Athens, October 2025 — Greek lottery and gaming technology leader Intralot S.A. has agreed to acquire Bally’s International Interactive, the digital division of Bally’s Corporation, in a landmark €2.7 billion ($3.18 billion) transaction that will create one of the world’s largest integrated gaming and technology groups.
The deal includes €1.53 billion in cash and €1.136 billion in new Intralot shares — equivalent to 873.7 million shares valued at €1.30 each. Following completion, Bally’s will hold approximately 33.3% of Intralot’s equity, becoming its largest shareholder. The move also triggers a mandatory public offer for remaining Intralot shares, under Greek financial law.
Intralot will finance the cash portion through a €1.6 billion debt package secured from a consortium of lenders including Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies, alongside a €400 million public equity offering on the Athens Stock Exchange.
The acquisition — expected to close in Q4 2025, pending regulatory and antitrust approvals — will significantly expand Intralot’s footprint in online gaming, sports betting, and interactive entertainment. Bally’s International Interactive operates digital assets across North America, Europe, and Asia, providing sports betting, iCasino, and analytics platforms.
Executives from both companies described the deal as a transformative step toward building a vertically integrated gaming powerhouse combining Intralot’s established lottery technology (including the LotosX and PlayerX platforms) with Bally’s advanced Vitruvian data analytics suite.
The merged entity is projected to generate over €1.1 billion in annual revenue with an EBITDA margin of 38% and a cash conversion rate exceeding 90%, according to statements released and Seeking Alpha.
Industry analysts view the move as a direct challenge to global competitors like IGT, Scientific Games, and Flutter Entertainment, positioning Intralot as a major contender in the expanding regulated iGaming and lottery sectors. Upon completion, the combined group will have dual listings on the Athens Stock Exchange and potentially the New York Stock Exchange, signaling a new phase of cross-border gaming consolidation.
