Bally’s and Intralot Complete €2.7B Merger

Bally’s Corporation has officially wrapped up the sale of its international technology arm to Greek gaming leader Intralot S.A., forming a new combined entity called Bally’s Intralot. The merger blends Bally’s strong digital backbone with Intralot’s global lottery infrastructure, aiming to reshape how gaming and lottery operations connect across multiple markets.

Good to Know

• Bally’s received €1.53 billion in cash and €1.136 billion in newly issued shares.
• The deal gives Bally’s a 58% equity interest in the new combined company.
• Bally’s plans to use $1 billion of the proceeds to reduce corporate debt and fund strategic growth.

Bally’s Chief Executive Officer Robeson Reeves called it “a milestone transaction,” noting the merger allows the company to “unlock significant liquidity in a key asset while establishing an even stronger platform for digital growth.” He added, “Our shareholders now have visibility into the value of our interactive division as part of a larger, globally scaled operator.”

The €2.7 billion ($3.2 billion) deal, first announced in July, officially closed after months of regulatory review and share issuance. Intralot completed a €429-million new ordinary share issue as part of the transaction. The final structure gives Bally’s majority control of the combined company, with both firms aligned on expanding into new regulated gaming and digital markets.

The partnership merges Bally’s digital technology stack and data analytics platform with Intralot’s extensive lottery and retail gaming reach. Together, they aim to target an addressable market expected to exceed €200 billion globally by 2029.

Debt Reduction and U.S. Expansion

Bally’s, which runs 19 casinos in 11 U.S. states, plans to direct much of the proceeds toward strengthening its balance sheet. At least $1 billion from the deal will go toward debt reduction, while additional capital will fund new projects — including a planned $200 million investment into the Chicago casino development.

The company is also pursuing a $500 million sale-leaseback of its Twin River Lincoln Casino Resort in Rhode Island. The transaction, combined with a $670 million credit revolver, will keep liquidity strong as Bally’s continues its U.S. expansion push.

Meanwhile, Bally’s $4 billion proposal for a casino in the Bronx advanced last week, receiving a favorable vote from a local community committee — bringing the company one step closer to securing a New York City gaming license.

A Win for Intralot

For Intralot, listed on the Athens Stock Exchange since 1992, the merger creates a major growth vehicle. The company, which already operates regulated gaming in 40 jurisdictions, expects annual revenue of about €1.1 billion from the joint venture, with an EBITDA margin projected above 39%.

“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,” Reeves said.

Earlier this year, Intralot renewed its contract to operate the New Hampshire Lottery for another seven years, reinforcing its U.S. foothold.

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