Bally’s Corporation and Intralot S.A. have officially closed their €2.7 billion ($3.12 billion) transaction, marking a significant consolidation between a U.S. gaming leader and a major European lottery operator. The deal, first announced in July 2025, combines Bally’s International Interactive business with Intralot’s worldwide lottery and gaming operations to form a new entity — Bally’s Intralot.
Under the agreement, Intralot delivered €1.53 billion in cash and €1.14 billion in newly issued Intralot shares to Bally’s. Following the share transfer, Bally’s now holds a 58% majority ownership in the Greek-listed operator, granting it control over future strategic decisions. The completion was further supported by a €429 million issue of new ordinary shares on October 8, which was oversubscribed by investors.
“This is a milestone transaction for Bally’s,” said Robeson Reeves, CEO of Bally’s Corporation. “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.”
Debt Reduction and U.S. Development Plans
Bally’s intends to channel at least $1 billion of the cash proceeds into reducing secured debt, including existing revolver balances. The company has also reaffirmed plans to use $200 million to support the ongoing Chicago casino development, part of its $940 million agreement with Gaming and Leisure Properties.
The company may additionally execute a $500 million sale-and-leaseback of its Twin River Lincoln Casino Resort in Rhode Island to further reduce leverage. Together with its recently increased $670 million credit revolver, these moves aim to strengthen liquidity and maintain flexibility for future projects.
Bally’s operates 19 casinos in 11 U.S. states and has several expansion initiatives under way. Its proposed $4 billion Bronx casino project recently received community committee approval, advancing the operator’s pursuit of a coveted New York City gaming license.
Strategic Synergies and Growth Outlook
With the transaction finalized, Bally’s International Interactive will retain its leadership, data platform, and digital technology within the newly combined business. The partnership merges Bally’s digital innovation with Intralot’s global lottery network and operational scale, which spans 40 jurisdictions worldwide, including a recently extended 10-year contract with the IdahoLottery.
The combined entity expects to generate around €1.1 billion in annual revenue with EBITDA margins exceeding 39%, supported by operational synergies and new cross-market opportunities. Bally’s projects the integrated business will compete across an addressable market forecast to reach €200 billion globally by 2029.
Intralot, one of the Athens Stock Exchange’s largest listed companies, said the merger positions it as a “global iGaming and lottery champion” with a diversified portfolio across B2G, B2B, and B2C channels.
Source:
“Bally’s Corporation and Intralot S.A. Complete Intralot’s Acquisition of Bally’s International Interactive Business for €2.7 Billion”, s29.q4cdn.com, October 9, 2025
The post Bally’s and Intralot Complete €2.7bn Merger, Creating Global iGaming Powerhouse first appeared on RealMoneyAction.com.