Intralot Acquires Bally’s International Interactive Business

Deal Structure and Financing

Intralot will pay Bally’s €1.53 billion in cash and issue 873,707,073 new shares valued at €1.30 each, totaling €1.136 billion, for Bally’s International Interactive Business, which includes its online casino and gaming operations.

To fund the cash portion and refinance existing debt, Intralot secured €1.6 billion in debt commitments from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies, with plans to refinance through debt capital markets.

Additionally, Intralot will launch a €400 million equity offering on the Athens Stock Exchange, pending approvals. Bally’s will use its €1.53 billion cash proceeds, alongside a $500 million secured debt facility and a $100 million delayed draw facility, to repay secured debt and support projects like Bally’s Chicago development.

The deal will make Bally’s, already Intralot’s largest shareholder at 33.34% (up from 26.86%, triggering a mandatory tender offer for Intralot’s remaining shares), the majority shareholder post-transaction. Intralot’s founder, Sokratis Kokkalis, will retain a significant stake, ensuring continuity in the company’s vision.

Strategic Impact

The acquisition positions Intralot as a powerhouse in lottery and iGaming, combining its LotosX and PlayerX systems with Bally’s Vitruvian data analytics platform.

Intralot’s €1.4 billion in contracted lottery revenue through 2029, with an 89% renewal rate and 16-year average contract duration, pairs with Bally’s strong UK online casino presence, offering high margins and cross-selling potential.

Post-transaction, Intralot expects €1.1 billion in combined revenue, a 38% pre-synergies EBITDA margin, and over 90% operating free cash flow conversion. Cost synergies across operations and third-party services will further boost margins, while new opportunities in B2C markets, charity lotteries in the UK and US, and global expansion enhance growth prospects.

“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,” said Bally’s CEO Robeson Reeves.

Leadership and Governance

Upon closing, Intralot’s leadership will evolve: Bally’s CEO Robeson Reeves will become Intralot’s CEO, while current CEO Nikolaos Nikolakopoulos will lead the Lotteries division as President and CEO, and Deputy CEO Chrysostomos Sfatos will serve as CFO.

The Intralot board will expand to 11 directors, with a majority independent, including Kokkalis, Reeves, Nikolakopoulos, and Bally’s Chairman Soohyung Kim. The company will maintain strong governance and responsible gaming standards across its 40+ jurisdictional relationships.

Path to Completion

The transaction, expected to close in Q4 2025, requires Intralot shareholder approval, antitrust and gaming regulatory clearances, and compliance with Greek Law 4548/2018, including a 10-day waiting period for related-party transactions.

Intralot’s board approval and fairness opinion will be published via the Greek Commercial Register and Athens Stock Exchange website.

Post-deal, Intralot aims for a 2.5x net leverage ratio and a 35% dividend payout ratio, with flexibility for higher distributions based on performance.