Bally’s Intralot Posts €830.3m Revenue and €273.6m AEBITDA in 9M2026 as UK and Spain Online Reach Record Highs
Bally’s Intralot published its preliminary results for the nine-month period ended 30 September 2026 on 10 November 2026, reporting group revenue of €830.3 million and AEBITDA of €273.6 million at a margin of 33.0%. The figures are the clearest view yet of the enlarged group following the consolidation of Bally’s International Interactive.
The UK and Spain online operations both set records in the third quarter, and management points to a pro-forma twelve-month revenue figure of €1,101.7 million. All results are preliminary and unaudited.
Bally’s International Interactive delivers €579.2m of group revenue
BII contributed €579.2 million to group revenue and €195.6 million to AEBITDA, a margin of 33.8%, making it the primary engine of the combined group since its consolidation on 8 October 2025.
BII revenue grew 10.9% year-on-year in constant currency, led by the UK, where online revenue rose 11.4% across the nine months to an all-time high. In the third quarter, the group posted €286.1 million in revenue, up 3.6% quarter-on-quarter, with AEBITDA of €88.9 million at a 31.1% margin.
UK online revenue up 12.2% in Q3 and Spain online at a €13.3m record
In the third quarter, UK online revenue rose 12.2% year-on-year in constant currency, accelerating from 11.6% in the second quarter despite lower marketing investment. UK NGR reached a new quarterly all-time high, a third consecutive quarter of sequential growth.
In Spain, online revenue reached a new all-time high of €13.3 million, up 18.9% year-on-year, supported by a larger active player base.
How Bally’s Intralot managed the UK remote gaming duty rise to 40%
The UK remote gaming duty rose from 21% to 40%, effective 1 April 2026. That had a gross impact of around €34 million on AEBITDA in the third quarter and roughly €68 million across the nine months.
Measured year-on-year, the company says about 55% of the quarterly impact was offset through top-line growth, marketing efficiency and disciplined cost management. Excluding the duty, it says BII AEBITDA would have risen 14.4%.
Intralot legacy revenue of €251.1m as US lottery softens
Excluding BII, Intralot legacy revenue was €251.1 million, down 4.9% on a reported basis, with legacy AEBITDA of €78.1 million. Legacy B2B fell to €191.0 million, with the US down 11.0% in constant currency to €119.6 million.
The company attributes this to lower lottery revenue, as the prior-year period had benefited from record jackpots, together with reduced equipment sales. Outside the US, legacy B2B grew 3.6% in constant currency, while legacy B2C rose 7.1% to €60.1 million, with Argentina up 21.1% and Bilyoner gaining share in Turkey.
Bally’s Intralot lifts liquidity to €472.4m with leverage at 4.33x
Total liquidity strengthened to €472.4 million as of 30 September 2026, from €287.3 million three months earlier. It comprises €312.4 million of total cash, including restricted cash, and the full €160.0 million revolving credit facility, which remains undrawn. Adjusted Net Debt was broadly stable at €1,629.9 million, against €1,618.9 million at 30 June 2026, with Adjusted Net Leverage at 4.33x on a pro-forma basis.
In July 2026, the group signed a three-year senior secured sterling term facilities agreement of £261.8 million, approximately €306 million, drawing a first tranche of £157.1 million (€183.2 million) to support its acquisition plans and refinance other debt. Part of those proceeds repaid the €65.0 million previously drawn under the revolving credit facility in August.
What the evoke acquisition means for Bally’s Intralot in 2027
The proposed acquisition of evoke plc, announced in June 2026, continues to progress as scheduled. Shareholders of both companies have approved the transaction, and a number of competition and regulatory conditions have already been satisfied. The remaining gaming regulatory approvals and the Gibraltar court sanction hearing are expected to conclude by the first quarter of 2027.
On a pro-forma twelve-month basis, the combined group generated €1,101.7 million in revenue and €376.7 million in AEBITDA, a margin of 34.2%. For operators watching the sector consolidate, this results set shows a group pairing record online revenue with firm cost discipline, positioning itself to fund the next stage of its growth.
Source: Bally’s Intralot
