Bally’s Intralot reported group revenue of €544.2 million for the first half of the year, with its Bally’s International Interactive (BII) segment contributing €377.6 million to this figure. This marks the first complete six-month period that includes the BII division, during which Bally’s Intralot achieved an adjusted EBITDA of €184.8 million. Of this, €132.8 million came from BII.
In the United Kingdom, the company noted a significant upward trend, highlighting an all-time high in net gaming revenue (NGR) and a year-on-year growth rate of 11.6% on a constant currency basis in the second quarter. Nevertheless, the recent increase in the remote gaming duty from 21% to 40% on April 1 impacted adjusted EBITDA by approximately €34 million in Q2. To counteract this effect, Bally’s Intralot managed to absorb around 65% of the financial impact through revenue growth and effective management of operating costs.
The pro forma combined business ultimately generated €1.06 billion in revenue and posted an adjusted EBITDA of €399.9 million for the twelve months ending June 30, 2026.
Despite the encouraging performance of the BII segment, the legacy Intralot business faced challenges. Revenue dropped to €166.5 million in H1, down from €182 million during the same period last year. The adjusted EBITDA for this legacy segment also fell by 13.6% to €52.1 million. The legacy B2B segment saw a revenue decline of 10.1%, totaling €128.1 million, with the US market being the primary contributor to the decrease, reporting an 11.7% decline in B2B revenue due to weaker lottery activity and diminished equipment sales compared to H1 2025. Meanwhile, legacy B2C revenue also fell slightly from €39.5 million to €38.5 million.
At the end of H1, Bally’s Intralot had an adjusted net debt of €1.62 billion, which equates to an adjusted net leverage ratio of 4.05x on a pro forma basis. The company noted that this ratio was temporarily heightened due to an €85 million capital expenditure payment related to its 15-year electronic gaming machine monitoring license in Victoria, Australia, announced in April.
In terms of quarterly performance, Bally’s Intralot experienced a 3% rise in group revenue from Q1 to Q2, reaching €276.1 million. The online international segment was a leader in this growth, with UK revenue achieving record levels, rising 5.3% from the previous quarter. Additionally, revenue from Spain increased by 9.7% quarter-on-quarter, pushing combined BII revenue up by 5.4% to €193.8 million.
Despite this upward trend in revenue, adjusted EBITDA for Q2 fell to €84.6 million, down from €100.2 million in Q1, largely due to the £34 million impact of the UK tax hike.
On June 5, Bally’s Intralot announced its intention to acquire the struggling operator Evoke for around £243.1 million. The acquisition is contingent on regulatory and shareholder approvals, with Evoke’s general meeting scheduled for August 17. Bally’s Intralot indicated that shareholders holding over 40% of Evoke’s total share capital had expressed their support for the deal. In Evoke’s recent Q2 results, the company reported a 12% decline in EBITDA, facing a year-on-year increase in gaming duties amounting to £46 million, primarily due to changes in the UK tax framework.
