Bally’s Intralot Revenue Jumps 35%, Though Merger Could Mask Underlying Problems

(AsiaGameHub) –   Bally’s Intralot posted a 34.8% year-on-year rise in group revenue for 2025, fueled by the merger of the two firms late last year. However, expenses and other financial pressures resulted in losses.

Merger Contributed a Lot to the Revenue Increase

In 2025, the firm announced revenue exceeding $609 million, a major jump from the $410 million reported the year before. This surge was largely due to the combination of Bally’s International Interactive (BII) with Intralot’s worldwide lottery and gaming businesses. Finalized in October 2025, the deal was worth EUR 2.7 billion (around $3.17 billion), made up of EUR 1.53 billion ($1.8 billion) in cash and EUR 1.14 billion ($1.34 billion) in new Intralot shares. 

Since merging, the company has had a robust beginning to 2026 in the UK, which emerged as its biggest market in Q4 2025, accounting for over 60% of total revenue. In the initial two months of 2026, UK online activity produced about $121.5 million, representing an 11.1% year-over-year gain and signaling early merger advantages.

For Q4 2025 as a whole, reported group revenue climbed to about $279.5 million, a substantial increase from roughly $123.4 million in the corresponding quarter of the prior year.

The full-year figures were published on the same day Bally’s Intralot revealed its plan to acquire Evoke outright, following weeks of speculation and rumors about such a move.

However, the Company Also Reported Losses

Despite the encouraging headline numbers, a large portion of the revenue expansion is linked to the merger. Although the merger has significantly lifted the business, the core financials indicate a modest performance dip, even after Bally’s cited strategic advances in its preliminary 2025 report last month.

When excluding Bally’s Interactive International, revenue declined by 8.7% compared to the previous year, and adjusted EBITDA decreased by 10.9%. Intralot associated this drop with foreign exchange headwinds, alongside elevated merchandise sales and implementation fees booked in 2024. US revenue also fell by 5.6%, although adjusted EBITDA rose by 5.4%. Revenue in Australia and Argentina went up, whereas Turkey saw a sharp drop of 21.8%.

The group was impacted by increased depreciation and amortization, transaction costs, and finance charges. The pre-tax loss came to approximately $44.9 million. This contrasts with a profit of about $19.5 million in FY24.

After accounting for $21.8 million in taxes, the company posted a net loss of around $66.5 million, versus a net profit of nearly $18 million a year earlier. Furthermore, net income after tax and minority interests plunged from a positive $5.3 million to a loss of about $71.0 million.

With Bally’s Intralot still pursuing growth, including advancing its Las Vegas projects, the company’s financial picture could shift dramatically in 2026. Whether that shift will be for better or worse remains to be seen.