Bally’s Corp. and Intralot complete Intralot’s acquisition of Bally’s International interactive business
Summary
Bally’s International Interactive has been sold to Intralot in a deal that values the interactive business at an enterprise value of €2.7bn. The transaction combines Bally’s interactive operations with Intralot’s global lottery and gaming business, creating a larger, diversified iGaming and lottery group.
Following the completion, Bally’s becomes the majority shareholder in Intralot, holding a 58% equity interest when its prior shareholding is combined with the successful €429m new share issuance in Intralot. The combined business is expected to generate roughly €1.1bn in annual revenue with EBITDA margins above 39% driven by synergies and cross-market opportunities.
Bally’s will use proceeds to strengthen its balance sheet — committing at least $1bn of after-tax proceeds to reduce secured debt — and will allocate a minimum of $200m to fund its Chicago casino development. The deal also supports Intralot’s position across B2G, B2B and B2C channels while keeping Bally’s digital leadership and technology intact within the combined group.
Key Points
- Transaction values Bally’s International Interactive at an enterprise value of €2.7bn.
- Bally’s becomes majority shareholder in Intralot, holding about 58% equity post-transaction.
- Intralot completed a €429m new share issue that was heavily oversubscribed.
- The combined company is expected to generate ~€1.1bn revenue and deliver EBITDA margins in excess of 39%.
- Bally’s will allocate at least $1bn of after-tax proceeds to reduce secured debt.
- At least $200m of cash proceeds are earmarked to fund Bally’s Chicago casino project.
- The deal preserves Bally’s digital leadership and integrates it with Intralot’s lottery scale to pursue global growth.
- Management highlights cross-selling, operational synergies and an addressable market estimated at €200bn by 2029.
Context and Relevance
This is a major consolidation move in the global gaming and lottery sector. By combining Bally’s digital capabilities with Intralot’s lottery infrastructure and scale, the group accelerates its reach across regulated B2G lottery contracts and the consumer-facing iGaming market. The strong projected margins and expected revenue scale indicate significant operational leverage from the merger.
For Bally’s specifically, the deal is as much about capital allocation as it is about strategy: it unlocks liquidity to reduce debt and fund large land-based development (notably the Chicago casino), while retaining upside from the interactive business as part of a larger, diversified operator.
Author style
Punchy. This is a high-stakes strategic deal — big numbers, clear deleveraging and a direct bet on combining digital iGaming with lottery scale. If you track M&A, operator strategy or the US casino build pipeline, this matters.
Why should I read this?
Short version: big-money deal, big strategic shift. Bally’s has turned a key digital asset into liquidity, cut down future interest risk and kept a controlling stake in a newly enlarged Intralot — all while setting aside cash to build its Chicago casino. If you care about industry consolidation, casino development or where operator capital is going, this gives you the highlights without the fluff.
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Article details
Article Date: 2025-10-09T15:14:30+00:00
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