SBC News Voice of the Sports Betting Industry
Yesterday a breakneck 24-hours saw Robeson Reeves announced as the Chief Executive of the agreed Bally’s-Intralot international business.
The man of the moment and 20-year executive of Gamesys Group and Bally’s Interactive will lead the £2.7bn tie-up of a new B2B and B2C giant which aims to expand its presence across all continents.
Taking the spotlight of this year’s biggest gambling M&A thus far, Reeves noted: “It’s an amazing transaction—for the good of Bally’s, the good of Intralot. It makes us very unique, bringing iLottery and iGaming together with tech, data and global reach that no one else has.”
Deal notes underscored Bally’s and Intralot’s shared history and investor profile. However, the union of two distinct companies with contrasting operating models and divergent technology stacks has raised eyebrows.
The strategic logic of Bally’s-and-Intralot is not as instantly visible as other deals that have preceded it in the gambling sector’s ever constant M&A scene. Yet Reeves points that this is ultimately a merger of two very tech savvy and financially sound businesses that can forge ahead in changing B2B and B2C climates.
“We like our profile, huge cash flow, rapidly de-levering, and additive to both our lottery and gaming capabilities. In FY24 alone, the combined entity generated €416m in EBITDA, with over 90% free cash flow conversion. That kind of strength gives us flexibility to pursue growth—including M&A—in a disciplined way.”
Cash generation aside, what deal notes didn’t fully capture was the commercial upside from combining and upgrading each company’s existing contracts and exclusive content partnerships. Reeves pointed to the dynamism of the combined business—blending Bally’s IP-rich consumer-facing brands with Intralot’s embedded position in government-licensed markets.
The commercial visibility of the deal will soon be clear for all to see – “Just this week, Hasbro announced we now hold the global rights to the Monopoly brand for use in all regulated gaming territories,” Reeves said.
“It’s perhaps the most global local brand there is, and it sits alongside a portfolio that can now benefit from Intralot’s operational presence in 14 more countries than us.”
As such Reeves notes that the merger is not simply a scale play, but a strategic combination of two businesses that broadens market access and unlocks new cross-channel opportunities in both lottery and gaming sectors.
There is no hiding Bally’s–Intralot’s ambition to become the most dominant technology supplier to North American lotteries.
The merger positions the new group to challenge incumbents just as the traditional lottery supply chain undergoes disruption. In recent months, sector giants such as IGT and Scientific Games have restructured or spun out digital and retail divisions, creating what Reeves calls “a window of realignment” in lottery services.
“We’re adding to Intralot’s business, while others are going through significant change,” he noted. “Things are shifting rapidly in the lottery space—this gives us an edge.”
Reeves is realistic about the competitive dynamics of North American lotteries. He acknowledges that US lottery contracts are typically renewed by incumbents, making them hard to penetrate.
Yet he believes the stability of existing contracts — €1.4bn in revenue secured through 2029 — gives the group reliable EBITDA, and that recent controversies in key markets (notably Texas) will spark a rethink in how public contracts are structured and awarded.
“Even in a worst-case scenario where incumbents are renewed, that still means robust, almost locked-in earnings. But the ground is shifting—and we’re ready.
“If you look at what’s happened in Texas—the scandal and the scrutiny around how that lottery contract was handled—it raises serious questions about whether the structure of these contracts needs to be reconsidered.
“There’s a growing awareness that long-standing renewals and lack of competition may not be serving the public interest. That creates an opening, and we’re well-positioned to respond if reform comes.”
As the newly combined Bally’s–Intralot business takes shape, Robeson Reeves’ outlook is defined by discipline, not haste.
Lottery remains a central strategic pillar—and Reeves is paying close attention to the tremors reshaping the space, particularly in North America. “I’m watching the disruption in the lottery space very closely,” he said. “There’s a shift coming, and we’re positioned to lead.”
When asked about M&A appetite, Reeves was quick to frame the group’s approach to deal-making: “We now have the flexibility to pursue M&A, but I’ll always play to my strengths—tech, data, and product. We’re not chasing scale for the sake of it.”
Instead, he points to methodical international growth. The group expects to enter one to two new iGaming markets per year, using Intralot’s local footprint and Bally’s technology to move quickly where regulatory doors open. “It’s about expanding the platform in a smart, organic way—adding value without overextending,” Reeves noted.
Behind the scenes, a new executive leadership team will be finalised by the end of the year, as the group formalises its structure, brand, and strategic roadmap.
For Reeves, who has weathered two decades of change in digital gambling, the ambition is clear — but so is the restraint.
“We’ve shown consistency, adaptability and regulatory resilience. That’s why we’re the company to watch.”
