Bally’s Sells International Interactive Division to Intralot, Becomes Majority Owner

Upon closing, Bally’s became the majority shareholder of Intralot, now holding a 58% equity interest in the combined company. This elevated stake will allow Bally’s to continue playing an active role in Intralot’s strategic direction.

Transaction Structure and Valuation

The transaction valued Bally’s International Interactive at €2.7 billion. Intralot covered the acquisition consideration through a mix of cash and newly issued shares:

• Cash Payment: Intralot paid Bally’s €1.530 billion in cash.
• Share Issuance: Intralot issued Bally’s €1.136 billion in new shares (873,707,073 shares at an implied value of €1.30 per share).

When combined with Bally’s prior ownership, the total share issuance gives Bally’s its 58% majority stake. The transaction was preceded by a successful, multi-times oversubscribed €429 million public issue of new ordinary shares in Intralot, reflecting strong investor demand.

Creation of a Global Gaming Champion

The combined entity has achieved enhanced scale and diversification, becoming a global iGaming and lottery champion. Intralot is now one of the largest listed companies on the Athens Stock Exchange. Management expects the new company to generate approximately €1.1 billion in annual revenue with industry-leading EBITDA margins in excess of 39%. This performance will be driven by operational synergies, cross-market opportunities, and data-driven innovation.

As part of Intralot, Bally’s International Interactive retains its leadership, technology stack, and proven digital capabilities. The company plans to leverage Bally’s digital experience, including its Vitruvian data platform, combined with Intralot’s global scale and lottery infrastructure. This integration creates a powerful foundation to capitalize on an addressable market estimated to reach €200 billion globally by 2029.

Robeson Reeves, CEO of Bally’s, called it a “milestone transaction.” He noted that the deal unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth. Reeves added that Bally’s shareholders now have clear visibility into the value of their interactive division as part of a larger, globally scaled operator.

Bally’s Debt Reduction and Development Funding

The cash proceeds from the acquisition allow Bally’s to execute substantial debt reduction and fund key growth projects.

Bally’s intends to allocate at least $1.0 billion of the cash after-tax proceeds to reduce its secured debt, including outstanding revolver balances. Furthermore, the company is moving forward with the contemplated sale and leaseback of its Twin River Lincoln Casino Resort, dedicating another $500 million from that deal to debt reduction. These steps will substantially decrease Bally’s overall debt burden.

The transaction also allows Bally’s to maintain ample liquidity, supported by a recently increased $670 million revolver. LVS plans to allocate a minimum of $200 million of cash to accelerate construction on its Chicago casino development. This funding aligns with a $940 million commitment under its agreement with Gaming and Leisure Properties.