Strong 2025 results fuel Bally’s Intralot M&A push
Table of contents
- Bally’s Intralot CEO Robeson Reeves has told investors the group is evaluating additional acquisitions beyond its proposed takeover of evoke.
- The company posted a 35% revenue increase for full-year 2025, the first results published since its merger completed.
- An undrawn £160m revolving credit facility gives the group capacity to pursue further deals.
Bally’s Intralot CEO Robeson Reeves has signalled the group will continue looking at M&A targets beyond its proposed takeover of evoke, speaking during the company’s full-year 2025 earnings call on 21 April.
Results underpin ambition
Bally’s Intralot reported a 34.8% increase in revenue to €518m for full-year 2025, with adjusted EBITDA climbing 40.4% to €183.5m. The results marked the first full-year publication since the merger of Bally’s International Interactive Division and Intralot completed in October 2025.
On a pro-forma basis, the combined group posted revenues of approximately €1.1bn and adjusted EBITDA of €431m, representing a margin of nearly 40%.
Reeves framed the performance as a platform for further expansion.
“2025 has been a landmark year for Bally’s Intralot. The successful acquisition of Bally’s International Interactive has fundamentally transformed our group into one of the leading iGaming and lottery platforms globally,” said Robeson Reeves, CEO of Bally’s Intralot.
The UK currently accounts for 30% of Bally’s Intralot’s revenue, America for 43%, and Europe for 11%. UK B2C net gaming revenue grew 10.5% year on year in Q1, and Reeves told analysts that in the first 19 days of April, following the Remote Gaming Duty increase, the group had continued to see double-digit NGR growth.
The evoke deal
Evoke confirmed it is in discussions with Bally’s Intralot regarding a possible offer at 50 pence per share, valuing the group at roughly £225.3m.
The proposal is expected to be structured as an all-share combination with a partial cash alternative, with evoke’s board evaluating the approach with advisers Morgan Stanley and Rothschild & Co.
Under UK takeover regulations, Bally’s Intralot faces a firm deadline of 5:00 p.m. London time on 18 May 2026 to either formalise a binding offer or formally withdraw.
Reeves was direct about the appeal of evoke’s geographic footprint, highlighting Italy as a market that is difficult to enter organically, and pointing to Romania and Spain as further opportunities. He told analysts the group could gain exposure to those markets at no additional cost alongside a UK-focused transaction:
“You can look at M&A with a single lens on actually essentially applying your business model just to the UK market, and you can pick up other territories free.”
On UK retail, Reeves acknowledged the value of a physical presence. He said:
“I think it’s important to have presence in retail. I think it’s a good business. It needs to work very much hand-in-hand with online.”
Evoke is implementing plans to close around 200 William Hill betting shops, accounting for roughly 15% of its retail network, with closures due to begin in May.
Evoke carries net debts of around £1.8bn, approximately five times its EBITDA. Reeves acknowledged the prospective transaction would alter the group’s capital structure but declined to elaborate while discussions remain live.
Beyond evoke
Reeves used the call to signal the evoke deal, if completed, would not represent the limit of the group’s M&A appetite. He pointed to the UK tax environment as a catalyst for consolidation.
“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,” Reeves told analysts.
He added:
“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 €160m undrawn revolving credit facility provides genuine financial flexibility for the right opportunity.”
On smaller bolt-on opportunities, Reeves said the group was exploring acquiring databases or customer bases from smaller operators, arguing it could offer them higher margin returns and integrate the customers into its own cost structure.
With evoke’s full-year 2025 results scheduled for 29 April, investors will have an updated financial picture before the 18 May deadline.
Reeves’s comments confirm that Bally’s Intralot views the current period of regulatory pressure and margin compression across Europe as a structural opportunity, one the group intends to pursue regardless of whether the evoke deal completes.
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