Intralot S.A. and Bally’s Corporation announced a definitive agreement under which Intralot will acquire Bally’s International Interactive business in a cash-and-shares deal valuing the target at €2.7 billion. Approved by both companies’ Boards, the transaction combines Intralot’s B2B lottery expertise with Bally’s leading B2C digital platform to form a global gaming technology and services company.
Transaction Consideration
- €1.53 bn cash, funded through committed debt facilities from Citizens Bank, Deutsche Bank, Goldman Sachs and Jefferies up to €1.6 bn.
- €1.136 bn in new Intralot shares (873,707,073 shares at €1.30 per share), to be issued via an equity raise of up to €400 mn.
Intralot plans to refinance part of its existing debt and will list the enlarged group on the Athens Stock Exchange. Closing is expected in Q4 2025, subject to shareholder and regulatory approvals. Post-closing, Bally’s will become the majority shareholder, while founder Sokratis Kokkalis retains a significant stake.
Complementary Strengths and Synergies
The combined company will feature:
- A reinforced presence in Europe and North America, targeting high-growth lottery and iGaming markets.
- Integrated technology stacks (Intralot’s LotosX, PlayerX and Bally’s Vitruvian analytics) enhancing contract wins and cross-selling.
- An aggregated financial profile with €1.1 bn revenues, ~38 % pre-synergy EBITDA margin and >90 % operating cash flow conversion.
Leadership Quotes
“Today marks a milestone: Intralot expands with a top-tier interactive division, attracting foreign capital to the Greek bourse,” said Sokratis Kokkalis.
“Joining forces with Intralot establishes a European?anchored powerhouse with scale to lead global gaming,” commented Soohyung Kim, Vice Chairman of Intralot and Bally’s Board Chair.
“We unite our digital gaming prowess with Intralot’s lottery mastery to deliver a unique value proposition,” added Robeson Reeves, CEO of Bally’s.
“This transaction positions us as a global leader in lottery and digital gaming, driven by best-in-class analytics,” remarked Nikolaos Nikolakopoulos, CEO of Intralot.
Governance and Management
Robeson Reeves is expected to become Intralot CEO, Nikolaos Nikolakopoulos will head the Lotteries division, and Chrysostomos Sfatos will serve as CFO. The post-transaction board will have 11 members—mostly independent—including Kokkalis, Kim, Reeves and Nikolakopoulos.
Market Outlook
With a €187 bn global TAM by 2029 and forecasted 14 % iGaming and 5 % lottery CAGR, the deal positions Intralot to capture growth, enter charity lottery segments, and pursue geographic expansion.
Subject to customary closing conditions, this landmark transaction cements Intralot’s ambition to become a world-class provider of lottery and gaming digital solutions, underpinned by robust ESG standards and responsible gaming commitments.
18+ | Juegoseguro.es – Jugarbien.es
