Bally’s Intralot has secured a senior debt note facility to support its acquisition plans, with a new financial pipeline established amid the ongoing takeover of multinational betting firm evoke.
The company has informed the Euronext Athens (ATSE) exchange that it had secured a senior secured sterling term facilities agreement of £261.7m with institutional lenders.
This loan will be used for what Bally’s Intralot calls “general corporate and working capital purposes”, including acquisition plans and working towards the refinancing of “other indebtedness”.
Bally’s Intralot carries significant debt. As outlined in its latest financial statement, the company had total debt of €1.75bn (£1.49bn) and adjusted net debt of €1.49bn as of 31 March 2026.
Some of the company’s debt stems from its initial formation in July last year when Greek lottery tech company Intralot acquired the Bally’s International Interactive division from US giant Bally’s Corporation.
Bally’s subsequently became a stakeholder in the combined entity, and Robeson Reeves, Bally’s Corporation’s Chief Executive Officer, took on the same leadership role at the newly formed Bally’s Intralot in November 2025.
To support the Bally’s Interactive takeover, an effective merger between the two companies, Intralot secured a £400m six-year term loan from institutional lenders and a £200m four-year amortising loan from Greek banks., adding to its debt.
Debt was also a huge talking point in the lead up to Bally’s Intraliot’s decision to make a firm bid of 52p per evoke share on 5 June, valuing the LSE-listed business and owner of Wiliam Hill, Mr Green and the 888 online betting and gaming brands at £243.1m.
Deal negotiations saw Bally’s Intralot secure a private credit line of £900m, backed by TPG Credit, Oaktree Capital Management and Oak Hill Advisors (OHA).
The credit-line will be used to support the integration of Evoke brands and assets – in which £180-to-£200m are outlined in initial synergies from the merger.
Bally’s Intralot remains confident
As well as the billions in debt carried by Bally’s Intralot, evoke has its own burdens.
The firm’s 2025 full year financials showed net debt of just under £1.9bn, with debt obligations stemming from a €450m Senior Secured Floating Rate Note and a $575m (£433m) Term B loan.
Speaking to SBC News and other industry media shortly after the evoke announcement, Reeves was adamant that evoke’s debt is ‘non-recourse’ to Bally’s Intralot and that the firm and its shareholders are exposed to a low level of risk.
“I guess you could argue that shareholders in Bally’s Intralot carry low downside risk if we were to fail, but huge upside benefit if we’re successful, and I’m very confident that we’ll be successful,” he said.
Perhaps giving the firm further confidence in its prospects post-eovke merger is the fact that German multinational Deutsche Bank, one of the biggest banks in the world, has bought some of its shares.
The bank purchased 1,425,000 Bally’s Intralot shares at an average price of €1.088608 euro per share for a total value of €1.5m between 16-24 July.
While this amounts to just 0.334% of the company’s total share capital, the fact a $66bn bank is backing its shares may give Bally’s Intralot confidence as it presses ahead with both the evoke takeover and multinational lottery partnerships.
As present, the board of Evoke is expected to vote on the Bally’s Intralot takeover on Tuesday 18 August.
