Intralot completes acquisition of Bally’s International Interactive business

Bally’s Corporation (BALY) has completed the acquisition of Bally’s International Interactive business and combined it with Intralot’s (IRLTF) global lottery and gaming operations. The transaction, values Bally’s International Interactive at an enterprise value of EUR 2.7B and unlocks significant liquidity for Bally’s while positioning Bally’s International Interactive for continued and accelerated global growth. With the completion of the transaction, Bally’s became the majority shareholder of Intralot and will continue to play an active role in shaping the strategic direction of the combined entity. The acquisition consideration was comprised of: EUR 1.53B of cash paid by Intralot to Bally’s, and EUR 1.136B of newly issued shares to Bally’s in new Intralot. When combined with Bally’s prior ownership of 207,534,878 Intralot shares, the transaction results in Bally’s holding a 58% equity interest in Intralot. The EUR 429M issue of new ordinary shares in Intralot was announced on October 8, 2025, with strong institutional and retail investor demand resulting in the offering being oversubscribed multiple times. Intralot is now a global iGaming and lottery champion with enhanced scale, diversification, and a highly complementary product offering across B2G, B2B and B2C channels. Intralot is one of the largest listed companies on the Athens Stock Exchange, and the combined entity is expected to generate approximately EUR 1.1b in annual revenue with industry-leading EBITDA margins in excess of 39%, driven by operational synergies, cross-market opportunities, and continued data-driven innovation. This strategic alignment is expected to unlock significant cross-selling opportunities and drive growth and long-term value creation. As part of Intralot, Bally’s International Interactive will retain its leadership, technology stack, and proven digital capabilities. The combination of Bally’s’ proven digital experience and Vitruvian data platform with Intralot’s scale and lottery infrastructure creates a powerful foundation for long-term expansion to capitalise on an addressable market estimated to reach EUR 200B globally by 2029. Bally’s intends to allocate at least $1B of the cash after-tax proceeds from the transaction for the reduction of its secured debt, including outstanding revolver balances. Combined with the contemplated sale and leaseback of Bally’s’ Twin River Lincoln Casino Resort – which includes the application of $500M to reduce secured debt and credit facilities – Bally’s will substantially reduce debt. The transaction also allows Bally’s to maintain ample liquidity, including its recently announced increased $670M revolver, to pursue the Company’s strategic growth development initiatives. In this regard, Bally’s also expects to allocate a minimum of $200M of cash to fund the development of its Chicago casino as construction accelerates in conjunction with the $940M commitment under its agreement with Gaming and Leisure Properties.