Intralot SPA is chasing up opportunities in the US lottery sector, among other markets, following its takeover of Bally’s Interactive International.
The two firms announced the closure of a transaction agreement this week which will see the Greek B2B gambling group take control of Bally’s iCasino division, valued at €2.7bn.
In addition, Bally’s will increase its stake in Intralot from 26.86% to 33.34%, moving up from being the largest stakeholder in the company to its majority stakeholder.
Intralot states that the transaction, which it expects to complete by the end of Q4 2025, will make it one of the largest companies on the Athens Stock Exchange by market capitalization.
The company’s objectives encompass both Europe and North America, with it aiming to increase its standing as a tech provider to both lottery and gaming companies in both regions. Sokratis Kokkalis, Intralot’s founder and Chairman, said that the transaction is ‘doubly important’.
He said: “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.”
The takeover will see Intralot onboard substantial gaming technology companies, with US state lotteries a particular target for the firm.This is a highly competitive space though, and the company will find itself competing with the likes of Brightstar/IGT, Pollard Banknote, Light & Wonder and Scientific Games.
Nikolaos Nikolakopoulos, Intralot CEO, explained: “Intralot takes a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors.
“Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping State Lotteries enhance player experiences and maximize returns for good causes.”
The deal also shows that Intralot is clearly not adverse to M&A, despite the fact it has also denied acquisition rumours lately after reports surfaced that it was also intended in an Australian endeavour.
Meanwhile, for Bally’s, the transaction further tightens its links to Intralot, with the duo’s cooperation going beyond stakes to include shared board members, and shows its willingness to expand its footprint beyond US shores, following investments in Australia and the UK over the past few years.
“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 a significantly greater financial scale from which to drive growth and compete on a global basis.”