Bally’s Intralot reported a total group revenue of €544.2 million for the first half of the year, with €377.6 million generated by its Bally’s International Interactive (BII) division. In its first full six-month period that includes the BII segment, Bally’s Intralot recorded an adjusted EBITDA of €184.8 million, of which €132.8 million was attributed to BII.
The company experienced noteworthy momentum in the UK, achieving an all-time high in net gaming revenue (NGR) and a 11.6% year-on-year growth on a constant currency basis in the second quarter. However, the increase in the remote gaming duty in the UK, raising from 21% to 40% since April 1, impacted the company’s adjusted EBITDA by approximately €34 million in the second quarter.
Despite this challenge, Bally’s Intralot managed to offset about 65% of the €34 million impact through revenue growth and optimized operating costs. When combining the pro forma businesses, they reached a revenue of €1.06 billion and an adjusted EBITDA of €399.9 million for the year ending on June 30, 2026.
While the BII results showcased promising growth, the original Intralot operations faced difficulties. Revenue for this legacy segment fell to €166.5 million in the first half of the year, down from €182 million the previous year. Its adjusted EBITDA also decreased by 13.6%, landing at €52.1 million.
The legacy B2B segment's revenue was down 10.1% to €128.1 million, driven largely by challenges in the US market, which experienced an 11.7% decline in revenue on a constant currency basis due to decreased lottery activity and diminished equipment sales compared to the first half of 2025. On the B2C side, revenue also dropped slightly from €39.5 million to €38.5 million.
At the end of the first half, Bally’s Intralot reported an adjusted net debt of €1.62 billion, with an adjusted net leverage ratio standing at 4.05x on a pro forma basis. This ratio was deemed “temporarily elevated” due to an €85 million capital expenditure made for the 15-year electronic gaming machine monitoring license in Victoria, Australia, which was announced back in April.
In terms of quarterly performance, Bally’s Intralot saw a 3% increase in group revenue, reaching €276.1 million in the second quarter. The international online segment once again led performance, with UK revenue achieving a record high, reflecting a 5.3% increase from the first quarter. Additionally, revenue from Spain rose significantly by 9.7% quarter-on-quarter, boosting total BII revenue by 5.4% to €193.8 million.
Despite the revenue increase, adjusted EBITDA for the second quarter fell to €84.6 million from €100.2 million in the previous quarter, largely due to the impact of the tax hike in the UK.
In a separate development, on June 5, Bally’s Intralot announced a deal worth approximately £243.1 million to acquire the struggling operator Evoke. This acquisition remains subject to 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 share capital have expressed their support for the acquisition. Evoke’s Q2 results, released recently, showed a 12% decline in EBITDA, affected by a £46 million year-on-year increase in gaming duties, predominantly attributed to developments in the UK.
