Bally’s Intralot reported group revenues of €544.2 million for the first half of the year, with its Bally’s International Interactive (BII) division contributing €377.6 million. This marks the company’s first complete six-month reporting including the BII segment, leading to an adjusted EBITDA of €184.8 million, of which €132.8 million originated from the BII division.
The company experienced strong momentum in the UK, which saw its net gaming revenue (NGR) reach an all-time high, reflecting a 11.6% year-on-year growth on a constant currency basis in the second quarter. However, a significant challenge emerged with the nearly doubling of the remote gaming duty in the UK from 21% to 40% as of April 1, resulting in a €34 million impact on the company’s adjusted EBITDA for Q2. Bally’s Intralot managed to counteract approximately 65% of this impact through revenue growth and reductions in operating costs.
For the pro forma combined business, revenues totaled €1.06 billion, yielding an adjusted EBITDA of €399.9 million for the year ending June 30, 2026.
In contrast, the legacy segment of Intralot reported a decline in performance, with revenues falling to €166.5 million in H1 from €182 million in the previous year. Adjusted EBITDA for the legacy segment also decreased by 13.6% to €52.1 million. The B2B segment specifically saw a revenue drop of 10.1%, to €128.1 million, with the US being the primary cause of this decline. Here, B2B revenue fell by 11.7% on a constant currency basis, attributed to weaker lottery activity and a decrease in equipment sales compared to H1 2025. Additionally, B2C revenue decreased slightly from €39.5 million to €38.5 million in the first half.
Bally’s Intralot ended the first half with adjusted net debt of €1.62 billion, showing a pro forma adjusted net leverage ratio of 4.05x. This ratio has been temporarily elevated due to an €85 million capital expenditure payment for a 15-year electronic gaming machine monitoring license in Victoria, Australia, which was announced in April.
Breaking down the second quarter, Bally’s Intralot experienced a 3% increase in group revenue quarter-on-quarter, reaching €276.1 million. The international online segment again led performance, with UK revenues hitting an all-time high and a quarterly increase of 5.3% from Q1. Spanish revenues also surged, increasing 9.7% from the previous quarter, contributing to a combined BII revenue rise of 5.4% to €193.8 million. Nevertheless, the adjusted EBITDA for Q2 fell to €84.6 million from €100.2 million in Q1, impacted by the £34 million tax increase in the UK.
On June 5, Bally’s Intralot announced it had reached an agreement to acquire the struggling operator Evoke for approximately £243.1 million. The acquisition is pending regulatory and shareholder approvals, and a general meeting for Evoke has been scheduled for August 17. Bally’s Intralot noted that shareholders representing more than 40% of Evoke's share capital intend to support the acquisition. Evoke’s Q2 results revealed a 12% drop in EBITDA due to an increase in gaming duties, which soared by £46 million year-on-year, primarily impacted by changes in the UK.
