Intralot SA has concluded its acquisition of Bally’s International Interactive, in a move to strategically advance its digital capabilities across all core business functions.

As announced on 2 July, Intralot will acquire Bally’s Interactive, the online arm of Bally’s Corporation, for an enterprise value of €2.7bn.

Under deal terms, Bally’s Corporation receives €1.53bn in cash and €1.13bn in new Intralot shares, representing approximately 873m shares valued at €1.30 each. Combined with its prior holding, Bally’s Corp will own a 58% majority stake in the Athens-listed group.

A filing with the Athens Stock Exchange, saw Intralot confirm its successful completion of €900m in senior secured notes (split as €600m fixed-rate at 6.75% and €300m floating-rate at EURIBOR + 4.5%). 

Additional funding includes a £400m (€460m) six-year term loan from institutional lenders, a €200m four-year amortising loan from Greek banks, and a €429m share issue at €1.10 per share – which was multiple times oversubscribed.

Proceeds from the financing were used to pay the cash consideration to Bally’s, refinance existing debt, and strengthen Intralot’s balance sheet. The company also secured a €160m revolving credit facility, which remains undrawn.

Equal partners

The M&A unites two complementary gaming leaders. Intralot’s extensive lottery network and government partnerships will now be supported by Bally’s Interactive’s proprietary gaming IP, digital platforms, and data-driven customer experience technology.

The partners have identified US state lotteries and North American B2G/B2C integrations as a core growth opportunity, leveraging Bally’s Interactive’s proven software, mobile experience, and exclusive content portfolio. 

Tech synergies outlined in the prospectus emphasised that the integration of Bally’s proven digital expertise and Vitruvian data platform with Intralot’s global scale and lottery infrastructure establishes a powerful foundation for multi-million, cost controls, scale advantages and enhanced operating margins

Together, the combined group is positioned to become a next-generation lottery and iGaming supplier, able to compete for new state tenders and expand the reach of regulated online lottery entertainment.

Robeson Reeves, CEO of Bally’s commented: “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. Intralot’s lottery expertise and reach, combined with Bally’s Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term.”

iInterview by SBCNews in July following the deal’s announcement, Reeves noted the competitive momentum behind the deal: “We’re adding to Intralot’s business, while others are going through significant change. Things are shifting rapidly in the lottery space — this gives us an edge.”

He added that €1.4bn in contracted revenues through 2029 give the group reliable EBITDA visibility, and that structural changes in major lottery markets (especially targeting US opportunities) will redefine future opportunities.

“Even in a worst-case scenario where incumbents are renewed, that still means robust, almost locked-in earnings. But the ground is shifting — and we’re ready,” Reeves declared.

Bally’s Corp begins capital reset

For Bally’s Corporation, the sale marks a crucial step in strengthening its balance sheet and refocusing on domestic growth priorities. The group faced liquidity pressures during 2025, driven by high leverage and capital commitments tied to the $1.9bn Chicago casino development.

Management intends to allocate at least $1bn of post-tax proceeds from the Intralot transaction toward reducing secured debt, including revolving credit balances. This will be complemented by a $500m sale-and-leaseback of the Twin River Lincoln Casino Resort, and an additional $200m investment earmarked for the Chicago project, which remains on track for completion alongside the $940m commitment from Gaming & Leisure Properties.

By divesting its interactive division while retaining a majority stake in the new Intralot, Bally’s gains long-term exposure to international digital growth without sacrificing liquidity needed to stabilise its US operations and accelerate key developments.

Marriage for a €200bn global gambling market

Dealmakers believe that the restructuring of Bally’s, Intralot and their combined interactive division better aligns each business to capture growth opportunities in a €200bn addressable global market by 2029.

The partnership reflects a wider industry trend as major suppliers reposition to meet the evolving dynamics of digital lottery, igaming platforms, and omnichannel services for B2B customers.

2025 has been a year of comprehensive change across the lottery technology landscape. Rivals Brightstar (formerly IGT plc) and Scientific Games have both restructured their businesses to return to standalone lottery-systems operations, having divested former non-core gaming units to better address lottery opportunities in new and emerging markets. 

Meanwhile, European lottery giant Allwyn International announced last month that it would expand into the US market through a $2.5bn acquisition of daily fantasy sports (DFS) operator PrizePicks, a move viewed as a strategic step to enhance its lottery engagement and new lotto-pipeline capabilities.

As Intralot and Bally’s embark on their joint venture, their combined scale, proprietary IP, and global reach place them among the key players reshaping the future of the lottery and iGaming industry.