Intralot SA has reported steady half-year results for 2025 – but the Athens-based tech group already has eyes on a far bigger prize: a €2.4bn merger with Bally’s Interactive, one of the biggest gambling M&A moves of the year.
Robeson Reeves, set to become CEO of the combined company, told SBC News last month that the deal is about more than scale: “It’s about positioning Intralot as a genuine disruptor in a rapidly shifting lottery and iGaming marketplace.”
Solid first-half foundations
For the six months to June 2025, revenues nudged up 1.7% year-on-year to €168m. EBIT improved 8.5% to €25m, while net income came in flat at (€0.1m).
The real progress came on the balance sheet. Free cash flow jumped to €43.5m, while adjusted net debt fell €52.7m to €303m – lowering leverage to 2.3x.
“Our results reflect stable financial performance in revenue and profitability, strengthened cash flows, and a significant reduction in debt,” said Chairman Sokratis Kokkalis. “We are entering a transformative era that will redefine our global presence through strategic acquisitions and innovation.”
Lottery backbone remains strong
Despite the buzz around digital, lottery continues to anchor the business – bringing in predictable revenues through long-term contracts.
B2B managed services added further strength, particularly across the US and Latin America. Growth in Argentina helped offset pressure in Turkey, where inflation and marketing costs dented margins.
Technology and support services also contributed, boosted by US equipment sales and ongoing activity in Croatia.
Eyes on the €2.4bn prize
The upcoming Bally’s merger could be a turning point. At €2.4bn, the tie-up blends Intralot’s B2B lottery expertise with Bally’s consumer-facing reach.
“It’s an amazing transaction – for the good of Bally’s, the good of Intralot. It makes us very unique, bringing iLottery and iGaming together with tech, data and global reach that no one else has,” Reeves said.
While some question the mix of supplier and operator, Reeves argued the logic is clear: “We like our profile, huge cash flow, rapidly de-levering and additive to both our lottery and gaming capabilities. In FY24 alone, the combined entity generated €416m in EBITDA, with over 90% free cash flow conversion. That kind of strength gives us flexibility to pursue growth – including M&A – in a disciplined way.”
Industry in transition
Reeves stressed that the merger won’t steer Intralot away from its roots. “I’m watching the disruption in the lottery space very closely. We’re adding to Intralot’s business, while others are going through significant change. There’s a shift coming, and we’re positioned to lead.”
Much of that change is playing out in North America, where IGT and Scientific Games are restructuring, while regulators in Texas and elsewhere review how public lottery contracts are awarded. With €1.4bn in revenues secured through 2029, Intralot sees an opening to position itself as a genuine challenger.
But Reeves’ ambitions extend beyond lottery. The combined business is eyeing cross-channel gaming opportunities across every continent. “We’ve shown consistency, adaptability and regulatory resilience,” he added. “That’s why we’re the company to watch.”