The chain of events set in motion by Intralot’s acquisition of Bally’s Interactive have come to a head as Robeson Reeves, CEO of Bally’s Corporation, becomes CEO of the Greek lottery solutions group.
Intralot secured terms to acquire Bally’s Interactive, the international B2B division of US casino and entertainment conglomerate Bally’s Corporation, in July this year. The firm paid Bally’s Corporation €1.58bn in cash and €1.13bn in its own shares. The cash option will be used by Bally’s Corporation to refinance its existing debt of $4.3bn, entering a new arrangement with bondholders.
Bally’s has also become a major stakeholder in Intralot, taking a 58% majority stake in the group while Reeves steps up to become CEO, creating very strong business ties between the duo. As well as the stake, Intralot also paid Bally’s €1.53bn in cash and €1.13bn in Intralot shares.
In turn, Bally’s Corporation also secured a 58% stake in Intralot and plans were set in motion for Reeves to take the reins as CEO from Sokratis Kokkalis, Co-Founder and long-term CEO of Intralot.
Kokkalis will remain Chairman of Intralot’s Board of Directors. On top of this, further solidifying Bally’s leadership of this new era Intralot, Baly’s Corporation’s Chairman, Soo Kim, will become Vice Chairman of Intralot’s Board.
A Greek-founded and headquartered business and Athens Stock Exchange enterprise, Intralot has an active international footprint – and interestingly does not seem particularly interested in lottery activity in its home country, not participating in the tender for the next Greek lottery licence. This is instead being contested by Brightstar, formerly IGT, and Allwyn’s OPAP.
North American lottery operations are the top priority for the firm, with it having already built up a considerable presence in the US via deals with the likes of the Hampshire Lottery. Its US operations have not always gone smoothly, however, a legal dispute with the Maryland Lottery being a notable example of friction.
Speaking to SBC Media after the announcement of the Intralot-Bally’s deal, Reeves said that the firm was closely monitoring changing dynamics in US lotteries. He said; “I’m watching the disruption in the lottery space very closely. There’s a shift coming, and we’re positioned to lead.”