Intralot/Bally’s presentation draws scant interest
Glitches were many, questions were but one and Bally’s Corp. CEO Robeson Reeves was a no-show. Such was the nature of a webinar intended to explain the merger of Bally’s international-interactive business with Intralot.
Reeves being absent, the burden of explanation fell upon Intralot CEO Nikos Nikolakopoulos and his deputy, Chrysostomos Sfatos. Loud shuffling of documents and distant microphone pickup obfuscated many of their remarks.
Sfatos began by stating that Intralot was acquiring Bally’s non-North American digital operations, including Ireland and the United Kingdom, in a transaction valued at €2.7 billion (US$3.16 billion)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift. Bally’s was a stakeholder in Intralot but would be enlarging its interest to more than 51%, possibly quite a bit more, for “a significant equity stake,” according to Intralot documents.
The cash consideration to Bally’s, pegged at US$1.7 billion, would be financed through a combination of a bridge loan and new equity in Intralot. Sfatos projected €1.8 billion (US$2.10 billion)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift in combined revenue from the deal, as well as €283 million (US$331 million)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift in cash flow.
Nikolakopoulos said talks between the companies had been ongoing since September, focusing on how they could optimize their respective technologies. He related that the two found they were complementary firms, which Intralot symbolized via a graphic showing matching puzzle pieces.
Bally’s data platform, Nikolakopoulos said, would enable Intralot to extract more value from its customer base. “We will be able to go after high-profile contracts,” he added. “With this balance sheet, we are at least on par with our competitors.”
Bally’s gains access to Intralot’s player-account-management system to facilitate launching business-to-customer operations in igaming. Bally’s North American digital operations, which stay with that company, will be able to use Intralot technology in return for a revenue split, which will become active when such operations become cash flow-positive.
“The goal is to grow a technology-hub increase at a fraction of the cost,” Sfatos said. Much of this would be achieved, he said, through synergies, with an emphasis on cutting payroll. He likened it to when Intralot pulled out of Atlanta in favor of basing itself in Greece.
Intralot graphics showed lottery operations becoming a smaller and smaller percentage of the revenues of the merged firms, as igaming revenues ramped up. They also depicted combined cash flow of €358 million (US$418 million)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift in 2022 accelerating to €436 million (US$510 million)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift in 2024. Free cash flow was shown as growing from €330 million (US$386 million)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift to €394 million (US$460 million)1 EUR = 1.1686 USD
2025-07-10Powered by CMG CurrenShift across the same time frame.
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David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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