Bally’s Intralot reported a group revenue of €544.2 million for the first half of the year, with its Bally’s International Interactive (BII) division contributing significantly at €377.6 million.
In its inaugural six-month reporting period incorporating the BII division, Bally’s Intralot achieved an adjusted EBITDA of €184.8 million, with €132.8 million generated from BII alone.
The company noted significant momentum in the UK market, achieving an all-time high in net gaming revenue (NGR) and experiencing a 11.6% year-on-year growth on a constant currency basis during the second quarter.
Nonetheless, the increase in the remote gaming duty in the UK, which rose from 21% to 40% effective April 1, 2023, impacted Bally’s Intralot by approximately €34 million on its adjusted EBITDA for Q2. The company managed to offset about 65% of this impact through strategic revenue growth and adjustments to operational costs.
For the 12 months ending June 30, 2026, the pro forma combined business reported revenue of €1.06 billion and an adjusted EBITDA of €399.9 million.
In contrast to the robust BII segment, the legacy Intralot business faced challenges. Revenue in this sector dropped to €166.5 million from €182 million year-on-year. The adjusted EBITDA for the legacy arm also declined by 13.6% to €52.1 million.
The B2B segment within the legacy business saw a revenue decrease of 10.1% to €128.1 million, primarily affected by an 11.7% drop in the US market. This downturn was attributed by the company to reduced lottery activity and lower equipment sales compared to the first half of 2025.
Revenue for the legacy B2C segment also fell slightly, from €39.5 million to €38.5 million.
At the close of H1, Bally’s Intralot reported an adjusted net debt of €1.62 billion, with a pro forma adjusted net leverage ratio of 4.05 times. The company indicated that this leverage ratio was temporarily inflated due to an €85 million payment for a 15-year electronic gaming machine monitoring license in Victoria, Australia, disclosed in April.
For the second quarter, Bally’s Intralot experienced a 3% quarter-on-quarter revenue increase, reaching €276.1 million. Once again, the international online segment led performance, with UK revenue achieving a record high, representing a 5.3% increase from Q1. Revenue from Spain rose by 9.7% quarter-on-quarter, leading to a total BII revenue increase of 5.4%, totaling €193.8 million.
Despite the revenue growth, the adjusted EBITDA for Q2 fell to €84.6 million from €100.2 million in Q1, largely due to the effects of the UK tax hike, which accounted for the €34 million decline.
Additionally, on June 5, Bally’s Intralot announced a deal valued at approximately £243.1 million with Evoke, a struggling operator. This acquisition is pending regulatory and shareholder approval, with Evoke's general meeting scheduled for August 17. Bally’s Intralot noted that shareholders holding over 40% of Evoke’s shares have indicated their support for the acquisition.
Evoke's recent Q2 results showed a 12% drop in EBITDA as the company faced a £46 million year-on-year increase in gaming duties attributed to rises in the UK market.
