Intralot S.A. (ATSE: INLOT) and Bally’s Corporation (NYSE: BALY) have announced that their boards have approved a definitive transaction under which Intralot will acquire Bally’s International Interactive business.
The deal, valued at an enterprise figure of €2.7 billion, combines cash and new shares, aiming to create a global leader in lottery and digital iGaming technology and services.
Under the agreement, Bally’s will receive approximately €1.53 billion in cash and €1.136 billion in newly issued Intralot shares, which equates to around 873 million shares at €1.30 each. To finance the cash consideration and refinance existing debt, Intralot has secured commitments up to €1.6 billion from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies, and plans to raise up to €400 million through an equity offering on the Athens Stock Exchange.
Upon completion, Bally’s is expected to become the majority shareholder of Intralot, while Intralot’s founder Sokratis Kokkalis will retain a significant stake. The transaction is anticipated to close in the fourth quarter of 2025, pending shareholder, antitrust, and regulatory approvals.
This combination is set to build a diversified gaming business, with Intralot’s lottery operations complemented by Bally’s strong B2C iGaming position in markets such as the UK. Together, the companies aim to leverage integrated platforms—Intralot’s LotosX and PlayerX alongside Bally’s Vitruvian analytics—to enhance product offerings, loyalty programs, and data-driven marketing.
The new entity forecasts combined revenues of €1.1 billion, a pre-synergies EBITDA margin of about 38%, and operating cash flow conversion exceeding 90%. Strategic plans include expanding into new B2C regions, exploring charity lottery segments in the UK and US, and unlocking cross-sell opportunities across its B2B and B2C network.
Both firms emphasize strong governance and a commitment to responsible gaming, with operations in over 40 jurisdictions. Post-deal, Intralot targets a steady-state net leverage of around 2.5 times EBITDA and a dividend payout ratio of 35%, with flexibility for increased distributions based on performance.
Bally’s will use the proceeds alongside a newly secured $500 million debt facility to repay existing secured obligations. An additional $100 million delayed draw facility will support broader corporate initiatives, including the ongoing development of Bally’s Chicago.
Intralot and Bally’s expect this transaction to position them to benefit from a projected $187 billion global iGaming and lottery market by 2029, underpinned by anticipated compound growth rates of 14% in iGaming and 5% in lottery segments.
Sokratis Kokkalis, Intralot’s founder and the current Chairman, commented: “The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming. On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.
“It is also a special day for me personally to see the company I founded 33 years ago in Greece and which has become one of the top three companies in the lottery technology industry worldwide through its technology innovation and dynamism, acquiring new vision and prospects. Finally, I would like to thank Mr. Kim for his commitment to our partnership.”
Soohyung Kim, Chairman of Bally’s board and Vice Chairman of Intralot’s board, commented: “This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion. By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”
Nikolaos Nikolakopoulos, Intralot’s CEO and board member, commented: “Intralot takes a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors. Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping State Lotteries enhance player experiences and maximize returns for good causes.”
Robeson Reeves, Bally’s CEO and board member, commented: “This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery. Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth across the entire gaming spectrum.”
