Bally's Corporation has finalized Intralot's acquisition of its International Interactive division for €2.7bn ($2.95bn), marking one of the year's most significant gaming industry transactions.
The deal structure saw Intralot pay Bally's €1.53bn in cash alongside €1.136bn worth of newly issued shares: 873,707,073 shares valued at €1.30 each. Combined with Bally's existing 207,534,878 Intralot shares, the operator now controls a 58% majority stake in the Athens-listed company.
Intralot raised €429m through a share offering announced on October 8, which the company said was oversubscribed multiple times.
The combined operation creates a global iGaming and lottery powerhouse, which, according to the company, is expected to generate approximately €1.1bn in annual revenue with EBITDA margins exceeding 39%.
Bally's International Interactive will maintain its leadership team and technology infrastructure, including its Vitruvian data platform, while benefiting from Intralot's established lottery operations across B2G, B2B and B2C channels.
Bally's CEO Robeson Reeves said: "This is a milestone transaction for Bally's. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth."
The operator plans to deploy at least $1bn of after-tax proceeds toward reducing secured debt and outstanding revolver balances. Combined with a proposed $500m sale-leaseback of Twin River Lincoln Casino Resort, Bally's aims to substantially deleverage its balance sheet while maintaining liquidity through its recently expanded $670m revolver.
At least $200m will be allocated to Chicago casino development, supporting the project's $940m commitment with Gaming and Leisure Properties as construction accelerates.
The merged entity targets a global addressable market projected to reach €200bn by 2029.
The transaction was first announced in July 2025
