Bally’s Intralot has reported steady revenue growth in its first year of operations since its creation via M&A during the first half of 2025.
The publication of the group’s FY25 and Q4 results also came after confirmation that the group is engaged in conversations with LSE-listed evoke over a potential sale.
In an announcement to its Athens Stock Exchange investors, Bally’s Intralot revealed group-wide revenue of $518m (£450m), up from €384.3m the year prior.
Q4 revenue came in at €245.1m (Q4 2024: €113.2m), while EBITDA for the final four months of the year stood at €77.6m (€33.2m). Full year EBITDA stood at €166.3m (€124.7m).
“2025 has been a landmark year for Bally’s Intralot,” said Robeson Reeves, Chief Executive Officer of Bally’s Intralot.
“The successful acquisition of Bally’s International Interactive has fundamentally transformed our Group into one of the leading iGaming and lottery platforms globally.
“Our combined pro-forma revenues of approximately €1.1bn and AEBITDA of €431 million at a nearly 40% margin speak to the exceptional quality and earnings power of this platform.”
Revenue was split between B2C and B2B activities, with the latter coming in at a larger figure than the former – however, B2B revenue reduced, while B2C revenue increased.
B2B revenue dropped 5.6% from €292m to €275.6m for the full year, while also decreasing 15.9% from €80.7m to €67.8m during the fourth quarter.
B2C revenue, in contrast, rose 162.7% from €92.3m to €242.4m for the full year, and by an even more considerable 472.2% from €32.6m to €186.3m in Q4.
This is likely due to the addition of Bally’s International Interactive’s operations, as a result of the merger between Intralot and Bally’s last year that led to the creation of Bally’s Intralot.
The deal saw Intralot acquire Bally’s Interactive, while Bally’s Corporation secured a major stake in the combined entity and the aforementioned Reeves, CEO of Bally’s Corporation, took on the top leadership role at Bally’s Intralot.
Bally’s Intralot now has a considerable B2C portfolio under its belt, while maintaining Intralot’s extensive network of B2B contracts such as with North American state lotteries – the British Columbia Lottery Corporation (BCLC) having been added to this list recently.
B2C activity could expand massively should talks which evoke lead to an official deal being made on or before 18 May – the deadline for Bally’s Intralot to do so. The firm has so far proposed an offer of 50 pence per evoke share.
If the deal becomes official, Bally’s Intralot will acquire evoke’s full B2C portfolio of the Wiliam Hill retail and online sportsbook, Mr Green online casino, and the 888 group of online betting, casino and poker brands.
A big factor to consider here is debt, however. Bally’s Intralot reported adjusted net debt of €1.5bn as of the end of 2025 alongside reported long-term net debt of €1.67bn and short-term debt of €62.2m.
Also carrying a lot of debt is evoke, with £1.8bn declared in its H1 2025 earnings report. Addressing this combined debt will be a big task for Bally’s Intralot, should an M&A deal materialise – though leadership remains more than confident of its prospects.
“Our underlying operations continued to deliver, with reported operating cash flow growing to
€158.5m and AEBITDA margins expanding year-on-year supported by the inclusion of Bally’s International Interactive in the fourth quarter of the year,’ Reeves added.
“Our performance demonstrated the resilience and diversity of our global portfolio despite FX headwinds in the US. We entered 2026 as a stronger, larger and more profitable business, well-capitalized, highly cashgenerative, and uniquely positioned across online gaming, lottery and sports betting.
“The best is ahead of us.”