Intralot cites Bally’s UK retention strengths as driving force for group’s B2C ambitions
Summary
Intralot plans to lean on Bally’s International Interactive’s UK retention strengths as it builds a global B2C arm following a €2.7bn acquisition. Executives said the combined group aims to launch one or two B2C products in a new market each year, sometimes via joint ventures with local media partners. Bally’s is UK-dominant (94% of revenue), holds ~14% of the UK iGaming market, and has c.6 million players in its database with around 1 million monthly uniques. The operator adapted to UK stake limits by offering more frequent, lower-multiplier wins, which improved player experience and retention. Bally’s reported a €709m FY2024 run-rate with a 40% adjusted EBITDA margin and a ~10% CAGR since 2019. Intralot forecasts a €14bn UK+Spain iGaming TAM by 2029 and a €200bn global TAM across iGaming, sports betting and lottery by 2029. The deal is expected to close in Q4 2025, the merged group will list on the Athens Stock Exchange and may pursue selective local M&A.
Source
Key Points
- Intralot is acquiring Bally’s International Interactive for €2.7bn; the deal is expected to close by Q4 2025.
- The combined group plans to launch one or two B2C products in a new market each year, leveraging local joint ventures where appropriate.
- Bally’s UK: ~14% market share, c.6 million players on file and 1 million monthly unique players; UK represents c.94% of its revenue.
- Bally’s responded to UK online stake limits by offering more frequent, lower-multiplier wins (eg. 10x stake), improving player experience and retention.
- FY2024 run-rate revenue for Bally’s International Interactive: €709m; adjusted EBITDA margin: 40%; consistent ~10% CAGR since 2019.
- Combined group projects a €14bn TAM for UK+Spain iGaming by 2029 and a €200bn global TAM across iGaming, online sports betting and lottery by 2029.
- The merged business will list on the Athens Stock Exchange, aims for approx. €1.1bn in annual revenues and may pursue selective local acquisitions.
Context and relevance
This is important for investors, operators and strategists watching consolidation in iGaming and how operators adapt to tougher consumer-protection rules. Bally’s retention-led adjustments show a practical route to sustain revenue under stricter stake limits: tweak product economics to raise player satisfaction rather than simply increasing spend. Intralot’s strategy — combining retention, player-data monetisation and cautious geographic rollouts (plus selective M&A) — reflects a broader industry shift towards using data and retention as scalable competitive advantages while managing regulatory risk.
Why should I read this?
Punchy: If you track iGaming M&A, product strategy or investor upside, this one’s worth your time. It’s a neat case study in how retention optimisation (not just big marketing budgets) can deliver sustainable growth under tougher rules. We’ve read the detail and pulled out the takeaways: rollout cadence, financials, and the reasons selective local partnerships or buys could be next.