
iGaming Daily Ep 623: Will Intralot’s Bally’s Deal Push It Into the Global iGaming Top 10?
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Oct 13, 2025 In this insightful discussion, Ted Menmuir, an expert in iGaming M&A, and Jessica Welman, a managing editor focused on gaming markets, dive into Intralot's €2.7 billion acquisition of Bally's Interactive. They explore how this landmark deal reflects Intralot's ambition to transition from lottery services to online gaming. The duo debates the deal's implications for U.S. versus European markets, discusses Bally's debt concerns, and examines potential integration challenges. Can the new entity break into the global top 10? Tune in to find out!
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Deal Structure Reveals High Leverage
- The deal values Bally's Interactive at €2.7bn with €1.5bn upfront and €870m in new shares priced at €1.30 each.
- Intralot also took on ~€900m debt and secured $400m guarantees from Greek banks, making this highly leveraged.
Intralot Shifts From Lottery To Digital
- Intralot is shifting from lottery solutions toward digital sports betting and casino via this acquisition.
- The purchase reflects a strategic push to add digital capability and diversify beyond legacy lottery contracts.
European Reception Is Cautiously Positive
- European markets view the deal positively as a rare high-valuation M&A for a Greek tech listed firm.
- Intralot can leverage Bally's IP to accelerate lottery digitization in markets like Greece, Croatia and Turkey.
