Intralot is making a big move in the digital gaming world. The Greek lottery tech firm just struck a deal to buy Bally’s International Interactive business. This Intralot Bally’s acquisition is valued at €2.7 billion and is set to reshape both companies’ positions in the global gaming space.

  • The deal includes €1.53 billion in cash and €1.136 billion in newly issued Intralot shares. Bally’s will receive over 873 million shares at €1.30 each and become Intralot’s largest shareholder with a controlling stake. Intralot is funding the cash portion with €1.6 billion in committed debt financing from four major banks and is planning a €400 million equity raise on the Athens Stock Exchange.

  • Once completed, the new Intralot will combine strong B2B lottery revenues with a major foothold in B2C iGaming markets, especially the UK. The combined business will remain listed in Athens.

  • Bally’s will use the cash proceeds and a new $500 million loan facility to repay existing secured debt. It has also lined up an additional $100 million loan for corporate use, including its Chicago casino development.

  • The merger gives Intralot access to Bally’s Vitruvian analytics platform, which complements its own LotosX and PlayerX systems. The tech stack aims to drive better customer insights and retention across platforms.

  • The combined business is expected to generate €1.1 billion in revenue with a projected 38% EBITDA margin before synergies. Free cash flow conversion is estimated at over 90%.

  • Strategic growth plans include expanding into new B2C markets and charity lotteries, plus cross-sell opportunities across their existing client base in over 40 jurisdictions.

  • Robeson Reeves, Bally’s CEO, will take over as Intralot’s new group CEO. Current CEO Nikolaos Nikolakopoulos will become President and lead the Lotteries division.

  • “We’re creating a unique proposition that will pave the way for a new era of innovation,” said Reeves. Kokkalis, Intralot’s founder, will retain a significant stake and remain board chairman.

  • The deal still needs regulatory and shareholder approvals but is expected to close in Q4 2025. After the announcement, Bally’s stake in Intralot increased to 33.34%, triggering a mandatory tender offer.

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