The acquisition, approved by both companies’ boards, will be completed through a combination of €1.53bn in cash and €1.14bn in newly issued Intralot shares. Financing has been secured from a consortium including Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies, alongside a proposed €400m equity offering on the Athens Stock Exchange.
The merged entity will be led by Robeson Reeves, the current CEO of Bally’s Corporation and former COO of Gamesys. Following the transaction, Bally’s is expected to become the majority shareholder in Intralot, while Intralot founder Sokratis Kokkalis will retain a significant stake. Intralot will remain listed on the Athens Stock Exchange and, post-transaction, will rank among its largest listed companies by market capitalisation.
The deal represents a strategic pivot for Intralot, expanding its footprint in the fast-growing global iGaming market while reinforcing its core lottery technology business. Intralot CEO Nikolaos Nikolakopoulos described the move as “a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors.”
The transaction combines Intralot’s LotosX and PlayerX systems with Bally’s Vitruvian data analytics platform, enhancing the group’s technological capabilities in areas such as platform optimisation, real-time customer insights, and loyalty integration. This synergy is expected to unlock significant cross-selling opportunities across the B2B and B2C segments, with a projected EBITDA margin of 38 per cent and free cash flow conversion exceeding 90 per cent.
Kokkalis called the deal a “transformative moment” for both the company and Greece’s investment landscape, noting that it strengthens the country’s appeal to international capital.
He said: “The transaction marks a doubly important day: On the one hand, for Intralot, which is growing with the acquisition of the online division of Bally’s International Interactive, creating a company with significant multiples in operating profits and unlimited space to expand into online gaming. On the other hand, for Greece and the Greek stock exchange, where a strong large-cap company is being created with the prospect of attracting significant foreign capital, helping to establish the country as a reliable investment destination.
“It is also a special day for me personally to see the company I founded 33 years ago in Greece and which has become one of the top three companies in the lottery technology industry worldwide through its technology innovation and dynamism, acquiring new vision and prospects. Finally, I would like to thank Mr. Kim for his commitment to our partnership.”
Soohyung Kim, Chairman of Bally’s board and Vice Chairman of Intralot’s board, commented: “This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion. By joining with Intralot, the resulting company will be anchored in Europe, and will have significantly greater financial scale from which to drive growth and compete on a global basis.”
Nikolaos Nikolakopoulos, Intralot’s CEO and board member, commented: “Intralot takes a major step forward in becoming a global technology and services leader in the Lottery and Gaming sectors. Bally’s brings unparalleled digital capabilities, technological and operational, giving us a unique advantage in helping State Lotteries enhance player experiences and maximize returns for good causes.”
Robeson Reeves, Bally’s CEO and board member, commented: “This transaction marks a transformative moment for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery. Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth across the entire gaming spectrum.”
The transaction, subject to regulatory approvals and expected to close in Q4 2025, positions Intralot to capitalise on a US$187bn global total addressable market in iGaming and lottery by 2029. Future growth opportunities include B2C expansion into new markets and entry into the high-potential charity lottery space in the UK and US.
Bally’s has secured a US$500m debt facility to repay secured obligations and an additional US$100m delayed draw facility for general corporate use, including the development of Bally’s Chicago project.
As a result of the deal, Bally’s has increased its stake in Intralot from 26.86 to 33.34 per cent, triggering a mandatory tender offer for the remaining outstanding shares.
Source: GMB
