Bally’s Intralot generated €544.2 million in group revenue during H1, with its Bally’s International Interactive (BII) division accounting for €377.6 million of the total.
In its first full six-month period including the BII segment, Bally’s Intralot achieved an adjusted EBITDA of €184.8 million, €132.8 million of which came from the BII division.
Momentum was noted in the UK, with an all-time high NGR and year-on-year growth of 11.6% on a constant currency basis in Q2.
However, the near doubling of the remote gaming duty in the UK from 21% to 40% since 1 April carried an impact of around €34 million on the company’s adjusted EBITDA in Q2.
Bally’s Intralot mitigated approximately 65% of the €34 million impact through revenue growth and operating cost optimisation.
The pro forma combined business generated €1.06 billion in revenue with an adjusted EBITDA of €399.9 million for the 12 months ending 30 June 2026.
Declines for the legacy Intralot business
While the results for the BII segment were encouraging, there was less positive news for the legacy Intralot business, with revenue falling to €166.5 million in H1 from €182 million in the same period last year.
Legacy adjusted EBITDA also dropped 13.6% to €52.1 million.
The legacy B2B segment’s revenue declined 10.1% to €128.1 million, with its largest market of the US “the main driver” of the decrease.
B2B revenue in the US fell 11.7% on a constant currency basis, which the company attributed to softer lottery activity and reduced equipment sales compared to H1 2025.
Meanwhile, legacy B2C revenue across H1 fell to €38.5 million from €39.5 million in the same period of last year.
Bally’s Intralot concluded H1 with an adjusted net debt of €1.62 billion, with an adjusted net leverage ratio on a pro forma basis of 4.05x.
The company said the net leverage ratio was “temporarily elevated” by an €85 million capex payment for its 15-year electronic gaming machine monitoring licence in the Australian state of Victoria, which it announced in April this year.
Quarter-on-quarter revenue increase in Q2
When splitting out Q2, group revenue for Bally’s Intralot rose 3% quarter-on-quarter to €276.1 million.
International online again led the way, with UK revenue reaching an all-time high with a 5.3% quarter-on-quarter increase from Q1.
Revenue from Spain, meanwhile, also surged 9.7% quarter-on-quarter to take the combined BII revenue up 5.4% to €193.8 million.
Despite the revenue increase, adjusted EBITDA for Q2 dropped to €84.6 million from the €100.2 million reported in Q1 because of the €34 million impact from the tax hike in the UK.
Evoke acquisition update
On 5 June, Bally’s Intralot announced it had agreed a deal worth approximately £243.1 million to acquire the struggling operator Evoke.
The deal is still subject to regulatory and shareholder approvals, with Evoke’s general meeting set for 17 August.
Bally’s Intralot said shareholders representing over 40% of Evoke’s share capital had voiced their intention to support the deal.
Evoke’s Q2 results, released last week, displayed a 12% drop in EBITDA with the company hit by a £46 million year-on-year rise in gaming duties, largely stemming from the UK.
Original article: https://igamingbusiness.com/finance/ballys-intralot-h1-revenue-online-division/
