Intralot Acquires Bally’s Interactive for €2.7 Billion, Forming Global Lottery and Betting Powerhouse

In a transformative move set to reshape the gaming and lottery landscape, Greece-based Intralot S.A. has signed a definitive agreement to acquire Bally’s Corporation’s International Interactive division in a €2.7 billion deal.

“This is a bold step that reflects our strong commitment to building a global leader in lotteries and online gaming,” said Soohyung Kim, Chair of Bally’s Board and Vice Chair of Intralot’s Board. “With this merger, we’re establishing a financially powerful entity based in Europe, well-positioned to compete and grow worldwide.”

Announced on July 1st, the transaction includes €1.53 billion in cash and €1.136 billion in newly issued Intralot shares to Bally’s. Intralot’s Founder and Chairman, Sokratis Kokkalis, emphasized the strategic and national importance of the merger for Greece.

“This marks a milestone not just for Intralot, but also for Greece and the Athens Stock Exchange,” he stated. “We’re creating a robust blue-chip company with strong appeal to international investors, boosting Greece’s reputation as a secure investment hub.”

A Global Gaming Giant Emerges

According to the joint statement, the merged company will become a leading operator in digital gaming and a major lottery technology supplier, with strongholds in some of the most promising regulated markets across Europe, North America, and Australia.

Bally’s Interactive division brings significant strength in the UK and Spanish iGaming sectors, having generated over £1 billion in the UK and more than €1.3 billion in Spain since 2019.

Intralot itself is a long-established global lottery leader, active in over 40 regulated jurisdictions with annual revenues around €400 million and a workforce of 1,700. The company boasts €1.4 billion in contracted revenue through 2029, backed by an impressive 89% renewal rate.

“This acquisition is a crucial move toward making Intralot a top-tier global provider of lottery and gaming technology,” said Nikolaos Nikolakopoulos, Intralot’s CEO. “Bally’s brings advanced digital capabilities that uniquely position us to elevate player engagement and boost lottery returns for good causes.”

Tech Synergies and Multichannel Strategy

The combined entity will offer a comprehensive, multichannel suite of lottery, iGaming, and sports betting solutions. Bally’s CEO Robeson Reeves, who is expected to become CEO of the newly merged company, highlighted the strategic fusion of capabilities.

“This is a turning point for Bally’s, combining our digital strengths with Intralot’s deep lottery expertise,” Reeves commented.

Financially, the deal is projected to be accretive, with anticipated annual cost synergies of €35–40 million within 24 to 36 months post-close. The combined company aims to maintain a net leverage ratio below 2.5x and target a dividend payout ratio of 35% of net income.

The acquisition is expected to close in the fourth quarter of 2025, subject to shareholder approval, regulatory clearance, and customary closing conditions.