Intralot has announced a landmark agreement to acquire Bally’s International Interactive business in a transaction valued at €2.7 billion ($3.1 billion). The deal, approved by the boards of both companies, will be finalized through a mix of €1.53 billion in cash and €1.136 billion in newly issued Intralot shares. Completion is expected in Q4 2025, pending regulatory and shareholder approval.
This strategic move will integrate Bally’s online gaming operations, largely based in the UK, with Intralot’s lottery technology business. The combined entity is set to become one of the largest publicly listed companies on the Athens Stock Exchange.
Bally’s to Become Intralot’s Majority Shareholder
Following the acquisition, Bally’s—which already holds a 33.34% stake in Intralot—will become the majority shareholder in the newly merged company. The transfer will include around 870 million Intralot shares, valued at approximately $1.53 per share, reinforcing Bally’s long-term presence in the business.
“This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion,” said Soo Kim, Chairman of Bally’s. “By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”
Financing Secured, Leadership Changes Ahead
To fund the transaction, Intralot has secured €1.6 billion in debt financing from a banking group led by Deutsche Bank and Goldman Sachs. The company also plans to raise up to €400 million through a capital increase.
Intralot’s founder and chair Sokratis Kokkalis emphasized the deal’s significance for the Greek market: “The transaction we announced today marks a doubly important day… a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.”
Robeson Reeves, current CEO of Bally’s, is expected to assume the CEO role of the combined group, while Intralot’s CEO Nikolaos Nikolakopoulos will transition to lead the lottery segment. Both Kokkalis and Kim will retain positions on the newly expanded 11-member board.
Combining Platforms and Technologies
The merged company will bring together Bally’s Vitruvian analytics platform and Intralot’s LotosX and PlayerX systems, aiming to provide enhanced services across both B2B and B2C lottery and gaming sectors. Together, they aim to tap into a growing global market projected to reach $187 billion by 2029.
Bally’s, which acquired Gamesys for $2.7 billion in 2021, is now realigning its digital strategy through this deal while retaining a pivotal role in its future operations. The company has also secured $500 million in new debt financing, along with a $100 million delayed draw facility, to support ongoing projects including Bally’s Chicago development.
Source:
“Acquisition of International Interactive Business of Bally’s”, intralot.com, Jul 2, 2025
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