Bally’s Intralot posts higher Q1 revenue, adjusted earnings post consolidation

Bally's Corporation and Intralot S.A. reported a significant increase in first-quarter 2026 revenue following the full consolidation of Bally’s International Interactive into the group’s financial results. The company also disclosed higher adjusted earnings and highlighted several strategic contract developments completed after the reporting period.

The preliminary results, announced in Athens on May 19, 2026, reflected a substantial expansion in reported group revenue and profitability compared with the same quarter in 2025. Company executives attributed much of the growth to the integration of Bally’s International Interactive as the enlarged organization continues to strengthen its position in online gaming, lottery technology and digital betting services across multiple international markets.

Consolidation supports strong revenue growth

Bally’s Intralot reported preliminary group revenue of €268.1 million for the three months ended March 31, 2026. This represented a major increase from €95.6 million reported during the same period in 2025.

According to the company, the rise was primarily linked to the complete consolidation of Bally’s International Interactive into the group’s operations. The integration significantly expanded Bally’s Intralot’s digital gaming and online betting footprint while improving overall scale across regulated markets.

Group adjusted EBITDA, referred to as AEBITDA by the company, increased to €100.2 million from €30.2 million recorded a year earlier. The group’s AEBITDA margin improved to 37.4% compared with 31.6% in the prior-year quarter.

The results indicate that the combined business is beginning to realize operational efficiencies and stronger earnings contribution from its international online operations. Analysts continue to monitor how effectively Bally’s Intralot integrates the business over the longer term, particularly in competitive European and international online gaming markets.

Bally’s International Interactive delivers major contribution

Bally’s International Interactive generated €183.9 million in revenue during the quarter and contributed €72.7 million in AEBITDA. The division posted an AEBITDA margin of 39.5%, demonstrating strong profitability levels within the digital segment.

The company also highlighted positive online performance in the United Kingdom. UK online operations grew 10.5% during the first quarter on a constant currency basis, reflecting continued customer engagement and stable demand across digital betting and gaming products.

Preliminary trading figures for April 2026 showed further momentum. Bally’s Intralot stated that April revenue reached £52.0 million, representing an increase of 11.5% compared with the same month in the previous year.

The company additionally provided pro forma figures for the combined organization over the previous twelve months. Bally’s Intralot said the enlarged business generated €1.06 billion in revenue and €427.2 million in AEBITDA during that period. The pro forma AEBITDA margin stood at 40.2%, which management said remained consistent with earlier projections and financial guidance.

Liquidity also remained stable during the quarter. As of March 31, 2026, the group reported total liquidity of €417.3 million. This included €257.3 million in total cash, including restricted cash, alongside a €160 million undrawn revolving credit facility.

Legacy business faces currency and market pressures

While the consolidated results showed substantial growth, Bally’s Intralot’s legacy operations reported softer performance during the quarter when excluding Bally’s International Interactive.

Legacy revenue totaled €84.2 million, representing a decline of 11.9% on a reported basis and 7.1% in constant currency terms.

The company stated that foreign exchange movements created a €4.6 million headwind, with most of the pressure linked to fluctuations involving the US dollar. Bally’s Intralot also cited changes to the remuneration structure at Bilyoner as a contributing factor behind the decline.

Despite lower revenue, legacy AEBITDA reached €27.5 million. On a constant currency basis, the decline in legacy AEBITDA was limited to 2.8%, suggesting that operational efficiency measures helped offset some of the revenue pressures.

Legacy profit margins improved during the period. The reported legacy AEBITDA margin increased to 32.7%, while the constant currency margin reached 33.1%, compared with 31.6% in the same quarter last year.

The company’s legacy B2B segment recorded lower revenue overall, although AEBITDA remained broadly stable at €20.4 million. Bally’s Intralot noted that softer lottery activity in the United States contributed to weaker results in that market.

US revenue declined 6.2% in constant currency terms during the quarter. Outside the United States, however, the company said performance across other legacy B2B markets remained generally stable.

Argentina and Turkey operations remain resilient

The company’s legacy B2C operations in Argentina and Turkey continued to produce positive earnings contributions during the quarter.

Combined revenue from those operations reached €21.0 million, while AEBITDA totaled €7.1 million. Profitability improved modestly, with margins increasing to 34.0% from 33.1% in the prior-year period.

Bally’s Intralot highlighted the performance of Bilyoner in Turkey, noting that the platform increased market share year on year. The company stated that Bilyoner outperformed the wider Turkish online sports betting market, which expanded by approximately 35% in local currency terms during the period.

However, reported Turkish revenue declined to €16.6 million due to the revised remuneration agreement affecting the operation. Even so, management suggested that customer activity and market positioning remained healthy despite the accounting impact.

New contracts strengthen long-term outlook

Following the end of the first quarter, Bally’s Intralot announced two significant contract developments that could support future recurring revenue growth.

The company confirmed that Intralot Gaming Services secured a new 15-year Electronic Gaming Machine Monitoring License in the Australian state of Victoria. The license is scheduled to become effective on August 16, 2027.

The long-term agreement strengthens the company’s position in the Australian gaming technology market, which remains one of the more established regulated gaming sectors globally.

In addition, Bally’s Intralot signed a separate agreement with Polla Chilena de Beneficencia S.A. in Chile. Under the arrangement, the company will provide lottery, sports betting and digital technology solutions for a period of up to 12 years.

The Chilean contract represents another step in Bally’s Intralot’s broader strategy to expand its international technology partnerships and secure long-duration contracts in regulated jurisdictions.

Focus remains on integration and operational stability

The first-quarter results reflect a transitional period for Bally’s Intralot as the company integrates Bally’s International Interactive into its broader corporate structure. While the consolidation sharply increased revenue and earnings figures, management continues to face challenges linked to foreign exchange volatility, evolving commercial agreements and softer performance in certain lottery markets.

Nevertheless, the company’s strong liquidity position, improving margins and recent contract wins indicate that Bally’s Intralot is seeking to strengthen its long-term operational stability through diversified revenue streams and expanded digital operations.

Industry observers are expected to continue monitoring how the company balances growth in online gaming with the performance of its established lottery and B2B businesses across international markets.

Conclusion

Bally’s Intralot entered 2026 with significantly stronger headline financial results following the consolidation of Bally’s International Interactive. The enlarged business delivered substantial gains in revenue and adjusted earnings while maintaining healthy profit margins and liquidity levels.

Although parts of the legacy business experienced pressure from currency movements and revised commercial arrangements, the group’s digital operations continued to demonstrate strong momentum, particularly in the UK online sector and Turkish betting market.

The company’s newly secured long-term agreements in Australia and Chile further reinforce its international expansion strategy and may provide stable recurring revenue opportunities in the years ahead. As integration efforts continue, Bally’s Intralot appears focused on building a broader global gaming and technology platform capable of supporting long-term growth across regulated markets.

FAQs

What was Bally’s Intralot’s revenue in the first quarter of 2026?
Bally’s Intralot reported preliminary first-quarter 2026 revenue of €268.1 million.

Why did Bally’s Intralot’s revenue increase significantly?
The increase was mainly driven by the full consolidation of Bally’s International Interactive into the group’s financial results.

What was the company’s AEBITDA in the quarter?
Group AEBITDA reached €100.2 million during the first quarter of 2026.

How did Bally’s International Interactive perform?
The division generated €183.9 million in revenue and €72.7 million in AEBITDA during the quarter.

What was the performance of the UK online segment?
UK online operations grew 10.5% on a constant currency basis during the first quarter.

Did Bally’s Intralot experience challenges in legacy operations?
Yes. Legacy operations were affected by foreign exchange pressures and changes to the Bilyoner remuneration structure.

How did the Turkish market perform for the company?
Bilyoner increased market share and outperformed the wider Turkish online sports betting market despite lower reported revenue.

What new contracts did Bally’s Intralot announce after the quarter?
The company secured a 15-year Electronic Gaming Machine Monitoring License in Victoria, Australia and signed a long-term agreement with Chile’s state lottery operator.

What is the significance of the Chile agreement?
The agreement allows Bally’s Intralot to provide lottery, sports betting and digital technology solutions for up to 12 years.

How much liquidity did the company report at the end of March 2026?
Bally’s Intralot reported total liquidity of €417.3 million as of March 31, 2026.