Bally’s Intralot reported adjusted net debt of €1.61 billion ($1.87 billion) at the end of the first half of 2026, an increase of about €125 million from €1.49 billion at the end of 2025, as the group continues preparations for its proposed £243 million ($329.1 million) acquisition of evoke, the parent company of William Hill and Mr Green.
The increase in debt was driven in part by an €85 million ($98.6 million) payment connected with Bally’s Intralot’s 15-year electronic gaming machine monitoring license in Victoria, Australia.
Other movements included €20.5 million related to investing activities, €67.5 million in net interest payments, €20.8 million in treasury share transactions and €14.5 million in transaction fees and bond issuance costs. These outflows were partly offset by €89 million ($103.24 million) in free cash flow generation.
The debt position comes alongside a notable expansion in the group’s earnings base following the integration of Bally’s International Interactive, or BII. Intralot acquired Bally’s Corporation’s international interactive business in July 2025, creating Bally’s Intralot, with Bally’s Corporation becoming a major shareholder and its CEO, Robeson Reeves, taking the same role at the newly formed Athens-listed group.
BII contributed €377.6 million ($438.02 million) to group revenue and €132.8 million ($154.05 million) to adjusted EBITDA during the first six months of 2026. Because the transaction was completed in July last year, there are no comparable BII figures for the first half of 2025.
Overall group revenue reached €544.2 million ($631.27 million) in the first half, compared with €182 million a year earlier. Adjusted EBITDA increased to €184.8 million ($214.37 million) from €60.2 million, while the adjusted EBITDA margin rose to 34% from 33.1%.
Despite the higher revenue and EBITDA, Bally’s Intralot recorded a pre-tax loss of €7.2 million ($8.35 million), reversing a €9.8 million profit in the corresponding period of 2025. Higher interest expenses, depreciation and transaction costs weighed on the bottom line.
Second-quarter revenue rose to €276.1 million ($320.28 million) from €86.5 million in the same quarter last year, while adjusted EBITDA increased to €84.6 million ($98.14 million) from €30 million. BII contributed more than €190 million ($220.4 million) of second-quarter revenue, continuing to account for a substantial share of group trading.
In the UK, where Bally’s Intralot operates Bally Bet, Jackpotjoy, Virgin Games, MonopolyCasino UK and Rainbow Riches Casino, constant-currency online revenue growth accelerated to 11.6% year over year in the second quarter from 10.5% in the first. The company also reported “all-time high” net gaming revenue in the market. Spain recorded further growth, with the BII integration cited as an important contributor.
The UK performance came as the remote gaming duty increased from 21% to 40% from April 1. Bally’s Intralot said the change created an approximately €34 million ($39.44 million) impact during the second quarter, with around 65% mitigated through revenue growth and operating cost measures.
Financing has remained central to the group’s recent M&A activity. The 2025 Bally’s-Intralot transaction involved a six-year £400 million ($540 million) loan from institutional lenders and a four-year £200 million ($270 million) amortizing loan from Greek banks.
In July 2026, Bally’s Intralot secured a further £261.8 million ($353.43 million) senior secured sterling term facility from institutional lenders, intended to support general corporate and working capital requirements, acquisition plans and refinancing.
Evoke also enters the proposed combination with a substantial debt burden, reporting £1.89 billion ($2.56 billion) in debt in its first-half financials. Reeves has previously described evoke’s debt as “non-recourse” to Bally’s Intralot.
The acquisition would add William Hill and the online assets associated with 888 to Bally’s Intralot’s existing UK operations. Evoke shareholders backed the transaction at an August 17 general meeting, with 99.63% of votes cast in favor. Bally’s Intralot has scheduled its own general meeting for September 18, while remaining regulatory approvals are still pending.
“We continue to expect the scheme to become effective in the fourth quarter of 2026 or the first quarter of 2027,” Reeves remarked.
