Bally’s Intralot Reports 35% Revenue Growth Amid Merger, Faces Financial Challenges
Significant Revenue Growth Driven by Merger
Bally’s Intralot experienced a substantial sales increase of nearly 35% year-over-year in 2025, achieving total revenue exceeding $609 million compared to $410 million the previous year. This sharp rise was largely a result of the merger between Bally’s International Interactive and Intralot’s global lottery and gaming business, finalized in October 2025 with a valuation of approximately EUR 2.7 billion ($3.17 billion). The deal included a combination of cash and newly issued shares.
Post-merger, the United Kingdom emerged as the company’s largest market by the end of 2025, contributing over 60% of total revenue. Early 2026 figures reflected an 11.1% increase year-on-year in the UK online segment, generating around $121.5 million in just the first two months, indicating promising initial results from the merger integration.
In the fourth quarter of 2025 alone, group revenue jumped to $279.5 million from $123.4 million the year before, highlighting the merger’s substantial impact. Additionally, the company revealed plans to fully acquire Evoke, following earlier speculation about this move.
Financial Setbacks Despite Revenue Gains
While the merger boosted overall revenue, Bally’s Intralot’s core business performance showed signs of weakness. Excluding the contribution from Bally’s Interactive International, revenues actually declined by 8.7%, and adjusted EBITDA decreased by 10.9%. These declines were attributed to factors such as currency fluctuations and increased costs related to merchandise and implementation fees from 2024.
Geographically, revenues in the US dropped 5.6%, although adjusted EBITDA there increased by 5.4%. Australia and Argentina saw revenue growth, but Turkey’s market suffered a steep 21.8% decrease. Other financial pressures included increased depreciation, amortization, transaction fees, and higher finance costs.
Consequently, Bally’s Intralot posted a pre-tax loss of approximately $44.9 million, a reversal from a $19.5 million profit the year before. After accounting for $21.8 million in taxes, the net loss widened to about $66.5 million, compared to a net profit of $18 million previously. Net income after tax and minority interests fell sharply from a positive $5.3 million to a loss near $71 million.
Looking Ahead to 2026 and Expansion Plans
The company is pursuing further growth, including advancing expansion initiatives in Las Vegas. Although these developments could significantly impact Bally’s Intralot’s financial position in 2026, whether the overall effect will be beneficial or detrimental remains uncertain.
