Bally’s Intralot reported group revenue of €544.2 million for the first half of the year, with its Bally’s International Interactive (BII) division contributing a significant €377.6 million. This marks the first full six-month period that includes the BII segment, during which Bally’s Intralot recorded an adjusted EBITDA of €184.8 million, of which €132.8 million was generated by the BII division.
The company saw substantial momentum in the UK, achieving a record net gaming revenue (NGR) and experiencing a 11.6% year-on-year growth in constant currency for the second quarter. However, the recent increase in remote gaming duty in the UK, which jumped from 21% to 40% effective April 1, had an adverse effect, reducing the company's adjusted EBITDA by approximately €34 million in Q2. Nonetheless, Bally’s Intralot managed to offset around 65% of this impact through revenue growth and by optimizing operating costs.
The pro forma combined business reported total revenues of €1.06 billion and an adjusted EBITDA of €399.9 million for the twelve months concluding June 30, 2026.
On the downside, the legacy Intralot segment did not perform as well. Revenue dipped to €166.5 million in the first half, down from €182 million during the same period last year, and adjusted EBITDA fell by 13.6% to €52.1 million. The legacy B2B segment experienced a revenue decline of 10.1%, with the primary market being the United States, which accounted for the majority of the decrease. Specifically, B2B revenue in the US dropped by 11.7% on a constant currency basis due to reduced lottery activities and diminished equipment sales compared to H1 2025. Legacy B2C revenue also fell slightly from €39.5 million to €38.5 million year-on-year.
By the end of the first half, Bally’s Intralot reported adjusted net debt of €1.62 billion and an adjusted net leverage ratio on a pro forma basis of 4.05x. The company indicated that this leverage ratio was temporarily elevated due to an €85 million capital expenditure related to a 15-year electronic gaming machine monitoring license in the Australian state of Victoria, which was announced in April.
In the second quarter alone, Bally’s Intralot experienced a quarter-on-quarter revenue increase of 3%, reaching €276.1 million. The international online segment led this growth, with UK revenue achieving record highs and increasing by 5.3% from Q1. Revenue from Spain also saw a notable rise, surging by 9.7% quarter-on-quarter, contributing to a 5.4% overall increase in combined BII revenue to €193.8 million. Despite this upward trend in revenue, adjusted EBITDA for Q2 declined to €84.6 million from €100.2 million in Q1 due to the aforementioned tax increase in the UK.
Additionally, on June 5, Bally’s Intralot disclosed its intention to acquire the struggling operator Evoke for around £243.1 million. This acquisition is contingent upon regulatory and shareholder approvals, with a meeting scheduled for August 17. Interestingly, over 40% of Evoke’s shareholders have expressed their support for the deal. Meanwhile, Evoke reported a 12% drop in EBITDA for Q2, attributed to a £46 million increase in gaming duties compared to the previous year, primarily driven by developments in the UK.
