Bally’s Reports $792.2M Revenue in Q2 2026 Under Robeson Reeves and Mira Mircheva

Bally’s Corporation reported second-quarter 2026 results, posting consolidated revenue of $792.2 million, up 20.5% year-on-year. Growth came from its Intralot B2C business and its North America Interactive arm. But the quarter was also the first to fully carry the UK gaming tax rise from 21% to 40%, and the way that hit landed on B2C earnings is the more instructive story for anyone operating in the regulated gaming market.

What the Bally’s Q2 2026 Results Actually Show

Start with the headline figures. Consolidated revenue reached $792.2 million. Intralot B2C revenue rose 22.3% to $243.5 million, helped by UK strength and the addition of Intralot’s B2C book. North America Interactive grew 16.9% to $66.1 million, with Segment Adjusted EBITDAR of $3.0 million, a small improvement on the year before. Casinos & Resorts, the traditional core, added 2.0% to reach $401.0 million.

The B2B segment reported $79.5 million against a $7.0 million prior-year figure, but that comparison isn’t like-for-like. The 2025 number represented a royalty cash-flow stream from a divested business, not the current Intralot B2B and B2G operations. Worth naming, because the growth rate there flatters the underlying trend.

The UK Gaming Tax and What It Cost Bally’s B2C

Here’s the part operators care about. On 1 April, the UK gaming tax moved from 21% to 40%. Bally’s put the gross negative impact on its B2C segment earnings at roughly $39 million for the quarter. It says it offset close to 65% of that through revenue growth and cost control, with marketing reductions still to come in the second half.

But the net result still showed up in the numbers. B2C Segment Adjusted EBITDAR fell to $64.7 million, down from $75.2 million a year earlier. Revenue grew. Segment earnings didn’t. That gap is the quarter in one line.

CEO Robeson Reeves framed the margin position directly: “We have been able to offset close to 65% of this impact through top-line growth and disciplined cost control, with our marketing reductions still to begin as planned into the second half.”

What that signals is worth reading carefully. Bally’s grew UK online revenue 11.6% in constant currency, accelerating to around 13% in July, and says it did so without incremental marketing spend. Demand held. Profitability still slipped. Spain added a further 15.1% in constant currency.

Why Bally’s B2C Earnings Matter More Than Its Revenue Line

For rival operators, this is an early field test of the new UK economics. A 40% tax rate can leave revenue growing while segment earnings fall, and Bally’s has now shown exactly that dynamic in its own numbers. The read for competitors is blunt: top-line growth alone won’t tell you how the UK business is really performing after the tax change. B2C Segment Adjusted EBITDAR is the figure to watch, and here it moved the wrong way. That shapes how operators price acquisition and retention across the UK for the rest of the year.

The evoke Deal and $4.5bn Debt Hanging Over Bally’s

The revenue growth is real, but so is the earnings squeeze and the wider exposure. Bally’s carries around $4.5 billion of long-term debt, and its pending offer to acquire evoke plc is still working through competition and gaming approvals, with no disclosed price in this release. Layering a large acquisition onto an already leveraged balance sheet, in a market where the tax base has just doubled and segment earnings are already under pressure, is not a small undertaking. The 65% offset figure is also management’s own, and the marketing cuts that underwrite the rest of it haven’t happened yet.

What Comes Next for the Regulated Gaming Market?

The near-term test for Bally’s is whether second-half cost discipline stabilises B2C earnings while UK revenue growth stays intact. Watch three markers over the next six to twelve months: the evoke deal’s regulatory path, progress on Bronx project financing after July’s non-binding loan term sheet and August’s equity letter of intent, and whether B2C segment earnings recover as marketing reductions land. The wider signal is clear enough: in a higher-tax UK, revenue growth and margin have come apart, and the operators worth watching are the ones who can pull them back together.

Source: Bally’s Corporation