Intralot acquires Bally’s Interactive to boost position in gaming market

Greek gambling company Intralot has completed its €2.7bn acquisition of Bally’s International Interactive, the online division of Bally’s Corporation, in a landmark deal that significantly strengthens its foothold in the global gaming sector.

Under the terms of the deal, Bally’s Corporation received €1.53bn in cash and €1.13bn in new Intralot shares, equivalent to approximately 873 million shares valued at €1.30 each. With its prior holdings included, Bally’s now owns a 58 percent majority stake in the Athens-listed Intralot group.

“Intralot not only reaffirms its confidence in the Greek market, but also demonstrates that Greek companies with strong business value can reach out to major international investors and succeed,” Natasa Stamou, Vice Chair of the Hellenic Capital Market Commission, said of the transaction.

Intralot eyes to create a digital gaming powerhouse with Bally’s Interactive acquisition

The acquisition unites Intralot’s global lottery network and government partnerships with Bally’s Interactive’s proprietary gaming IP, digital platforms, and data-driven customer technology.

The combined entity aims to establish itself as a next-generation lottery and premier iGaming supplier, leveraging synergies in U.S. state lotteries and North American B2G/B2C markets. 

Intralot, which employs nearly 1,700 people worldwide, reported €168m in revenue and €60m in EBITDA for the first half of 2025, and expects annual revenues to reach approximately €1.1bn following the merger.

The deal also supports Bally’s own restructuring and debt-reduction efforts, as the corporation reallocates over $1bn of proceeds to pay down secured debt and fund major U.S. projects, including its $1.9bn Chicago casino development.

“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. Intralot’s lottery expertise and reach, combined with Bally’s Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term,” Robeson Reeves, CEO of Bally’s, said.

The transaction coincided with the formal listing of new Intralot shares on the Athens Stock Exchange, marking a milestone in the company’s diversification and digital growth strategy. Sokratis Kokkalis, Intralot’s chairman, marked the company’s 26th anniversary at ATHEX by ringing the opening bell to celebrate the milestone.

Dealmakers see the merger as part of a consolidation trend in the massive global gambling market, aligning both companies to capture new opportunities across regulated lottery, iGaming, and omnichannel services worldwide.