Bally's Intralot debt hits €1.61B as Evoke deal advances
What's the deal? Bally's IntralotDealroom has a profile for this one. Try Dealroom → reported adjusted net debt of €1.61 billion at June 30, 2026, up about €125 million from €1.49 billion at the end of 2025, as it advances its proposed acquisition of evoke plc. The rise coincided with sharply higher revenue and earnings following the integration of Bally's International Interactive (BIIDealroom has a profile for this one. Try Dealroom →).
Why the debt rose: The increase reflects several cash movements rather than one financing event. The largest was an €85 million payment tied to a new 15-year electronic gaming machine monitoring licence awarded in Victoria, Australia, which starts in August 2027.
Other outflows included €67.5 million in net interest, €20.8 million in treasury share transactions, €20.5 million in investing activities, and €14.5 million in transaction fees and bond issuance costs. Free cash flow of €89 million partly offset these.
The revenue jump: First-half revenue reached €544.2 million, up from €182 million a year earlier, while adjusted EBITDA rose to €184.8 million from €60.2 million. BIIDealroom has a profile for this one. Try Dealroom →, consolidated in October 2025, drove the change, contributing €377.6 million of revenue and €132.8 million of adjusted EBITDA — a 35.2% margin.
The larger base matters for reading the debt: while the absolute figure is significant, the business is now materially bigger than before the BII deal.
What could go wrong? Despite the growth, Bally's Intralot posted a pre-tax loss of €7.2 million, against a €9.8 million profit a year earlier. It blamed higher interest expenses, depreciation, and transaction-related costs.
The signal: The numbers put financial structure at the centre of Bally's Intralot's next phase. The group is managing a larger international operation while pursuing evoke and its betting and gaming brands — combining lottery and gaming technology with a growing interactive business across regulated markets.
Image credit: Lauri Väin
