Intralot acquires Bally’s Interactive in €2.7 billion deal to create global lottery and gaming giant
Intralot S.A. and Bally’s Corporation have announced a definitive agreement for Intralot to acquire Bally’s International Interactive business, in a deal valued at €2.7 billion.
“This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion,” said Soohyung Kim, Chairman of Bally’s board and Vice Chairman of Intralot’s board. “By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”
The deal, announced on 1 July, will see Bally’s receive €1.530 billion in cash and €1.136 billion in newly issued shares of Intralot. Intralot’s founder and Chairman, Sokratis Kokkalis, emphasised the significance of the deal for both the company and Greece.
“The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming. On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination,” Kokkalis said.
A global gaming powerhouse
The combination of Intralot and Bally’s Interactive will create “a leading digital gaming operator and technology provider for lottery products with a footprint in some of the most attractive markets in Europe and North America,” according to the official announcement.
The newly combined entity will benefit from significant geographic diversification, with a presence in key regulated markets such as the UK, Spain, North America, and Australia, explained Intralot.
Bally’s International Interactive business contributes “a leading market position in iGaming in the UK and Spain,” with UK operations generating £1.0bn in iGaming revenue since 2019. Spain, meanwhile, contributes over €1.3bn in cumulative revenue.
Intralot, founded in Greece, is considered a global leader in the lottery sector with a presence in 40 regulated jurisdictions, a €0.4 billion turnover, and a workforce of 1,700 employees. The company brings a robust, recurring lottery revenue base, with over €1.4 billion in contracted revenues through 2029 and an 89% historical renewal rate.
“Intralot takes a major step forward in becoming a global technology and services leader in the lottery and gaming sectors,” said Nikolaos Nikolakopoulos, Intralot’s CEO and board member. “Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping State Lotteries enhance player experiences and maximise returns for good causes.”
Technology synergies
The merged companies are planning on creating a “Holistic Omni-Channel Product Offering” across lottery, iGaming, and sports betting.
“This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery,” said Robeson Reeves, Bally’s CEO and board member, who is expected to become the new CEO of Intralot post-transaction.
Intralot forecasts consequent financial benefits from the deal, including “€35m – €40m run-rate cost synergies” within 24 to 36 months of closing, as well as a targeted net leverage of 2.5x and a dividend payout ratio of 35% of net income.
The deal is expected to close in the fourth quarter of 2025, subject to shareholder approvals, regulatory clearances, and other customary closing conditions.
