Bally’s Intralot reported revenue of €518.0 million for the year ended 31 December 2025, representing a 34.8 percent increase year-on-year, with growth largely driven by the acquisition of Bally’s International Interactive.
Adjusted EBITDA rose to €183.5 million, up 40.4 percent from the previous year, with a margin of 35.4 percent. The consolidation of Bally’s International Interactive contributed €167.1 million in revenue and €67.0 million in EBITDA following its acquisition in October 2025, reshaping the group’s igaming and B2C revenue mix.
Across its segments, B2C igaming and betting revenue increased significantly to €242.4 million from €92.3 million, while B2B revenue declined to €275.6 million from €292.0 million. The group noted that igaming and sports betting accounted for 45.2 percent of total revenue, alongside lottery operations, which remained the largest contributor at 46.2 percent.
On a pro forma basis, combining full-year contributions from Bally’s International Interactive, the group reported revenue of approximately €1.09 billion and adjusted EBITDA of €430.8 million, in line with prior projections. The acquisition has also shifted the company’s geographic exposure, with the UK becoming its largest market during the fourth quarter.
The group ended the year with cash of €246.7 million and adjusted net debt of €1.49 billion, with leverage at 3.46x on a pro forma basis. Operating cash flow reached €158.5 million, supporting ongoing investment and integration activities.
The results reflect continued consolidation within the igaming sector, where acquisitions are being used to scale B2C capabilities and expand digital revenue streams alongside traditional lottery operations.
Bally’s Intralot’s CEO Robeson Reeves noted: “2025 has been a landmark year for Bally’s Intralot. The successful acquisition of Bally’s International Interactive has fundamentally transformed our Group into one of the leading iGaming and lottery platforms globally. Our combined pro-forma revenues of approximately €1.1 billion and AEBITDA of €431 million at a nearly 40% margin speak to the exceptional quality and earnings power of this platform. Our underlying operations continued to deliver, with reported operating cash flow growing to €158.5 million and AEBITDA margins expanding year-on-year, supported by the inclusion of Bally’s International Interactive in the fourth quarter of the year. Our performance demonstrated the resilience and diversity of our global portfolio despite FX headwinds in the US. We entered 2026 as a stronger, larger and more profitable business, well-capitalised, highly cash-generative, and uniquely positioned across online gaming, lottery and sports betting. The best is ahead of us.”
