Intralot and Bally’s reach ‘milestone’ €2.7bn acquisition completion

Summary

Intralot has completed the acquisition of Bally’s Corporation’s International Interactive business in a cash-and-shares transaction valued at €2.7bn. The deal comprises €1.53bn in cash and €1.136bn in newly issued shares in the combined Intralot, giving Bally’s a 58% majority stake.

Robeson Reeves (Bally’s CEO) will lead the enlarged Intralot as CEO. The combined group forecasts approximately €1.1bn in pro forma run‑rate adjusted revenue and pro forma adjusted EBITDA margins above 39%, citing strong cross‑selling opportunities across B2G, B2B and B2C channels and the integration of platforms such as Vitruvian, LotosX and PlayerX across 40 jurisdictions.

Bally’s will use at least $1bn of after‑tax proceeds to reduce secured debt, with additional planned allocations including a minimum of $200m for its Chicago casino development and liquidity to pursue strategic growth, while also pursuing sale/leaseback and other debt‑reduction actions.

Key Points

The acquisition is valued at €2.7bn: €1.53bn cash and €1.136bn in shares.
Bally’s now holds 58% of the combined Intralot and will lead the business under CEO Robeson Reeves.
Combined pro forma metrics: ~€1.1bn run‑rate adjusted revenue and EBITDA margins above 39%.
Strategic rationale: combines Intralot’s lottery infrastructure and B2G reach with Bally’s digital capabilities, unlocking cross‑selling and global expansion.
Bally’s to allocate at least $1bn to secured debt reduction and commit funding to key development projects (including Chicago and Las Vegas plans).

Context and relevance

This transaction significantly reshapes the global iGaming and lottery landscape. It creates a larger, diversified operator with both strong public‑sector (lottery/B2G) contracts and consumer‑facing digital assets. For investors and industry operators, the deal signals renewed consolidation, sizeable balance‑sheet moves (debt paydown plus development funding) and an aggressive push to scale internationally.

It also matters for market dynamics in jurisdictions where Intralot already operates, and for Bally’s strategic pivot to monetise and redeploy capital into core US growth projects such as Bally’s Las Vegas and potential New York developments.

Why should I read this?

Short version: big money, big shift. If you watch iGaming M&A, casino expansion or play‑for‑cash strategy, this deal changes who’s got scale, who’s reducing debt and who’s got cash for new projects. It’s the sort of move that changes market conversations — worth a quick read so you know what’s moving the sector.

Author style

Punchy: This is a milestone deal — €2.7bn is not window‑dressing. It’s a clear bet on global scale and on swapping asset liquidity for strategic focus. Read the detail if you care about who will lead the next wave of iGaming consolidation and where capital will be deployed.