Bally’s Intralot recorded group revenue of €544.2 million during the first half of the year, with its Bally’s International Interactive (BII) division contributing a significant €377.6 million to this figure. This marks the first full six-month period involving the BII segment, which also helped the company achieve an adjusted EBITDA of €184.8 million, of which €132.8 million originated from BII.
In the UK, the company experienced strong momentum, noting an all-time high in net gaming revenue (NGR), alongside a year-on-year growth rate of 11.6% on a constant currency basis in the second quarter. However, a significant challenge arose due to the remote gaming duty nearly doubling from 21% to 40% effective April 1. This regulatory change imposed an estimated €34 million impact on the company’s adjusted EBITDA for the second quarter.
Bally’s Intralot has effectively mitigated about 65% of the €34 million impact by implementing revenue growth initiatives and optimizing operating costs. The pro forma combined business, which reflects the total results including adjusted figures, generated €1.06 billion in revenue and reported an adjusted EBITDA of €399.9 million for the twelve months ending June 30, 2026.
On a less favorable note, the legacy Intralot segment saw a decline in revenue, which dropped to €166.5 million for the first half, down from €182 million during the same period last year. The adjusted EBITDA for the legacy segment also fell by 13.6%, reaching €52.1 million. Within this legacy framework, the B2B segment faced a 10.1% revenue decline to €128.1 million, with the United States identified as the primary driver of this decrease.
In the US market, B2B revenue fell 11.7% on a constant currency basis, attributed to weaker lottery activity and a reduction in equipment sales compared to the first half of 2025. At the same time, legacy B2C revenue experienced a slight dip to €38.5 million, compared to €39.5 million in the same period last year.
Bally’s Intralot ended the first half with an adjusted net debt of €1.62 billion. The adjusted net leverage ratio, calculated on a pro forma basis, stood at 4.05x, which the company noted was temporarily elevated due to an €85 million capital expenditure payment linked to its 15-year electronic gaming machine monitoring license in Victoria, Australia, announced in April.
In the second quarter, group revenue saw a 3% increase quarter-on-quarter, reaching €276.1 million. The international online sector led this growth, particularly in the UK, where revenue hit a record high with a 5.3% increase from the previous quarter. Revenue from Spain also surged by 9.7% quarter-on-quarter, contributing to a combined BII revenue growth of 5.4% to €193.8 million. Despite this increase, the adjusted EBITDA for Q2 fell to €84.6 million from €100.2 million in Q1 due to the previously mentioned tax hike impact in the UK.
On June 5, Bally’s Intralot announced an agreement to acquire the struggling operator Evoke for approximately £243.1 million. This acquisition is still pending regulatory and shareholder approvals, with a general meeting for Evoke scheduled for August 17. Bally’s Intralot indicated that shareholders representing over 40% of Evoke's share capital have expressed support for the transaction. Evoke's recent Q2 results revealed a 12% EBITDA drop, significantly impacted by a £46 million year-on-year increase in gaming duties, primarily related to the UK.
