Bally's Intralot Posts Record UK and Spain Online Revenue as UK Duty Costs €68m

The Athens-listed group's online arm set records in Britain and Spain, but the higher UK remote gaming duty took about €68 million out of nine-month earnings, and the old Intralot lottery business is shrinking in the US. That is the base on which it plans to absorb Evoke.

• Bally's Intralot reported preliminary nine-month revenue of €830.3 million and adjusted EBITDA of €273.6 million on 10 November, with the Bally's International Interactive business contributing €579.2 million of revenue
• UK online revenue rose 12.2% year on year in constant currency in the third quarter, with UK net gaming revenue at a quarterly all-time high, and Spain online hit a record €13.3 million, up 18.9%
• The rise in UK remote gaming duty to 40% cost about €68 million of adjusted EBITDA in the nine months, and the company says it offset 48.5% of that
• Legacy Intralot B2B revenue fell 8.1% to €191.0 million on lower US lottery revenue, while the group pursues contracts including Maryland, where it won a court ruling in October
• Adjusted net debt was €1,629.9 million at 30 September, and the takeover of Evoke is expected to clear its remaining approvals and court sanction by the first quarter of 2027

UK and Spain Drive the Online Business While the Tax Bill Lands

Bally's Intralot published its preliminary results for the nine months to 30 September in an announcement dated 10 November. Group revenue was €830.3 million and adjusted EBITDA €273.6 million, against €263.9 million and €90.1 million a year earlier. The comparison is not like for like: the release says Bally's International Interactive (BII) has been consolidated only since 8 October 2025.

The group is the former Intralot S.A., incorporated in Athens in 1992. Its half-year report says it bought all of BII from Bally's Corporation in October 2025 for €1,530 million in cash and 873,707,073 new shares, leaving Bally's with a 58% stake and control.

BII contributed €579.2 million of revenue and €195.6 million of adjusted EBITDA. UK online revenue rose 11.4% over the nine months to what the company calls an all-time high. In the third quarter it grew 12.2% in constant currency, up from 11.6% in the second quarter despite lower marketing spend, and UK net gaming revenue reached a quarterly all-time high. Spain online reached a record €13.3 million in the quarter, up 18.9%, on a larger active player base. Group revenue for the quarter was €286.1 million, up 3.6% on the second quarter.

The release says the rise in UK remote gaming duty from 21% to 40% on 1 April cost about €68 million of adjusted EBITDA in the nine months, and that 48.5% of it was offset by growth, marketing efficiency and cost control; in the third quarter the hit was about €34 million, with about 55% offset. On the company's pro forma bridge, nine-month adjusted EBITDA was €47.1 million lower than a year earlier.

The Legacy Lottery Business Shrinks in the US

Legacy Intralot revenue, excluding BII, fell 4.9% to €251.1 million and adjusted EBITDA 13.4% to €78.1 million. B2B revenue fell 8.1% to €191.0 million. US revenue fell 11.0% in constant currency to €119.6 million, which the company puts down to record jackpots in the prior year and lower equipment sales. Legacy B2C revenue rose 7.1% to €60.1 million, led by Argentina and Turkish operator Bilyoner.

Adjusted net debt was €1,629.9 million at 30 September, broadly unchanged from June, and adjusted net leverage was 4.33 times on a pro forma basis. Liquidity was €472.4 million after a £261.8 million sterling term facility signed in July. The announcement carries no management quote, no outlook and no reported net result for the nine months.

The UK Records Are Real, But So Is the Tax Gap

On the company's own numbers the UK and Spain growth is genuine. The pro forma bridge gives the fuller picture: organic growth added €26.2 million of BII adjusted EBITDA and cost savings €6.8 million, against the €68.0 million duty bill. A 55% offset in the third quarter beats 48.5% over nine months, but the gap remains. Flutter has blamed the same duty for putting up to 1,400 UK and Ireland jobs at risk, so Bally's Intralot is not alone.

Pro Forma Profit Flatters a Reported Loss

The release shows pro forma twelve-month profit after tax of €74.2 million. Before adjustments, the group's own twelve-month column shows a loss after tax of €98.6 million. The gap is mostly €104.7 million of normalised items, including €45.2 million of transaction fees, plus purchase price allocation adjustments. Those items include costs for Maryland, Texas, New York and South Carolina lottery tenders, a reminder that a US recovery depends on winning contracts.

Evoke Will Test a Balance Sheet Already at 4.3 Times

Evoke, the owner of William Hill and 888, reported a 7% fall in third-quarter revenue in October and pays the same UK duty. The new term facility is earmarked partly for acquisitions, and integration will come while the duty is still being absorbed.

Bally's Intralot has shown it can grow UK online revenue under a 40% duty. Whether that growth can carry a larger UK business and its debt is the question for 2027.