Intralot secures €660m for Bally’s Interactive deal

Intralot has taken a decisive step in advancing its long-term growth strategy by securing €660 million in financing to support its planned acquisition of Bally’s International Interactive. The agreement marks one of the company’s most significant financial undertakings in recent years, forming a cornerstone of its ambition to build a stronger presence in the international gaming and lottery sectors.

The funding represents a substantial portion of the expected €2.7 billion acquisition cost, with the deal positioning Intralot to become the majority shareholder in Bally’s International Interactive. The development also reflects a broader trend of consolidation and strategic investment within the global gaming industry, where competition and innovation are increasingly driven by the integration of digital platforms, lotteries, and online gaming.

Structure of the financing agreement

The €660 million package has been secured through two main loan agreements, which reflect a carefully structured financing strategy:

Six-year senior secured term loan: Intralot’s wholly owned subsidiary entered into a long-term financing arrangement with various institutional lenders. This portion of the deal, valued at €460 million, represents the largest element of the overall financing.

Four-year amortisation term loan: A further €200 million was provided by a group of Greek banks. This element, referred to as the New Term Financing, is subject to certain conditions but reflects the confidence of domestic financial institutions in Intralot’s growth trajectory.

In addition, Intralot has reached an understanding with the holders of its €130 million retail bond, confirming that the bond may remain outstanding after the acquisition is completed. This step reduces refinancing risks and provides stability as the company navigates a transformative transaction.

Background to the acquisition

The proposed acquisition of Bally’s International Interactive was first announced in July 2025. The transaction, estimated at €2.7 billion, is designed to give Intralot majority control of a business that combines global lottery operations with an extensive iGaming platform.

Robeson Reeves, CEO of Bally’s Corporation and Bally’s Intralot, highlighted the strategic logic behind the deal. He stated: “I find the combination of Intralot and Bally's International Interactive just a perfect combo, because you've got iGaming and lottery. No one else has that in the world… we've already looked at our technology stacks independently through normal dialogues, just understanding how they could fit together. They're very complementary.”

The statement underlines the perceived synergies between the two businesses, particularly in relation to the integration of lottery services and iGaming technologies. By combining these sectors, the companies expect to strengthen their market competitiveness and develop unique offerings that few rivals can match.

Financial performance and market positioning

The financing news follows closely after the release of Intralot’s half-year 2025 results. The company reported modest but steady growth across key financial indicators:

• Revenue rose 1.7% year-on-year to €168 million.
• EBITDA increased by 1.2% to €60.2 million.
• Net debt declined from €338.2 million to €303 million.

Although these growth figures are relatively small in percentage terms, the results demonstrate Intralot’s ability to stabilise its financial position while preparing for a large-scale acquisition. The reduction in net debt also indicates a commitment to responsible financial management, even as the company undertakes ambitious strategic projects.

Industry context and strategic implications

The gaming and lottery industries have been undergoing a period of transformation, marked by the convergence of digital platforms, regulatory changes, and increased competition from both established operators and new entrants. Companies are increasingly seeking to expand through mergers and acquisitions to achieve economies of scale, broaden their technological capabilities, and diversify their service offerings.

For Intralot, the acquisition of Bally’s International Interactive represents a significant opportunity to strengthen its global footprint. By combining its established lottery expertise with Bally’s digital interactive platforms, Intralot aims to secure a competitive advantage in markets where demand for online and hybrid gaming solutions is expanding rapidly.

Moreover, the deal positions Intralot to participate more directly in the growing global iGaming sector, which has shown resilience and growth even amid regulatory challenges. By creating a diversified portfolio that includes both lottery and iGaming, the company seeks to reduce reliance on single revenue streams and build resilience against sector-specific risks.

Strategic benefits for both companies

The transaction is expected to generate several long-term benefits:

• Complementary services: The combination of lottery and iGaming expertise could result in a unique market proposition that appeals to a wider demographic of players.
• Technology integration: Both companies have invested in proprietary technologies. By aligning their systems, they may be able to enhance efficiency and innovate more quickly.
• Stronger international presence: Bally’s International Interactive already has a broad geographic reach, and with Intralot’s backing, it may expand further into regulated jurisdictions.
• Diversified revenue streams: The combined entity will be less vulnerable to fluctuations in specific markets or regulatory frameworks, improving long-term sustainability.

Legal and regulatory considerations

Acquisitions of this scale inevitably attract scrutiny from regulators and financial authorities. The financing arrangements involve conditions tied to both the Greek banking sector and international lending institutions, ensuring compliance with lending standards and capital requirements.

Additionally, the integration of lottery operations with iGaming platforms must adhere to varying regulatory frameworks across jurisdictions. While the companies have not disclosed specific timelines for regulatory approvals, it is expected that due diligence and compliance processes will be central to the completion of the deal.

Future outlook

If successfully completed, the acquisition will represent one of the largest strategic moves in Intralot’s corporate history. It underscores a long-term ambition to be recognised not only as a lottery operator but also as a leading global player in the digital gaming space.

The €660 million financing demonstrates that Intralot is prepared to take bold financial steps to secure growth. With steady underlying financial performance and support from both international lenders and Greek banks, the company appears well-positioned to execute its strategy.

However, the final success of the acquisition will depend on smooth regulatory approvals, effective integration of operations, and the ability to deliver on the synergies highlighted by management. The gaming industry remains highly competitive, and Intralot will need to continue innovating to maintain momentum.

Conclusion

The €660 million financing secured by Intralot marks a pivotal step in its journey toward acquiring Bally’s International Interactive, a deal valued at €2.7 billion. Beyond the immediate financial scale, the transaction underscores the company’s determination to redefine its role within the global gaming and lottery industries. By strategically combining lottery operations with iGaming platforms, Intralot is positioning itself to deliver diversified offerings that align with evolving consumer preferences and regulatory landscapes.

While the integration process will require careful execution, particularly in navigating cross-border regulatory requirements and aligning technological systems, the long-term prospects appear promising. With steady financial performance, reduced debt levels, and growing institutional support, Intralot has demonstrated resilience and readiness for expansion.

Ultimately, this acquisition has the potential to transform Intralot into a more dynamic and competitive force in the global gaming sector. If managed effectively, the company may not only consolidate its leadership in lottery services but also emerge as a significant player in the increasingly influential iGaming market.

FAQs

What is the value of the financing secured by Intralot?
Intralot has secured €660 million through two separate loan agreements to support its acquisition of Bally’s International Interactive.

How is the financing structured?
The financing consists of a €460 million six-year senior secured term loan with institutional lenders and a €200 million four-year amortisation loan from Greek banks.

What is the total cost of the Bally’s International Interactive acquisition?
The acquisition is valued at approximately €2.7 billion, with Intralot expected to become the majority shareholder.

Who is the CEO of Bally’s Corporation and Bally’s Intralot?
The CEO is Robeson Reeves, who has commented on the complementary nature of combining Intralot’s lottery expertise with Bally’s iGaming operations.

Will Intralot’s existing retail bond be affected?
Intralot has confirmed that its €130 million retail bond may remain outstanding after the acquisition.

What were Intralot’s financial results in the first half of 2025?
Revenue increased by 1.7% to €168 million, EBITDA grew by 1.2% to €60.2 million, and net debt decreased from €338.2 million to €303 million.

Why is this acquisition significant for Intralot?
It allows the company to combine lottery and iGaming services, diversify its revenue streams, and strengthen its global market position.

What regulatory challenges could arise from the deal?
The acquisition requires approval across multiple jurisdictions, particularly where lottery and iGaming operations are regulated differently.

How will this deal affect the gaming industry?
The acquisition reflects a broader trend of consolidation, where companies merge to expand capabilities and compete in both lottery and iGaming markets.

What is the long-term outlook for Intralot after the acquisition?
If completed successfully, the acquisition could make Intralot a more diversified and competitive global gaming company, with enhanced technological and financial strength.