Bally’s Intralot reported 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 total. In its inaugural six-month period that included the BII segment, the company achieved an adjusted EBITDA of €184.8 million, of which €132.8 million originated from the BII division.
The UK market showed promising growth, reaching an all-time high in net gaming revenue (NGR) and experiencing a year-on-year increase of 11.6% on a constant currency basis in the second quarter. However, the UK’s remote gaming duty nearly doubled, rising from 21% to 40% as of April 1, leading to an approximate €34 million reduction in the company’s adjusted EBITDA for Q2. Bally’s Intralot successfully offset about 65% of this impact through revenue growth and streamlining operating costs.
On a pro forma basis, the combined business generated €1.06 billion in revenue with an adjusted EBITDA of €399.9 million for the 12 months ending June 30, 2026.
While the BII segment's performance was encouraging, the legacy Intralot business faced challenges, with revenue declining to €166.5 million in H1 from €182 million during the same period last year. The adjusted EBITDA for the legacy segment also fell by 13.6%, amounting to €52.1 million.
The legacy B2B segment's revenue decreased by 10.1% to €128.1 million, primarily driven by declining sales in its largest market, the US. The company observed an 11.7% drop in B2B revenue in the US on a constant currency basis, attributing this decline to decreased lottery activity and a reduction in equipment sales compared to H1 2025.
In terms of legacy B2C revenue, there was a slight decline to €38.5 million from €39.5 million in the same period last year. By the end of H1, Bally’s Intralot recorded an adjusted net debt of €1.62 billion, giving it an adjusted net leverage ratio of 4.05x on a pro forma basis. The company indicated that this ratio was temporarily elevated due to an €85 million capital expenditure payment related to its 15-year electronic gaming machine monitoring licence in Victoria, Australia, announced in April.
For the second quarter, Bally’s Intralot saw a 3% increase in group revenue quarter-on-quarter, reaching €276.1 million. The international online segment continued to perform well, with UK revenue climbing 5.3% from Q1, hitting an all-time high. Spain’s revenue also rose by 9.7% quarter-on-quarter, bringing the total BII revenue up by 5.4% to €193.8 million. Despite these gains, adjusted EBITDA for Q2 decreased to €84.6 million from €100.2 million in Q1 due to the €34 million adverse impact from the duty increase in the UK.
On June 5, Bally’s Intralot revealed plans to acquire the struggling operator Evoke for approximately £243.1 million. This acquisition is pending regulatory and shareholder approval, with Evoke's general meeting scheduled for August 17. The company noted that shareholders holding more than 40% of Evoke’s share capital have expressed their support for the deal. Evoke reported a 12% drop in EBITDA for Q2, significantly affected by a £46 million year-on-year increase in gaming duties, primarily due to changes in the UK.
