification by the World Lottery Association and is certified under the WLA Security Control Standard.
Source: ballys.com
