Sparks - Bally’s Intralot

Ahead of the publication of Q126 results next week, Bally’s Intralot has released preliminary figures. Group revenue totalled €268.1m in Q126 and adjusted EBITDA was €100.2m, which represented strong growth on a reported basis given the first-time inclusion of Bally’s International Interactive’s results in the period. On a pro forma basis for the first 12 months, revenue was c €1,062bn and adjusted EBITDA was c €427m, compared with FY25 pro-forma figures of c €1,086m in revenue and c 431m in adjusted EBITDA, indicating a slight reduction in the run rate in Q126.

On an underlying basis, UK online saw 10.5% growth in Q126 and 11.5% growth  in April, a strong performance given the UK gaming tax increases.  On an underlying basis, legacy Intralot’s revenue declined by 11.9% ( 7.1% on a constant currency basis), mainly due to the change in remuneration structure in Turkey, and adjusted EBITDA declined by 2.8% at constant currency, indicating a higher margin.

With the results, management announced an extension to the firm offer deadline for a potential offer for evoke until 8 June 2026. In our note from 28 April, we highlighted the potential acquisition is consistent with the M&A strategy of acquiring strong brands in regulated markets; however, evoke’s significant UK high street presence would represent a new market for the group. Bally’s Intralot’s superior margin profile suggests it could generate significant synergies from evoke’s much greater scale.