A Transformational Year: Robeson Reeves Leads Bally’s Intralot to €520.6M FY2025 Revenue
Bally’s Intralot reported FY2025 revenue of €520.6m, up 35.5% year-on-year, largely reflecting the October acquisition of Bally’s International Interactive (BII), according to company disclosures. Adjusted EBITDA came in at €184.6m, increasing 41.2%, with margins reaching 35.5%.
On a pro forma basis, the combined group would have delivered €1.09bn in revenue and €430.8m in EBITDA, implying a 39.7% margin. While this highlights the scale added through the deal, it also makes clear how heavily reported growth depends on the acquisition.
Stripping out BII, the picture is less positive. Revenue declined 8.7%, while EBITDA fell 10.9%, with performance impacted by foreign exchange pressure and tougher comparisons against stronger 2024 implementation revenues. In effect, core operations moved backwards during the year.
Acquisition-Led Growth Reshapes Business Mix
Shift from B2B to hybrid model
The addition of BII significantly alters the group’s revenue profile. What was historically a lottery-led B2B business is now moving toward a more balanced and more complex hybrid model.
B2C revenue rose 162.7% to €242.4m, while B2B revenue slipped 4.7% to €278.2m. By the fourth quarter, B2C accounted for 72.6% of total revenue, with the UK contributing more than 60% of group revenue during the period.
This shift reflects a broader strategic transition, with earnings becoming less anchored in long-term lottery contracts and more exposed to competitive online gambling markets.
Margin Expansion Driven by Mix, Not Core Performance
Underlying performance pressures
The expansion in group margins to 35.5% is largely driven by business mix rather than improvements in core operations.
B2B EBITDA declined 9.3%, while B2C EBITDA increased 228.8% following the consolidation of BII. In the US, revenue fell 5.2% year-on-year, although it remained broadly stable on a constant currency basis. EBITDA growth of 5.4% was primarily supported by cost discipline rather than revenue expansion.
In Turkey, despite strong local market growth, reported revenue dropped 21.8%, reflecting changes in the value chain and foreign exchange translation effects. Cost adjustments helped offset some of the impact, but volatility remains a factor.
Balance Sheet Expansion Introduces Execution Risk
Debt structure and leverage
The acquisition was supported by a significant refinancing, resulting in adjusted net debt of €1.49bn and pro forma leverage of 3.46x.
The financing structure includes €900m in senior secured notes, approximately €460m in term loans, and a €200m bank facility. Cash at year-end stood at €244.9m, alongside an undrawn €160m revolving credit facility.
While levered free cash flow of €172.7m provides some support, the elevated debt level increases exposure to interest costs and refinancing risks, making integration execution critical.
Strategic Implications for the iGaming Sector
Industry positioning and competitive impact
The acquisition creates a larger and more diversified group, combining B2B infrastructure with direct-to-consumer operations. However, this also introduces strategic trade-offs across the ecosystem.
Lottery clients may question whether focus shifts away from traditional B2B services, while operators face a more vertically integrated competitor, particularly in the UK. Suppliers may also experience increased pressure as scale and capital strength become more decisive competitive factors.
Early trading in 2026 has shown positive signs, with UK revenue up 11.1% year-on-year. However, sustaining this momentum will depend on marketing efficiency and evolving regulatory conditions.
Overall, Bally’s Intralot exits FY2025 as a larger but more exposed business, with greater reliance on competitive B2C markets and a stronger dependency on execution to deliver long-term value.
Source: Intralot
