igaming

Bally’s Intralot Q3 Revenue Rises 249% With Takeover Approvals Due in 2027

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Bally’s Intralot reported third-quarter revenue of €286.1 million in its preliminary results on November 10, 2026, up 249% from €81.9 million a year earlier, calculated from those figures. The operator also updated the approval timetable for its proposed acquisition of evoke.

The evoke transaction, announced in June 2026, has been approved by shareholders of both companies, and a number of competition and regulatory conditions have been satisfied. Bally’s Intralot expects the remaining gaming regulatory approvals and the Gibraltar court sanction hearing to conclude by the first quarter of 2027.

BII Consolidation Explains the Revenue Increase

The year-on-year comparison is dominated by the consolidation of Bally’s International Interactive (BII) from October 8, 2025, so it does not represent wholly organic growth. Sequential trading provides a clearer view of the current business. The company reported 3.6% quarter-on-quarter revenue growth, while adjusted EBITDA, its earnings measure before interest, tax, depreciation and amortization with company-defined adjustments, rose to €88.9 million from €84.6 million in Q2.

Bally’s Intralot said BII led the sequential gain, with revenue up 4.0% and UK online revenue 12.2% higher year on year in constant currency despite lower marketing investment. UK net gaming revenue reached a quarterly record, marking a third consecutive quarter of sequential growth.

UK Duty and Legacy Business Performance

The UK duty increase limited the earnings benefit from that online growth. Remote gaming duty rose from 21% to 40% on April 1, 2026. Bally’s Intralot estimated the gross negative adjusted EBITDA impact at approximately €34 million in Q3, with about 55% of the year-on-year effect offset through revenue growth, marketing efficiency and cost management.

The legacy business declined over the nine-month period. Excluding BII, the company reported a 4.9% decline in revenue and a 13.4% fall in adjusted EBITDA, attributing most of the B2B weakness to lower US lottery revenue after record prior-year jackpots and reduced equipment sales.

Liquidity and Debt During the Approval Process

Total liquidity increased to €472.4 million at September 30, 2026, from €287.3 million at June 30, 2026, while total debt stood at €1.94 billion, the company reported. Pro-forma adjusted net leverage, its combined-group leverage measure, was 4.33x.

The group signed three-year senior secured sterling facilities totaling £261.8 million with institutional lenders in July 2026. They are intended for general corporate and working-capital purposes, including acquisition plans and refinancing other indebtedness, connecting the financing to both the pending expansion and management of existing debt.

The quarter leaves Bally’s Intralot with online growth and stronger liquidity, but also falling legacy earnings and substantial debt. With shareholder votes complete, the remaining gaming approvals and Gibraltar court sanction are still required before the evoke acquisition can be completed.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

Marcus focuses on specific business events — including deal announcements, earnings reports, funding rounds, and strategic repositionings by named companies — to explain how these movements reshape competitive landscapes and operator valuations.

Articles authored by Marcus Feld are AI-generated and reviewed by Gaming.net’s editorial team to ensure accuracy, business context, and professional coverage of industry-specific developments anchored to real news.