Intralot, the Greek lottery and gaming solutions provider, has signed a definitive agreement to acquire Bally’s International Interactive business for €2.7 billion ($3.18 billion). This landmark acquisition will combine the strengths of both companies and position Intralot as a leading player in the global gaming and lottery sectors. The deal is structured as a cash-and-shares transaction, with €1.53 billion in cash and €1.13 billion in newly issued Intralot shares.

The completion of the transaction is expected by the fourth quarter of 2025, pending regulatory and shareholder approvals. Once finalized, the acquisition will solidify Intralot’s presence in key gaming markets in Europe and North America and create new opportunities for the company to expand its footprint globally.

Transaction Structure and Strategic Growth Opportunities

The acquisition deal is financed through a mix of debt commitments, including €1.6 billion in financing from Deutsche Bank, Goldman Sachs, and other banks, and a €400 million capital raise via a public offering on the Athens Stock Exchange. Following the transaction, Bally’s is set to become Intralot’s majority shareholder, strengthening the partnership between the two entities.

Intralot’s CEO, Nikolaos Nikolakopoulos, commented on the deal, saying, “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,” according to the official press release by Intralot [pdf].

With this deal, Intralot will integrate Bally’s iGaming operations, mainly based in the UK, with its own lottery technology offerings. This combination will allow the company to offer enhanced services in both B2B and B2C gaming markets, positioning Intralot to benefit from a projected $187 billion global addressable market by 2029, driven by strong growth in iGaming and lottery sectors.

Management and Future Leadership

Upon completion, Bally’s CEO, Robeson Reeves, will take over as CEO of the combined entity, while Intralot’s current CEO, Nikolakopoulos, will head the lotteries division. The leadership structure also includes several key figures from both companies, including Sokratis Kokkalis, Intralot’s founder, who will maintain a significant stake and serve on the board.

This shift in leadership reflects the strategic nature of the merger and the emphasis on leveraging the complementary strengths of both companies. By combining Intralot’s established position in the lottery sector with Bally’s strong consumer-facing gaming operations, the merged company will be positioned for significant growth in the global gaming and lottery industries.

The acquisition will also result in a unified technology platform, integrating Intralot’s LotosX and PlayerX systems with Bally’s Vitruvian analytics suite. This merger will enhance Intralot’s ability to offer advanced data analytics, customer insights, and cross-selling opportunities, which will be key drivers for expanding its services across multiple gaming verticals.

The combined company will also focus on expanding into new B2C markets, including high-potential charity lottery segments in the UK and the US. The addition of Bally’s gaming capabilities will allow Intralot to offer an integrated solution that appeals to a broad range of gaming and lottery players worldwide.

Projected Financial Profile and Long-Term Outlook

Following the acquisition, the newly merged company is projected to generate €1.1 billion in annual revenue, with an EBITDA margin of approximately 38%. The integration of Bally’s iGaming operations, along with Intralot’s lottery solutions, is expected to drive strong revenue growth across both B2B and B2C markets. The merger’s enhanced financial profile will also position Intralot as one of the largest companies listed on the Athens Stock Exchange, providing the combined company with a larger market capitalization and greater financial scale to compete globally.