Bally’s online growth leads Q1 as Evoke bid deadline looms
Table of contents
- Bally’s Corporation reported Q1 2026 revenue of $755.7 million, up 28.3% year over year, with Bally’s Intralot B2C and North America Interactive posting the strongest segment gains.
- UK remote gaming revenue grew 10.5% in constant currency, with active player numbers and new player volumes both rising.
- Bally’s Intralot must announce a firm intention to make an offer for Evoke, or confirm it will not proceed, by no later than 5:00 p.m. London time on 8 June 2026.
Bally’s Corporation reported first-quarter 2026 revenue of $755.7 million, up 28.3% year over year, with its international B2C and North America Interactive businesses delivering the strongest growth.
The results came as Bally’s Intralot continues to pursue a proposed acquisition of Evoke, with a firm intention announcement deadline set for 8 June 2026.
B2C and interactive lead
The Bally’s Intralot B2C segment generated $239.9 million in Q1, up 31% year over year. Growth was underpinned by strong UK performance and the full inclusion of Intralot’s B2C operations following the completion of the Bally’s Intralot merger in October 2025.
UK remote gaming revenue rose 10.5% in constant currency, driven by significant increases in new player volumes and active player numbers.
Despite the increase in remote gaming duty that took effect in April, Bally’s said the segment continued to outperform competitors in the period.
Robeson Reeves, Chief Executive Officer at Bally’s, told analysts that in the first 19 days of April, following the duty increase, the group had continued to see double-digit net gaming revenue growth year on year. He attributed part of the gain to competitors pulling back on marketing in response to tightening margins.
Revenues in Spain were stable, delivering 1.7% growth in constant currency. The Bally’s Intralot B2B segment, covering lottery and B2G operations across 39 jurisdictions, contributed $74 million in Q1.
North America Interactive revenue reached $60.5 million, up 35.9% year over year. The segment recorded negative Segment Adjusted EBITDAR of $7.1 million, a $0.9 million improvement on the prior year, reflecting top-line growth across all verticals.
Bally’s attributed the gain to revenue, customer retention and cost management initiatives put in place by the division’s new leadership team.
The company continued to expand its regulated footprint through contract wins. Bally’s Intralot secured a 12-year Chile lottery contract with Polla Chilena de Beneficencia in April. Bally’s was also selected to operate Rhode Island’s second online sportsbook, subject to finalisation of a contract.
Reeves said:
“On the interactive side, Bally’s Intralot saw strong performance, particularly in our UK region and B2C business. We are now over seven months into the integration of Bally’s International Interactive and Intralot and the teams have come together well, sharing common strategy and priorities while tracking in line with our synergy plan.”
Evoke bid and M&A
The quarterly results arrived as Bally’s Intralot pursues a proposed takeover of Evoke plc. The proposed deal values Evoke at approximately £225.3 million, based on a price of 50 pence per share, and is expected to comprise an all-share combination with a partial cash alternative.
Bally’s Intralot must now announce a firm intention to make an offer, or confirm it will not proceed, by no later than 5:00 p.m. London time on 8 June 2026.
Reeves has framed the current UK tax environment as a structural M&A opportunity. He told analysts that a UK-focused transaction could also bring exposure to other markets such as Italy, Romania and Spain at limited additional cost.
Bally’s Intralot has also signalled the Evoke deal would not represent the limit of its M&A appetite, with an undrawn £160 million revolving credit facility providing flexibility for further transactions.
Development and balance sheet
On the land-based side, Bally’s advanced all three major resort projects during the quarter. In Chicago, the permanent casino completed its structural steel phase in April and remains on track for a spring 2027 opening.
In New York, Bally’s paid a $500 million statutory gaming licence fee and secured approximately 16 acres of Bronx parkland designated for the footprint of its $4 billion integrated resort, expected to open by 2030.
On financing, Bally’s entered into a new $1.1 billion credit facility due 2031 in February. Using proceeds from the Intralot transaction alongside that facility and the Lincoln Casino Resort sale-leaseback, the company fully repaid its prior $1.47 billion term loan due 2028.
With Bally’s Intralot B2C revenue up 31% and North America Interactive up 35.9%, the interactive divisions drove the group’s growth in Q1 2026. The UK business has shown resilience through the remote gaming duty increase, a result that strengthens the strategic rationale for the Evoke approach.
The 8 June firm intention deadline is the immediate focal point for investors: a confirmed deal would materially expand Bally’s interactive scale in the UK and across regulated European markets.
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