Bally’s Intralot sets Q1 2027 for Evoke close

• Q3 revenue rises almost 250% to €286.1m on BII consolidation.
• UK online revenue grows 12.2% as the duty offset slips to 55%.
• Evoke approvals and Gibraltar court sanction expected by Q1 2027.

Bally’s Intralot reports Q3 2026 revenue of €286.1m, almost 250% higher than a year ago, and says its takeover of Evoke will not complete before the first quarter of 2027.

The Athens-listed group published its nine-month results on 10 November.

The BII effect

Most of the jump comes from one deal. In October 2025, Intralot bought Bally’s International Interactive (BII), the online arm of Bally’s Corporation, for €2.7bn. Last year’s third quarter came before that deal closed, so the comparison is not like for like.

Nine-month revenue reaches €830.3m, against €263.9m in 2025. Adjusted EBITDA rises to €273.6m, from €90.1m. In Q3, adjusted EBITDA is €88.9m, up from €29.9m a year earlier and €84.6m in Q2.

BII contributes €579.2m of nine-month revenue at a 33.8% margin, around 70% of the group total. A business best known for lottery technology now earns most of its money from online gaming in the UK and Spain.

UK online keeps accelerating

UK online revenue grows 12.2% year on year in Q3, up from 10.5% in Q1 and 11.6% in Q2. The company says net gaming revenue reached an all-time high.

Q2 and Q3 were both taxed at the new rate. The UK raised Remote Gaming Duty from 21% to 40% on 1 April 2026.

Spain also sets a record. Revenue there rises 18.9% to €13.3m in Q3, helped by a bigger active player base.

Duty offset narrows

The higher duty cuts Q3 adjusted EBITDA by about €34m. Bally’s Intralot says it recovered roughly 55% of that through revenue growth, marketing efficiency and cost discipline.

The half-year report put the Q2 recovery at close to 65% of the same €34m hit. Over nine months, the duty has cost about €68m in adjusted EBITDA.

Robeson Reeves, who leads both Bally’s Intralot and Bally’s Corporation, said in September that the measures to close the gap were identified and within the company’s control. In Q3, the gap got wider.

Lottery weighs on B2B

The legacy Intralot business is shrinking. Its B2B revenue falls 8.1% to €191m over nine months, mainly because of lower US lottery revenue.

The half-year report flagged the same pressure and noted that no major US jackpots landed in the first six months.

Evoke timetable firms up

The company expects the remaining gaming regulatory approvals and the Gibraltar court sanction hearing to conclude by Q1 2027. The dates are still indicative and could move.

Evoke shareholders approved the deal in August, when completion was expected in Q4 2026 or Q1 2027. Bally’s Intralot investors followed in September. The long stop date is 5 September 2027.

Under the £243.1m takeover agreed in June, Evoke shareholders receive 0.537 new Intralot shares for each share, worth about 52p. Meanwhile, Evoke’s Q3 revenue fell 7%, and around 270 of its UK betting shops have closed.

Debt edges up

Adjusted net debt edges up from €1.619bn at the end of June to around €1.63bn at the end of September. Total liquidity rises to €472.4m, from €287.3m.

In July, the group took out a three-year £261.8m loan to support the Evoke deal and refinance existing debt. It drew £157.1m of it that month.

Evoke reported around £1.9bn of debt at the half-year. Reeves has said that debt is non-recourse, so Evoke’s lenders have no claim on Bally’s Intralot itself.

Parent’s filing slips

Bally’s Corporation, the group’s majority shareholder, released preliminary Q3 figures on 9 November. Consolidated revenue rose 21.7% to $807.6m, and its Bally’s Intralot B2C segment grew 22.8% to $257.5m.

The NYSE-listed company expects to file its 10-Q late under a Rule 12b-25 extension. In August, its shares fell by more than a quarter after it warned of substantial doubt about its ability to continue as a going concern.

Robeson Reeves, Chief Executive Officer at Bally’s Corporation, said:

“We delivered another solid quarter, with consolidated revenue up 21.7% year over year and strong Adjusted EBITDAR results across our segments. Revenue growth was led by Bally’s Intralot B2C, which rose over 22%, and North America Interactive, which increased over 25%, while Casinos & Resorts revenue rose low single digits reflecting strong regional gaming performance.”

Retail comes with it

Once the deal closes, Bally’s Intralot takes on William Hill’s UK betting shops. Until now, its consumer business has been online.

Those shops pay a higher Machine Games Duty of 25% on higher-stakes machines. That comes on top of the 40% online rate the group is still absorbing.

The full-year results should answer two questions. Can the duty offset climb back towards 65%? And can UK online keep growing once management turns to fixing William Hill and 888?