The Greek B2B gambling group and Las Vegas-headquartered corporation have an intertwined history, with Baly’s being the largest shareholder in the Athens Stock Exchange-listed Intralot while the two also share board members.
The freshly signed transaction agreement between the two has two main caveats. Firstly, Intralot will acquire the Bally’s International Interactive business via a cash-and-shares transaction of €2.7bn.
This will see Bally’s onboard a substantial gaming technology business, significantly expanding its product development capabilities in the process. The acquisition bolsters Intralot’s commercial profile in B2B gaming and lottery sectors, competing pagainst the likes of Brightstar/IGT, LIght & Wonder and Scientific Games, among others.
Secondly, Bally’s has stepped up from being the largest shareholder in the company to its majority stakeholder, a move which further extends the company’s presence beyond US borders. The firm’s shares in the company have risen from 26.86% to 33.34%, specifically.
Post-transaction, Intralot projects that it will leave a greater footprint as a tech provider to the gaming and lottery sectors in Europe and North America. Sokratis Kokkalis, Intralot’s founder and Chairman, said that the transaction is ‘doubly important’.
He added: “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.”
Is Bally’s going global?
Intralot and Bally’s expect the transaction to be completed in Q4 2025, after which Intralot believes it will become one of the largest companies by market cap on the Athens Stock Exchange while pursuing its global lottery and gaming tech ambitions.
For Bally’s, while the company may be offloading its international assets via the agreement, its increase in Intralot shares does suggest that the firm continues to place value in expanding its international presence.
This is not the first time Bally’s has embarked on endeavours beyond US shores, and the stiff competition the firm faces in the US online betting and iGaming markets in the likes of FanDuel, DraftKings and BetMGM may be a reason for this.
In 2021, Bally’s expanded its digital footprint with the £2bn acquisition of Gamesys Group, gaining control of key brands such as Jackpotjoy.com, Vera&John, and Virgin Games, while also using the deal to support the launch of its BallyBet platform in Ontario.
Earlier this year Bally’s invested AUS$300m (US$187m/€166.2m) into The Star Casino, the embattled Australian casino business which runs resorts in Sydney, Brisbane and the Gold Coast. This came just under a year after Bally’s agreed terms for its own acquisition, bought out by the US investment advisory group Standard General LP.
“This is a tremendous statement of intent that signals Bally’s strong commitment to establishing a global lottery and online gaming champion,” said Soohyung Kim, Chairman of Bally’s board and Vice Chairman of Intralot’s board.
“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.”
In Intralot’s case, the deal shows that the firm is clearly not adverse to M&A, despite the fact it has also denied acquisition rumours lately after reports surfaced that it was also intended in an Australian endeavour.
Following the transaction, the firm seems focused on developing its lottery and gaming B2B tech capabilities following its acquisition of Bally’s Interactive International. Company leadership explained that US state lotteries have been earmarked as a key target for its expanded lottery operations.
Nikolaos Nikolakopoulos, Intralot CEO, explained:: “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.”
Dingnews.com 03/07/2025