Lottery activity remains Bally’s Intralot’s second largest revenue source, though this may not be the case for long as the firm looks set to significantly beef up its sports betting capabilities.
The Athens-listed group, a B2B and B2C lottery, gaming and betting firm, reported revenue of €544.2m (£466m) in H1 2026, up from €182m the year prior. Comparatives are difficult, however, due to the firm’s significant expansion in the last year.
Bally’s Intralot came into being in July 2025 when Intralot acquired the B2B international assets of Bally’s International Interactive (BII) from Bally’s Corporation. The latter’s CEO, Robeson Reeves, later took on the leadership role at the combined entity.
Lottery operations remain important for the group, with the past six months seeing three notable deals in this space
- In April 2026, Bally signed a 15 year electronic gaming machine monitoring licence in Victoria, Australia.
- Also in April, the company secured a 12 year contract with the Chilean state lottery.
- The following month, it signed a deal with Greece’s Hellenic Lotteries.
- In June, it became the lottery technology partner of Canada’s Ontario Lottery and Gaming Corporation (OLG).
A revenue breakdown saw sports betting and iGaming stand out as the largest source of revenue, accounting for 74.9%. This was followed by lottery games at 20.3%, video lottery terminals (VLTs) at 4.1%, and casino and other activities at 0.7%.
Adjusted EBITDA also rose, hitting €184.8m in H1 (H1 2025: €60.2m) and €84.7m in Q2 (€20m). This did not correspond directly with profitability, however, as the firm incurred a loss of €7.2m, compared to profit of €9.8m in H1 2025.
Geographically, the US remained the largest market for its B2B segment. This segment didn’t perform particularly well during the first six months of the year, with revenue down 11.7% from €142.5 to €128.6m.
The group attributed this to “softer lottery activity and reduced equipment sales” in the US compared to 2025. However, growth across the rest of its legacy B2B portfolio provided some respite.
B2C revenue was a different story, however, increasing from €39.5m to €415.5m. The integration of BII, meanwhile, contributed €377.6m to group revenue and €132.8m to adjusted EBITDA.
The next big step for Bally’s Intralot is the forthcoming acquisition of evoke – owner of William Hill, Mr Green and the 888 group of brands.
This takeover has been backed by 99% of evoke’s shareholders, and will see Bally’s Intralot’s B2C activity expand even further once it is completed in either Q4 2026 or Q1 2027.
The big question hanging over the takeover relates to debt, however, with Bally’s Intralot carrying €1.6bn in adjusted net debt at the end of H1, while evoke has a debt burden of nearly €1.9bn itself.