Bally’s Intralot gains UK share as rivals cut spend
- UK B2C net gaming revenue rose 10.5% year-on-year in Q1 2026, with active players up 7% as competitors reduced marketing budgets.
- The group has reaffirmed its 2026 adjusted EBITDA guidance at €422 million, absorbing a €95 million UK tax impact through cost savings and synergies.
- CEO Robeson Reeves says the Remote Gaming Duty increase is accelerating consolidation, creating openings for higher-margin operators.
Bally’s Intralot is gaining ground in the UK market as the doubling of Remote Gaming Duty squeezes smaller rivals, with CEO Robeson Reeves telling investors the group’s market share thesis is now playing out in live trading data.
UK holds firm after tax hike
Consolidated group revenue reached $755.7 million for the three months to 31 March, up 28.3% year-on-year. The Bally’s Intralot B2C segment contributed $239.9 million, a 31% increase, driven by a significant rise in new player volumes.
UK online revenue rose 10.5% in constant currency versus Q1 2025. The group said its UK iGaming revenue growth outpaced that of its closest competitors in the quarter.
Reeves, CEO at Bally’s Intralot, said:
“Our product is competitive and our player base is growing. So active players are up 7% year-on-year. While some competitors have been reducing marketing, we have been gaining players. The market share thesis I articulated on previous calls is not theoretical; it’s happening.”
In a preliminary trading update on 20 April, 19 days after the RGD increase took effect on 1 April, the group reported double-digit year-on-year B2C net gaming revenue growth, with player volumes and total wager amounts holding steady.
Guidance reaffirmed
The group reaffirmed its full-year 2026 adjusted EBITDA guidance at €422 million. That figure absorbs a €95 million UK tax impact, offset by €35 million in cost and marketing savings, €15 million in synergies, and €34 million in organic growth.
As of 31 March, Bally’s Intralot reported total debt of €1.75 billion and adjusted net debt of €1.49 billion. Liquidity stood at €257.3 million in cash, with a fully undrawn €160 million revolving credit facility.
Reeves framed the tax environment as a structural opportunity rather than a headwind:
“The remote gaming duty change has created a more differentiated competitive landscape. Operators with thin margins and limited scale are under real pressure. I have said on previous calls that we’re actively evaluating opportunities and that we will not miss a genuinely compelling one.”
Consolidation push continues
Bally’s Intralot is currently in extended takeover discussions with Evoke, owner of William Hill and 888. The original deadline of 18 May under UK takeover rules was extended at Bally’s Intralot’s request, with talks now running until 8 June 2026. The proposed deal is valued at £225.3 million, equivalent to 50 pence per share.
Reeves cited Evoke’s international footprint, spanning Italy, Romania, and Spain, as a compelling addition to the group’s operating model. He also signalled an appetite beyond that deal:
“Beyond Evoke, we continue to monitor the broader M&A landscape. Our criteria have not changed: regulated markets, strong brand positions, accretive economics and logical operational fit. Our €160 million undrawn revolving credit facility provides genuine financial flexibility for the right opportunity.”
The UK accounts for 30% of Bally’s Intralot’s total revenue, with North America at 43% and Europe at 11%.
With the June deadline approaching and further targets under evaluation, the group’s capacity to absorb acquisition debt alongside its existing €1.75 billion load will remain a key question for investors.
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