Bally’s Intralot’s acquisition of evoke will not be completed before the year is out, as the operator confirmed in its Q3 results that the deal is set to go through further regulatory approvals which will conclude in Q1 2027.
Amid ongoing deliberations around the takeover of the William Hill owner, Athens-listed Bally’s Intralot reported Q3 revenue of €286.1m – a substantial increase of nearly 250% from Q3 2025 (€81.9m).
Revenue for the first nine months of the financial year has risen from €263.9m to €830.3m as numbers continue to jump in the company’s first full year as a combined entity.
Adjusted EBITDA rose from €29.9m to €88.9m YoY in Q3 and from €90.1m to €273.6m YoY for the first nine months of the year.
UK and Spain shine
In Bally’s Intralot’s Interactive division, UK online revenue was up 12.2% year-on-year in Q3 as net gaming revenue (NGR) reached an “all-time high” in its third sequential quarter of growth.
The recent increase in Remote Gaming Duty (RGD) had a €34m impact on adjusted EBITDA in the quarter – 55% of which was offset through “top-line growth, marketing efficiency and disciplined cost management”.
This figure will spike yet again as the planned rises in General Betting Duty (GBD) and Machine Games Duty (MGD) take their toll on Bally’s Intralot following its acquisition of evoke.
However, the business will be confident in its sustainability and growth. The UK success was coupled with record revenue levels in Spain – up 18.9% YoY in Q3 to €13.3m.
In the company’s largest B2B market, the US, revenue has fallen 11% so far this year to €119.6m, due to lower lottery revenue and reduced equipment sales. Elsewhere, the firm’s B2C operations performed well in Spain and Argentina.
Bally’s Intralot’s debt only increases gradually
A subject which has continued to cast a dark cloud over Bally’s Intralot has been its debt figure.
Adjusted net debt remained “broadly stable” over the last three months, rising slightly from €1.619bn at the end of June to €1.63m at the end of September.
The figure is up by €130m since the start of 2026, with the main cause being the company’s €85m investment in the 15-year monitoring license in Victoria, Australia, awarded in April 2026.
Bally’s Intralot does have a strong focus on reducing its debt, exemplified by its activities in July, when it secured a three-year, £261.8m loan from institutional lenders to support its bold acquisition plans and refinance existing debt. It drew the first £157.1m of this loan in July.
Undoubtedly, the priority will be getting the evoke acquisition over the line. Despite various headwinds facing UK operators and evoke specifically, Bally’s Intralot’s CEO, Robeson Reeves, has been very optimistic about the integration of the 888 and William Hill owner.
“The remaining gaming regulatory approvals and the Gibraltar court sanction hearing are expected to conclude by the first quarter of 2027,” the company confirmed.
Bally’s Intralot is a business which will draw the attention of many more figures in the UK industry in the future, and leadership will want to stamp its authority on an embattled space as soon as it can.
