Bally’s Intralot debt climbs as Evoke acquisition moves forward

Bally’s Intralot entered the second half of 2026 with a significantly expanded financial base and a higher debt burden as it continues preparations for its proposed acquisition of evoke plc. The company reported adjusted net debt of €1.61 billion at the end of June, up by about €125 million from €1.49 billion at the end of 2025. At the same time, revenue and adjusted EBITDA increased sharply following the full integration of Bally’s International Interactive business.

The figures place financial structure firmly at the centre of Bally’s Intralot’s next stage of development. The group is not only managing a larger international operation but is also advancing a proposed transaction that would bring evoke and its portfolio of established betting and gaming brands into the wider group.

Debt position increases during the first half

Bally’s Intralot’s adjusted net debt reached €1.61 billion at June 30, 2026. The increase from the year-end position reflects several movements in cash flow rather than a single financing event.

One of the most significant items was an €85 million payment associated with the new 15-year electronic gaming machine monitoring licence awarded to Intralot Gaming Services Pty Ltd in Victoria, Australia. The licence is scheduled to commence in August 2027 and will cover the state-wide electronic gaming machine monitoring system and pre-commitment services.

Other cash outflows during the period included €20.5 million related to investing activities, €67.5 million in net interest payments, €20.8 million connected with treasury share transactions and €14.5 million in transaction fees and bond issuance costs.

Those commitments were partly balanced by free cash flow generation of €89 million. The resulting debt position therefore reflects both investment in the group’s long-term operating infrastructure and the financial requirements associated with its wider corporate strategy.

From a balance sheet perspective, the rise in net debt deserves attention because Bally’s Intralot is pursuing further expansion at the same time as it continues to integrate the international interactive business acquired from Bally’s Corporation.

Revenue expands after BII integration

The group’s first-half performance was considerably larger than the comparable period in 2025. Revenue reached €544.2 million compared with €182 million a year earlier while adjusted EBITDA increased to €184.8 million from €60.2 million.

A major factor behind that change was the consolidation of Bally’s International Interactive, or BII. The transaction was completed in October 2025 and significantly expanded Bally’s Intralot’s exposure to online betting and gaming.

BII contributed €377.6 million of revenue to the first-half 2026 result. It also generated €132.8 million in adjusted EBITDA, representing an adjusted EBITDA margin of 35.2%.

The scale of the contribution illustrates why the acquisition materially altered the profile of Bally’s Intralot. The company now combines its established lottery and gaming technology operations with a substantial interactive business operating across regulated markets.

The larger revenue base also provides an important context for assessing the group’s debt. While the absolute debt figure is significant, the business itself is materially larger than it was before the BII transaction. That distinction is important when evaluating the company’s financial position and strategic ambitions.

Higher earnings do not prevent a pre-tax loss

Despite the substantial growth in revenue and adjusted EBITDA, Bally’s Intralot recorded a pre-tax loss of €7.2 million for the first half.

That compares with a pre-tax profit of €9.8 million in the corresponding period of 2025. The company attributed the deterioration primarily to higher interest expenses, depreciation and transaction-related costs.

The result highlights the difference between operating performance and bottom-line profitability during a period of major structural change. Adjusted EBITDA measures the earnings generated by the business before several significant financial and accounting costs, while the pre-tax result incorporates those additional expenses.

For Bally’s Intralot, the first half therefore presented a mixed financial picture. Operating earnings increased substantially but financing and transaction-related charges continued to weigh on reported profitability.

New financing adds financial flexibility

Bally’s Intralot strengthened its funding position in July by securing £261.78 million in new senior secured sterling term financing. The facility was agreed with institutional lenders and is intended to support general corporate and working capital requirements as well as acquisition plans and refinancing activities.

The new facility is important in the context of the proposed evoke transaction because it provides additional liquidity and financial flexibility while the acquisition process continues.

The group’s existing financing structure also includes debt raised in connection with the 2025 transaction with Bally’s Corporation. The funding package included a six-year institutional loan and a four-year amortising facility provided by Greek banks.

Taken together, these arrangements demonstrate that Bally’s Intralot is using a combination of existing and additional financing to support an increasingly broad corporate structure. The approach also gives management greater flexibility as it works through the next stages of its acquisition strategy.

Evoke transaction moves closer to shareholder approval

The proposed acquisition of evoke remains one of the most important developments on Bally’s Intralot’s strategic agenda.

The transaction was announced as a recommended all-share acquisition and would add a portfolio that includes William Hill, 888 and Mr Green to Bally’s Intralot’s international interactive operations. Evoke describes itself as the parent company of these internationally recognised betting and gaming brands.

Evoke shareholders approved the transaction at a general meeting held on August 17, 2026. The special resolution received 99.63% of votes cast in favour. A separate court meeting also produced a strong approval result, with 99.91% of votes cast supporting the scheme.

The shareholder vote represented an important step in the process but did not complete the transaction. The proposed combination remains subject to the remaining conditions and the formal scheme process.

Bally’s Intralot has scheduled its own general meeting for September 18, 2026. The subsequent stages include the remaining regulatory and legal requirements before the transaction can become effective.

Regulatory process remains central

The acquisition is structured through a scheme of arrangement. This means that shareholder approval forms only one part of a broader legal process.

Bally’s Intralot has indicated that several antitrust and regulatory conditions have been satisfied while work continues on the remaining requirements. Until completion, the two businesses remain separate and independent entities.

That distinction is particularly relevant when discussing financial obligations. Evoke reported debt of approximately £1.89 billion in its first-half 2026 financial results. Robeson Reeves has previously described that debt as “non-recourse” to Bally’s Intralot in discussions about the proposed transaction.

The statement should be understood in the context of the proposed transaction structure rather than as an indication that debt considerations are irrelevant. Any completed combination would still require careful financial management across the resulting group.

UK market performance adds another consideration

Bally’s Intralot is also operating against a changing regulatory and tax environment in the UK. The company reported that online revenue growth accelerated during the second quarter despite the increase in UK remote gaming duty from 21% to 40% from April 1, 2026.

Management said the new duty regime created an estimated €34 million impact during the second quarter, with approximately 65% mitigated through revenue growth and operating cost measures.

That performance is relevant to the proposed evoke transaction because a significant part of the strategic rationale rests on the combined strength of the companies’ online operations.

Bally’s Intralot’s existing interactive portfolio already includes brands such as Bally Bet, Jackpotjoy, Virgin Games, Monopoly Casino UK and Rainbow Riches Casino. Evoke would add another group of recognised brands and broaden the scale of its UK and international interactive presence.

What the debt position means for the next stage

The increase in adjusted net debt should not be viewed in isolation from the company’s revenue growth, the expansion of its earnings base and the financing flexibility secured during 2026.

Bally’s Intralot is managing a larger business than it was before the BII transaction while also preparing for another transformational corporate step. That naturally creates greater demands on capital, liquidity and financial planning.

At the same time, the company’s performance shows that its expanded business is producing substantial revenue and adjusted EBITDA. The central question for investors and market observers is therefore how effectively those earnings can be converted into sustainable cash generation and debt reduction while the group continues to invest and pursue strategic expansion.

The September shareholder meeting will provide another important milestone. However, the proposed evoke transaction will not be complete until all required conditions have been satisfied and the scheme becomes effective.

Outlook for Bally’s Intralot

Robeson Reeves remains confident about the timeline for the proposed transaction. He said:

“We continue to expect the scheme to become effective in the fourth quarter of 2026 or the first quarter of 2027.”

That expectation leaves Bally’s Intralot facing several months of continued financial, regulatory and corporate execution.

The company’s first-half figures show both sides of that challenge. Revenue increased strongly and the integration of BII materially strengthened the group’s earnings profile. However, adjusted net debt also rose and financing costs continued to affect the pre-tax result.

The proposed evoke acquisition could significantly expand Bally’s Intralot’s presence in the international betting and gaming sector. Its success will depend not simply on completing the legal process but also on maintaining financial discipline, protecting operating performance and managing the enlarged group responsibly.

For now, Bally’s Intralot is moving forward from a stronger operational base while carrying a higher level of financial obligations. The combination of rising earnings, new financing and the pending evoke transaction makes the remainder of 2026 a strategically significant period for the company.

Conclusion

Bally’s Intralot’s first-half 2026 results present a company undergoing substantial transformation. The €1.61 billion adjusted net debt figure underlines the scale of the financial commitments created by expansion, investment and transaction activity. Yet the same period also delivered €544.2 million in revenue and €184.8 million in adjusted EBITDA, demonstrating the considerably larger earnings platform created through the BII integration.

The next chapter will be defined by execution. Bally’s Intralot must balance debt management with growth while progressing through the remaining stages of the proposed evoke acquisition. The strong shareholder vote at evoke provides momentum but does not remove the regulatory and legal steps that still remain.

For the market, the key issue is therefore not simply whether Bally’s Intralot can expand further. It is whether the company can translate its growing scale into stronger sustainable cash generation while maintaining an appropriate financial structure.

That balance between expansion and discipline will be central to the company’s position as it approaches the final stages of what could become one of the most significant transactions in its corporate development.

FAQs

What is Bally’s Intralot’s adjusted net debt in the first half of 2026?
Bally’s Intralot reported adjusted net debt of €1.61 billion at the end of the first half of 2026.

Why did Bally’s Intralot’s debt increase during the first half of 2026?
The increase reflected several cash outflows including an €85 million payment linked to its Victoria monitoring licence, investment spending, interest payments, treasury share transactions and transaction-related costs.

How much revenue did Bally’s Intralot generate in H1 2026?
The group reported €544.2 million in revenue for the first half of 2026 compared with €182 million in the same period of 2025.

What was Bally’s Intralot’s adjusted EBITDA in H1 2026?
Adjusted EBITDA reached €184.8 million compared with €60.2 million a year earlier.

What is Bally’s International Interactive?
Bally’s International Interactive, or BII, is the international interactive gaming business acquired from Bally’s Corporation and integrated into Bally’s Intralot.

How much did BII contribute to Bally’s Intralot’s H1 2026 results?
BII contributed €377.6 million in revenue and €132.8 million in adjusted EBITDA during the first half of 2026.

What financing did Bally’s Intralot secure in July 2026?
The company secured £261.78 million in new senior secured sterling term financing from institutional lenders.

What is the proposed evoke acquisition?
It is a recommended all-share acquisition under which Bally’s Intralot proposes to acquire evoke plc and its portfolio of betting and gaming brands.

Did evoke shareholders approve the proposed acquisition?
Yes. At the August 17, 2026 general meeting, 99.63% of votes cast supported the transaction.

When could the evoke transaction become effective?
Robeson Reeves said Bally’s Intralot continues to expect the scheme to become effective in the fourth quarter of 2026 or the first quarter of 2027, subject to the required conditions being satisfied.