Intralot SA underlines that its “core business” remains EBITDA positive, as the Athens technology group negotiates final proceedings to acquire Bally’s Interactive for €2.4bn.

Half-year accounts reveal a stagnant top line, with group revenues nudging up just 1.7% year-on-year to €168mn for the six months ending June 2025.

Despite the lack of headline growth, the Greek-listed gaming technology provider strengthened its operational base, reporting a positive EBIT of €25mn, up 8.5% on the year prior.

While net income hovers at breakeven of NIATMI (€-0.1mn), management pointed to improved underlying performance, particularly across operating cash flow and debt reduction metrics. The group’s free cash flow surged to €43.5mn, while adjusted net debt dropped by €52.7mn to €303mn, lowering its leverage ratio to 2.3x.

“Our results reflect stable financial performance in revenue and profitability, strengthened cash flows, and a significant reduction in debt,” said Intralot Chairman Sokratis Kokkalis.

“We are entering a transformative era that will redefine our global presence through strategic acquisitions and innovation.”

Lotto and B2B cornerstones

Lottery operations continue to anchor Intralot’s revenue base, contributing 53% of group income, followed by managed B2B contracts at 22%. The group flagged strong performance in the US and Argentina, offsetting softness in Turkey, where hyperinflation effects and marketing spend weighed on B2B-managed services.

Elsewhere, licensed operations in Argentina posted a 91.4% increase in local currency, while technology and support services gained €2.9mn, driven by US equipment sales and performance in Croatia.

High Expectations 

Beyond earnings, market attention is now fixed on Intralot’s €2.4bn acquisition of Bally’s International Interactive, a deal positioned to “significantly expand financial scale and digital expertise.” The transaction, approved by both boards in July, is expected to close by Q4 2025.

Once complete, Intralot plans to leverage Bally’s digital infrastructure to build a new unified platform aimed at winning contracts in the US lottery and iGaming markets, where the group has recently secured long-term agreements in Idaho, Montana, and New Hampshire.

Interviewed by SBC News, Robeson Reeves—who will lead the newly formed interactive division as CEO —described the current moment as a “window of realignment”, pointing to restructurings at IGT and Scientific Games as signs of industry upheaval.

With €1.4bn in secured revenues through 2029, Intralot enters this transformation from a position of operational strength, aiming to deliver steady EBITDA while positioning itself to challenge incumbents across the North American lottery market.

Reeves is cautiously optimistic, acknowledging the difficulty of penetrating markets typically dominated by long-term renewals. However, recent controversies—most notably in Texas—are prompting scrutiny around how public lottery contracts are awarded.

As he told SBCNews, rather than pursue growth for its own sake, the group will focus on strategic, regulated expansion—targeting one to two new markets annually. “We’ve shown consistency, adaptability, and regulatory resilience,” Reeves said. “That’s why we’re the company to watch.”

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