Intralot to acquire Bally's International Interactive business in $3.18B transaction

Intralot S.A. and Bally’s Corporation have announced a definitive agreement under which Intralot will acquire Bally’s International Interactive business in a cash-and-stock transaction valuing the deal at an enterprise value of €2.7 billion ($3.18 billion).

The transaction, approved by both companies' boards of directors, will see Bally’s receive €1.53 billion in cash and €1.13 billion in newly issued Intralot shares. The deal is subject to shareholder and regulatory approvals and is expected to close in Q4 2025.

Financing and shareholding structure

To fund the cash consideration and refinance part of its debt, Intralot has secured financing commitments of up to €1.6 billion from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies. It also plans a €400 million share capital increase through an equity offering on the Athens Stock Exchange.

Following the transaction, Bally’s, currently the largest shareholder of Intralot, will become its majority shareholder. Intralot’s founder, Sokratis Kokkalis, will retain a significant stake. Intralot will remain listed on the Athens Stock Exchange.

The agreement also triggered a mandatory tender offer after Bally’s and its affiliates increased their ownership in Intralot from 26.86% to 33.34%.

Strategic integration and market outlook

The deal combines Intralot’s lottery technology platforms, such as LotosX and PlayerX, with Bally’s International Interactive’s Vitruvian data analytics platform. The combined technology is expected to support customer engagement, marketing, and contract renewals.

According to the companies, the newly formed entity will operate in the lottery and iGaming segments, which are projected to grow annually by 5% and 14%, respectively, through 2029, with a total addressable market of $187 billion. 

Intralot has over €1.4 billion in contracted lottery revenue through 2029, with an 89% renewal rate and a 16-year average contract duration. Bally’s online casino operations hold a strong position in the UK.

Governance and leadership changes

Upon completion, Robeson Reeves, Bally’s CEO, is expected to take over as Intralot’s CEO. Nikolaos Nikolakopoulos, Intralot’s current Group CEO, will serve as President and CEO of the Lotteries division. Chrysostomos Sfatos will be appointed CFO.

The Intralot board will expand to 11 directors, a majority of whom will be independent. Kokkalis will continue as Chairman, while Soohyung Kim, Bally’s Chairman, will serve as Vice Chairman.

“The transaction we announced today marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming,” said Kokkalis. “On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.”

Kim said: “This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion.” Nikolakopoulos added that with this move, “Intralot takes a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors."

Meanwhile, Reeves commented: “This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery. Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth across the entire gaming spectrum.”

Intralot and Bally’s also plan to enter into brand licensing and services agreements to maintain access to intellectual property and operational continuity. Bally’s has secured a $500 million secured debt facility to repay debt and a $100 million delayed draw facility for corporate use, including its Chicago development.