Intralot launches new share offering to fund Bally’s deal

The Athens-based lottery and gaming technology provider Intralot SA has entered a pivotal phase in its corporate development, launching a combined offering of new ordinary voting shares. This initiative forms a central part of the company’s broader capital increase strategy, announced earlier in the year, and is designed to underpin Intralot’s ambitious acquisition of Bally’s International Interactive.

The offering marks one of the most significant financial maneuvers in the European gaming and lottery sector in recent years. It not only reflects Intralot’s efforts to strengthen its balance sheet but also signals its determination to expand internationally and diversify its portfolio by combining lottery services with online gaming operations.

Details of the new share offering

Intralot confirmed that the combined offering commenced on 1 October, covering both domestic and international markets. The shares carry a nominal value of €0.30 each, while the offering price has been capped at €1.27 per share.

The number of new shares available will fall within a range of 350 million to 450 million. The placement will take two forms:

• A Greek Public Offering targeting retail investors and qualified domestic participants.
• An international private placement through a book-building process directed at institutional and eligible investors.

The dual-track approach aims to balance local investor participation with international institutional support, a strategy commonly used in European capital markets to ensure sufficient demand and diversify shareholder bases.

The offering will run until 3 October, with the process closing at 16:00 local time. Importantly, existing shareholders who choose to participate will be granted priority allocation, a measure intended to protect long-term investors while still allowing new participants to join.

Coordinating banks and financial partners

Several global and domestic financial institutions have been appointed to oversee the transaction. Deutsche Bank, Goldman Sachs, and Jefferies are serving as Joint Global Coordinators and Bookrunners. Barclays will act as Senior Bookrunner, while Alpha Bank and Piraeus Bank will participate as co-managers.

The combination of international and Greek banks underscores the scale of the offering and the importance of balancing global reach with local market expertise. Such syndicate structures are common in transactions of this size, particularly when investor confidence and broad distribution are critical.

Recent financing package supports acquisition

This new capital increase comes shortly after Intralot secured €660 million in long-term financing in September 2025. That financing package was structured as follows:

• A €460 million six-year senior secured loan sourced from institutional lenders.
• A €200 million amortisation financing facility arranged with Greek banks.

The funds were earmarked to support Intralot’s planned €2.7 billion acquisition of Bally’s International Interactive. The acquisition, once finalised, is expected to mark one of the largest sector deals in recent years and could transform Intralot’s strategic positioning within the global gaming industry.

Market impact of the Bally’s International Interactive acquisition

Bally’s Corporation has long been regarded as a prominent player in both traditional gaming and online platforms. By acquiring Bally’s International Interactive, Intralot aims to expand into digital entertainment, online casino games, and interactive betting—segments that have seen accelerated growth worldwide.

The deal has been described by Bally’s Corporation CEO Robeson Reeves as “a perfect combo” of iGaming and lottery services. According to industry analysts, the strategic fit could give Intralot a more diversified revenue base and open new opportunities for cross-market integration between lottery systems and digital gaming platforms.

Intralot’s improving financial performance

Intralot’s most recent half-year results show steady financial recovery. For the first half of 2025, the company reported revenue of €168 million, a year-on-year increase of 1.7%. While the growth rate is modest, it signals resilience in a sector often influenced by regulatory shifts and market competition.

More notably, Intralot’s net debt position improved during the same period. By mid-2025, net debt stood at €303 million, down from €338.2 million recorded in 2024. This reduction demonstrates progress in the company’s ongoing efforts to strengthen its financial foundation, even as it undertakes major expansion plans.

The company has confirmed it will maintain its outstanding €130 million retail bond, in parallel with the new financing facilities and share offering. Analysts suggest that retaining this bond could serve as a signal of confidence, maintaining continuity in its existing debt instruments while still expanding capital.

Structure and purpose of the capital increase

The capital increase is not only about raising funds but also about aligning shareholder interests with the company’s long-term strategy. By prioritising existing shareholders during allocation, Intralot appears keen to preserve investor loyalty.

At the same time, the offering serves to broaden the investor base and attract international capital. For a company operating in a sector where digital transformation is accelerating, investor support and liquidity are key to pursuing growth opportunities without overleveraging the balance sheet.

Investor considerations and risks

Market observers note that the success of this offering will be closely monitored, both by financial analysts and by the broader gaming industry. Share offerings of this scale often test investor confidence, especially when tied to acquisitions of significant value.

While Intralot has taken steps to stabilise its financial profile, challenges remain. The competitive landscape in iGaming is evolving rapidly, with major international operators consolidating their positions. Moreover, regulatory environments across multiple jurisdictions can affect revenue forecasts, requiring companies to maintain robust compliance and risk management strategies.

Despite these risks, the potential upside is substantial. A successful acquisition of Bally’s International Interactive could reposition Intralot from being primarily a lottery systems provider to a diversified global gaming operator with exposure to both traditional and digital markets.

Broader implications for the gaming industry

The planned acquisition and related capital increase reflect a broader trend in the global gaming and lottery industries: convergence. Traditional lottery providers are increasingly seeking opportunities in digital entertainment, while online gaming companies look to leverage the stability and scale of established lottery systems.

If executed successfully, Intralot’s strategy may serve as a case study in how legacy companies adapt to the demands of digital transformation while still maintaining their core businesses.

Outlook

The outcome of the ongoing capital increase will provide a clearer indication of investor confidence in Intralot’s long-term strategy. Should the offering achieve its targeted range, the company would be better positioned to complete its acquisition of Bally’s International Interactive and pursue growth opportunities in new markets.

The deal, if finalised as planned, would also reinforce the ongoing trend of cross-border consolidation in the global gaming sector, highlighting how traditional and digital operators are combining forces to achieve scale and resilience in a competitive market.

Conclusion

Intralot’s combined share offering marks a significant milestone in the company’s strategic evolution. By raising capital to support its €2.7 billion acquisition of Bally’s International Interactive, the Athens-based lottery and gaming provider is positioning itself to become a more diversified player in both the traditional lottery and digital iGaming markets. The careful structuring of the offering, with priority given to existing shareholders and participation from leading international and domestic financial institutions, reflects a cautious yet ambitious approach to expansion.

The successful completion of this offering could strengthen Intralot’s balance sheet, reduce financial risk, and enhance investor confidence, while also enabling the company to leverage synergies between lottery and online gaming services. At the same time, the move underscores the broader industry trend toward convergence between traditional and digital gaming platforms, highlighting the opportunities and challenges faced by legacy operators in an increasingly competitive and regulated environment.

As investors and market observers watch the outcome closely, Intralot’s next steps will be critical in determining how effectively it can integrate Bally’s International Interactive, expand its international footprint, and maintain sustainable growth in a dynamic sector. With prudent financial management and strategic execution, Intralot stands poised to reinforce its position as a leading global lottery and gaming operator.

FAQs

What is the purpose of Intralot’s new share offering?
The new share offering is designed to support Intralot’s capital increase strategy and provide funding for the company’s planned acquisition of Bally’s International Interactive.

How many new shares will Intralot issue?
The offering is expected to include between 350 million and 450 million new ordinary voting shares.

What is the price of the new shares?
Each share carries a nominal value of €0.30, with the offering price capped at €1.27 per share.

Who can participate in the offering?
The offering is open to both Greek retail and qualified investors through a public offering, and to institutional and eligible investors internationally through a private placement.

Which financial institutions are managing the offering?
Deutsche Bank, Goldman Sachs, and Jefferies are acting as Joint Global Coordinators and Bookrunners, with Barclays as Senior Bookrunner and Alpha Bank and Piraeus Bank as co-managers.

When does the Greek Public Offering close?
The public offering in Greece closes on 3 October at 16:00 local time.

What financing has Intralot secured in 2025?
In September 2025, Intralot secured €660 million in financing, including a €460 million senior secured loan and €200 million in bank amortisation financing.

Why is Intralot acquiring Bally’s International Interactive?
The acquisition aims to combine lottery and iGaming services, giving Intralot a more diversified portfolio and greater international reach.

What are the risks of this acquisition?
Risks include competitive pressures in the iGaming market, regulatory challenges across multiple jurisdictions, and the need to maintain a stable financial profile while expanding.

How is Intralot’s financial health currently?
Intralot has shown gradual improvement in 2025, reporting €168 million in H1 revenue and reducing its net debt to €303 million from €338.2 million in 2024.