Bally’s Intralot Reports €268.1M Revenue and €100.2M EBITDA Under Robeson Reeves and Andreas Chrysos
Bally’s Intralot reported strong first-quarter 2026 results in its preliminary 1Q26 announcement released on May 19, 2026, as the integration of Bally’s International Interactive (BII) continued reshaping the group into a larger digital gaming, sportsbook, and lottery technology operator under CEO Robeson Reeves and CFO Andreas Chrysos.
The company reported group revenue of €268.1 million for the three months ended March 31, 2026, compared to €95.6 million during the same period last year. Adjusted EBITDA increased to €100.2 million from €30.2 million, while EBITDA margin expanded to 37.4%.
The results also highlighted a major shift in Bally’s Intralot’s business mix, with digital gaming operations now contributing the majority of group revenue and profitability following the BII integration.
Bally’s Intralot’s €2.7B BII deal rapidly changes group economics
The quarter reflected continued full consolidation of Bally’s International Interactive following completion of the €2.7 billion transaction in October 2025. Bally’s Corporation also referenced the Intralot integration as a key driver of its broader Q1 2026 expansion across interactive gaming and international operations.
BII contributed €183.9 million in revenue and €72.7 million in adjusted EBITDA during Q1 2026, with the division generating a 39.5% EBITDA margin. The addition of BII materially strengthened Bally’s Intralot’s online B2C business and accelerated the group’s overall profitability profile.
BII accounted for nearly 69% of total group revenue and more than 72% of adjusted EBITDA during the quarter, underscoring how significantly the acquisition has reshaped Bally’s Intralot’s earnings structure.
Group B2C revenue increased to €204.6 million from €25 million in Q1 2025, while B2C adjusted EBITDA rose to €76.7 million from €8.3 million. The increase was almost entirely driven by the BII consolidation rather than organic growth in legacy operations.
On a pro forma basis combining Intralot and BII as if both had been consolidated for the full twelve months, the group generated €1.06 billion in revenue and €427.2 million in adjusted EBITDA for the period ended March 31, 2026, representing a 40.2% EBITDA margin.
The results reinforce Bally’s Intralot’s broader transition toward higher-margin digital gaming operations alongside its traditional lottery infrastructure business.
UK online growth offsets pressure from new gaming duty changes
The UK online segment remained one of the group’s strongest-performing businesses during the quarter.
According to Bally’s Intralot, UK online revenue increased 10.5% year-over-year on a constant currency basis during Q1 2026. Preliminary April revenue reached £52 million, representing additional growth of 11.5% compared to the prior-year period.
The company stated that UK operations demonstrated exceptional momentum entering the gaming duty transition that took effect from April 2026. Bally’s Intralot also stated that non-core international online markets remained stable during the quarter.
The continued performance of the UK online segment highlights the growing importance of regulated digital gaming markets within Bally’s Intralot’s long-term earnings strategy, particularly as the company increases exposure to online casino and sportsbook operations through BII.
Legacy lottery business faces FX pressure as digital operations drive margins
Excluding the contribution from BII, legacy revenue reached €84.2 million, declining 11.9% year-over-year on a reported basis and 7.1% in constant currency terms.
The decline was primarily driven by foreign exchange translation of approximately €4.6 million, almost entirely USD-related, alongside the amendment to Bilyoner’s remuneration structure in Turkey.
Despite lower revenue, legacy adjusted EBITDA reached €27.5 million, with the decline contained at 2.8% in constant currency, while margin improved to 32.7% from 31.6% in Q1 2025.
Within the legacy B2B segment, adjusted EBITDA remained broadly stable at €20.4 million despite lower reported revenue, highlighting continued resilience across the company’s lottery and technology operations.
Group B2B revenue declined 10% year-over-year to €63.5 million, primarily reflecting softer lottery activity in the United States. The US market, Bally’s Intralot’s largest B2B market, recorded a 6.2% revenue decline in constant currency terms during the quarter.
Meanwhile, the legacy B2C segment, comprising Argentina and Turkey, generated €21 million in revenue and €7.1 million in adjusted EBITDA, with margin improving to 34.0% from 33.1% in Q1 2025.
Reported Turkish revenue declined 19.2% to €16.6 million following the remuneration amendment, though the corresponding adjusted EBITDA decline was contained at €1.1 million through cost efficiencies.
Bally’s Intralot stated that Bilyoner increased market share year-over-year, outperforming the Turkish online sports betting market, which expanded approximately 35% in local currency.
Australia and Chile wins expand Bally’s Intralot’s global contract base
Alongside financial growth, Bally’s Intralot also expanded its long-term contract portfolio across regulated gaming markets.
On April 22, 2026, the company announced that its Australian subsidiary, Intralot Gaming Services, secured a new 15-year Electronic Gaming Machine monitoring license for the State of Victoria beginning in August 2027.
Two days later, Bally’s Intralot signed a new agreement with Chile’s state lottery operator, Polla Chilena de Beneficencia, to deploy lottery, sports betting, and digital gaming technology solutions. The contract has a duration of up to 12 years, comprising a 10-year base term and a two-year extension option.
The agreements continue reinforcing Bally’s Intralot’s hybrid operating model, combining long-duration lottery contracts with expanding online gaming and sportsbook operations across regulated international markets.
Strong cash flow supports integration and long-term expansion plans
Bally’s Intralot ended the quarter with total liquidity of €417.3 million, including €257.3 million in cash and access to an undrawn €160 million revolving credit facility.
Adjusted net debt stood at €1.49 billion at the end of Q1 2026, while the adjusted net leverage ratio on a pro forma basis reached 3.50x.
The group also generated €165.3 million in levered free cash flow on a pro forma twelve-month basis, supporting ongoing operational expansion and long-term technology investments.
While leverage remains elevated following the BII transaction, the company’s recurring cash flow profile and strong EBITDA generation continue supporting debt servicing capacity.
Bally’s Intralot pushes deeper into higher-margin digital gaming markets
Bally’s Intralot stated that first-quarter performance remains aligned with previously communicated guidance as the company continues integrating Bally’s International Interactive across its global operations.
Looking ahead, the group appears focused on expanding its higher-margin digital gaming and sportsbook business while leveraging INTRALOT’s established lottery infrastructure across regulated markets. The continued growth of UK online operations, combined with new long-term agreements in Australia and Chile, is expected to strengthen recurring revenue visibility and support future profitability.
As integration progresses, Bally’s Intralot is increasingly positioning itself as a hybrid gaming infrastructure operator combining long-term lottery contracts with faster-growing digital gaming and sportsbook operations. The shift is materially improving group margins while expanding the company’s exposure to regulated online gaming markets.
Source : Bally’s Intralot
