Bally’s Intralot Posts 35.5% Revenue Rise in 2025 After BII Merger, Core Business Slips

The merger combined Intralot’s global lottery and gaming operations with BII’s online sports betting and casino platform, creating one of the largest listed groups on the Athens Stock Exchange. The deal closed for €2.7 billion in cash and stock, expanding the group’s footprint in regulated online markets across Europe and the Americas. While the combined entity posted strong headline growth, underlying trends in the original lottery segment weakened.

Group revenue rose 35.5% year‑on‑year to €520.6 million ($614.3 million). Adjusted EBITDA increased 41.2% to €184.6 million ($217.8 million), lifting the margin to 35.5%. The BII addition contributed €169.7 million in revenue and €68.1 million in adjusted EBITDA. Stripping out BII, Intralot’s revenue fell 8.7% and adjusted EBITDA declined 10.9%, reflecting foreign‑exchange pressure and higher merchandise and implementation fees recorded in 2024. The B2B segment remained the main earnings driver, supplying 53.4% of revenue and 50.6% of adjusted EBITDA, with the United States accounting for two‑thirds of that slice. In the B2C arm, which grew to 46.6% of revenue after the deal, Argentina posted modest gains while Turkey’s online sports betting revenue fell 21.8% despite a 50% local‑currency market increase, due to remuneration changes and currency effects. Fourth‑quarter revenue jumped to €256.7 million from €113.2 million a year earlier, with the United Kingdom becoming the top market and B2C activities representing about 73% of the quarter’s total.

The merger delivered a clear boost to top‑line figures and profitability, but the core lottery business continues to face headwinds that offset some of the gains. Investors will watch whether cost‑control measures in the U.S. B2B segment can sustain the 5.4% adjusted EBITDA growth seen there, and how the group manages currency volatility in emerging markets such as Turkey and Argentina. The next signal to watch is the company’s dividend outlook for 2026, tied to projected results after the integration settles.