Bally's and Intralot Finalize Merger Deal
Bally’s Corporation and Intralot S.A. have announced the completion of their merger.
LISTEN TO THIS ARTICLE:Following the deal, Bally’s now holds a 58% stake in the Greek gaming firm, while Intralot has taken full ownership of Bally’s International Interactive business. The transaction, valued at an enterprise level of €2.7 billion, ncludes €1.53 billion in cash paid to Bally’s and €1.136 billion in newly issued Intralot shares. This structure gives Bally’s shareholders direct access to Intralot’s lottery operations while providing Intralot with Bally’s digital gaming technology and player base.
Initially announced in July, the deal closes ahead of the end of the fourth quarter as projected. The merger comes after a €429 million share issuance by Intralot on October 8, which attracted strong investor demand and was oversubscribed several times.
Bally’s plans to use at least $1 billion of the after-tax cash proceeds to pay down secured debt, including outstanding revolver balances. The company also anticipates allocating another $500 million from a planned sale-leaseback of its Twin River Lincoln Casino Resort toward debt reduction, leaving it with solid liquidity for ongoing projects.
This is a milestone transaction for Bally’s. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth. Our shareholders now have visibility into the value of our interactive division as part of a larger, globally scaled operator. Intralot’s lottery expertise and reach, combined with Bally’s International Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term.
Deal Structure and Immediate Steps
The merger combines Bally’s online gaming strengths, with leading brands like Bally Bet and Bally Casino, with Intralot’s established lottery systems, which serve operators in 40 jurisdictions. Bally’s, which operates 19 casinos across 11 US states and holds online sports betting licences in 13 jurisdictions, reported $657.5 million in second-quarter revenue, a 5.8% increase from the prior year.
The company recently started construction on its Chicago casino project, committing $200 million in cash alongside a $940 million deal with Gaming and Leisure Properties. This follows the rejection of its New York City casino bid. For Intralot, the timing aligns with an August extension of its 20-year Montana Lottery partnership.
Following the acquisition, Bally's International Interactive will retain its current management team and core technology, including the Vitruvian data platform, under Intralot's ownership.The setup is designed to improve player experiences and boost revenue for public benefit through lotteries.
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 maximise returns for good causes.
More Business News
Leadership Changes and Operational Outlook
Post-merger, Robeson Reeves will serve as Intralot’s CEO, while Nikolakopoulos takes on the role of President and CEO of Intralot’s Lotteries division.
The new entity projects €1.1 billion in annual revenue and EBITDA margins above 39%, fuelled by synergies in data use and increased market reach. The strategic move enables the group to tap a global market for lottery and online gaming expected to hit €200 billion by 2029, with opportunities in cross-selling and digital expansion across Europe and North America.
RELATED TOPICS: Business
Review this New Post
Leave a Comment
User Comments
Comments for Bally's and Intralot Finalize Merger Deal