Bally’s Intralot has reported its first results since its $2.7bn (£2.3bn) merger, with annual revenue rising by over 35% to €520.6m (£449.8m).
The results come just two weeks after Nikos Nikolakopoulos stepped down as President of Lotteries at the business, ending a near-20-year tenure.
Adjusted EBITDA rose by 41.2% to €184.6m in a huge year of growth for the firm, which completed the merger between Bally’s and Intralot in October 2025.
Bally’s became a majority shareholder in Bally’s Intralot after combining its Interactive International business with Athens-listed Intralot to create a global iGaming and lottery champion.
Terms saw Intralot acquire the Bally’s Interactive International division, encompassing its B2B activities, while Bally’s Corporation secured a 58% in Intralot. Bally’s Chief Executive Officer, Robeson Reeves, subsequently became CEO of the combined entity.
Post-merger, the firm has already reported a strong start to 2026 in the UK, a market which became its biggest in Q4 2025, accounting for more than 60% of total revenue.
UK online performance in the first two months of 2026 has returned £95.7m thus far, up 11.1% year-on-year, showing that the business is already reaping the rewards of its merger.
Reported group revenue for Q4 2025 as a whole increased to €256.7m – a huge increase from the €113.2m the year before.
Executives described the year as “transformative” and added that the firm’s B2C arm has been strengthened since the merger.
Bally’s Intralot merger masking slump?
Despite the positives, a lot of the firm’s surge in turnover was down to the merger. Excluding contributions from Bally’s Interactive International, revenue declined 8.7% year-on-year and adjusted EBITDA decreased 10.9%.
Intralot attributed this decline to foreign exchange headwinds, as well as higher merchandise sales and implementation fees recorded in 2024.
Its US revenue also declined by 5.6%, but adjusted EBITDA rose by 5.4%. Australia and Argentina experienced revenue growth, while Turkey revenue dropped by a huge chunk – 21.8%.
Whilst the business has experienced a huge boost since its merger, its underlying numbers oppose that with a slight decline.
As Bally’s Intralot continues to scale around the world, its results which are not in the immediate aftermath of its merger may portray a more balanced and stable representation of the business when it is not still in its embryonic stage.
