Intralot S.A. has confirmed the completion of a significant financing arrangement worth €660 million to help fund its previously announced acquisition of Bally’s International Interactive. The company revealed that the funding will consist of two main loan facilities: a €460 million six-year senior secured term loan from institutional lenders, and an additional €200 million four-year amortizing loan provided by a group of Greek banks. Together, these commitments will support both the acquisition and refinancing of existing debt.
This financial package forms part of the €2.7 billion transaction Intralot announced in July, under which it will acquire Bally’s International Interactive in a cash-and-stock deal. The closing of the loans remains contingent upon certain conditions being met related to the acquisition process and debt refinancing.
In addition, Intralot announced has secured the approval of holders of its €130 million retail bond, ensuring that the bond may remain outstanding once the transaction is finalized.
Strategic Benefits of the Bally’s Deal
The agreement marks a pivotal step in Intralot’s effort to transform its market position. By taking over Bally’s International Interactive, the Greek gaming and lottery solutions provider aims to build a combined entity with approximately €1.1 billion in annual revenues. The transaction is structured as a reverse-style merger, with Bally’s expected to emerge as Intralot’s majority shareholder once the acquisition closes, which is projected to occur before the end of 2025.
For Bally’s, the sale of its interactive division is intended to strengthen its balance sheet and provide additional cash resources. The move will enable Bally’s to direct funds toward developing its land-based casino portfolio in both the United States and Australia.
Leadership changes are also on the horizon. Bally’s CEO Robeson Reeves is expected to step in as the new chief executive of Intralot, while current Intralot CEO Nikolaos Nikolakopoulos will shift into leading the lottery division. The board will continue to include Intralot Chairman Sokratis Kokkalis and Bally’s Chairman Soohyung Kim.
In July, Reeves described the deal as transformative, saying: “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.”
Growth Plans and Market Outlook
Executives from both companies have emphasized the synergies between Bally’s iGaming operations and Intralot’s established lottery expertise. Reeves noted: “I find the combination of Intralot and Bally’s International Interactive just a perfect combo, because you’ve got iGaming and lottery. No one else has that in the world… we’ve already looked at our technology stacks independently through normal dialogues, just understanding how they could fit together. They’re very complementary.”
The newly combined business will initially prioritize growth in the United Kingdom, a core market for Bally’s Interactive. During a recent capital markets presentation, Reeves explained that retaining customers in the UK will be a focal point, while also highlighting the opportunity to diversify revenue streams beyond the region.
Meanwhile, Intralot’s latest financial results reflect modest gains. For the first half of 2025, revenue increased 1.7% year-on-year to €168 million, with EBITDA rising 1.2% to €60.2 million. Net debt also decreased, falling from €338.2 million to €303 million. Although gross profit dipped slightly, the company reaffirmed its commitment to the acquisition and long-term expansion strategy.
The acquisition, once finalized, is expected to solidify Intralot’s position as a key player in both iLottery and iGaming, setting the stage for new growth opportunities across multiple global markets.
