Bally’s Intralot reported a total group revenue of €544.2 million for the first half of the year, with the Bally’s International Interactive (BII) division contributing €377.6 million to this figure.
In its inaugural full six-month reporting period including the BII segment, the company achieved an adjusted EBITDA of €184.8 million, with €132.8 million derived specifically from the BII division.
In the UK market, Bally’s Intralot observed significant momentum, noting an all-time high in net gaming revenue (NGR) and a year-on-year growth rate of 11.6% on a constant currency basis for the second quarter.
However, the company faced challenges due to the UK's remote gaming duty rate, which nearly doubled from 21% to 40% on April 1, leading to an estimated impact of around €34 million on adjusted EBITDA during Q2. To offset this decline, Bally’s Intralot managed to mitigate approximately 65% of the impact through increased revenue and optimized operating costs.
For the 12 months ending June 30, 2026, the pro forma combined business generated €1.06 billion in revenue, resulting in an adjusted EBITDA of €399.9 million.
On the flip side, the legacy Intralot business reported less favorable outcomes, with its revenue decreasing to €166.5 million in the first half of this year, down from €182 million during the same period last year. The adjusted EBITDA for this segment also dipped by 13.6%, landing at €52.1 million.
Particularly concerning was the legacy B2B segment, which saw its revenue fall by 10.1% to €128.1 million, driven primarily by a decline in the US market. Specifically, B2B revenue in the US dropped by 11.7% on a constant currency basis, attributed to softer lottery activity and reduced equipment sales compared to H1 2025. In the B2C segment, revenues fell slightly from €39.5 million last year to €38.5 million.
Bally’s Intralot closed the first half of the year with an adjusted net debt of €1.62 billion, resulting in a pro forma adjusted net leverage ratio of 4.05x. The company noted that this ratio was "temporarily elevated" due to an €85 million capital expenditure payment associated with its 15-year electronic gaming machine monitoring license in Victoria, Australia, announced in April.
In Q2, Bally’s Intralot’s group revenue increased by 3% from the previous quarter to reach €276.1 million. The international online segment again demonstrated strong performance, particularly in the UK, where revenue climbed by 5.3% quarter-on-quarter.
Additionally, revenue from Spain surged by 9.7% compared to Q1, leading to a combined BII revenue increase of 5.4% to €193.8 million. Despite these gains, the adjusted EBITDA for Q2 decreased to €84.6 million, down from €100.2 million in Q1, significantly impacted by the £34 million tax hike in the UK.
On June 5, Bally's Intralot announced plans to acquire the struggling operator Evoke for approximately £243.1 million. This acquisition is pending regulatory and shareholder approval, with a general meeting for Evoke set for August 17. The company states that over 40% of Evoke's shareholders have indicated their support for the deal. Evoke’s Q2 financial results revealed a 12% decline in EBITDA, attributed to a £46 million rise in gaming duties, largely driven by UK regulations.
