Bally’s Intralot Sees 35% Revenue Increase, But Merger Might Hide Issues

Bally’s Intralot reported a 34.8% year-over-year increase in group revenue for 2025, driven by the merger of the two companies late last year. Despite that, costs and other financial challenges led to some losses.

Merger Contributed a Lot to the Revenue Increase

In 2025, the company reported revenue of over $609 million, a significant increase from the $410 million in the prior year. Most of this increase was driven by the merger of Bally’s International Interactive (BII) with Intralot’s global lottery and gaming operations. The transaction, completed in October 2025, was valued at EUR 2.7 billion (about $3.17 billion), comprising EUR 1.53 billion ($1.8 billion) in cash and EUR 1.14 billion ($1.34 billion) in newly issued Intralot shares. 

Following the merger, the company has already seen a strong start to 2026 in the UK, which became its largest market in Q4 2025, contributing over 60% of total revenue. In the first two months of 2026, UK online performance has generated approximately $121.5 million, marking an 11.1% year-on-year increase and indicating early benefits from the merger.

For Q4 2025 overall, reported group revenue rose to around $279.5 million, which is a substantial jump from approximately $123.4 million in the same period the previous year.

The full-year results were released on the same day Bally’s Intralot announced its intention to fully acquire Evoke after weeks of speculation and rumors that the company was planning to do so.

However, the Company Also Reported Losses

Despite the positive results, much of the company’s revenue growth can be attributed to the merger. While the merger has provided a major boost to the business, the underlying figures suggest a slight decline in performance, despite Bally’s announcing strategic progress in its preliminary 2025 report posted last month.

Excluding Bally’s Interactive International, revenue fell by 8.7% year-on-year, and adjusted EBITDA dropped by 10.9%. Intralot linked this decline to foreign exchange challenges, as well as higher merchandise sales and implementation fees recorded in 2024. US revenue also saw a 5.6% decrease, though adjusted EBITDA grew by 5.4%. Revenue in Australia and Argentina increased, while Turkey experienced a significant decline of 21.8%.

Higher depreciation and amortization, transaction fees, and finance expenses weighed on the group. The pre-tax loss amounted to approximately $44.9 million. This is a change from a profit of approximately $19.5 million in FY24.

After paying $21.8 million in taxes, the company recorded a net loss of approximately $66.5 million, compared to a net profit of about $18 million the previous year. Additionally, net income after tax and minority interests dropped from a positive $5.3 million to a loss of approximately $71.0 million.

As Bally’s Intralot continues to eye expansion, including moving forward with Las Vegas plans, the company’s finances might see a drastic change in 2026. But only time will tell if those changes will be positive or negative.