Bally’s Intralot generated €544.2 million in group revenue during H1, with its Bally’s International Interactive (BII) division accounting for €377.6 million of the total.

In its first full six-month period including the BII segment, Bally’s Intralot achieved an adjusted EBITDA of €184.8 million, €132.8 million of which came from the BII division.

Momentum was noted in the UK, with an all-time high NGR and year-on-year growth of 11.6% on a constant currency basis in Q2.

However, the near doubling of the remote gaming duty in the UK from 21% to 40% since 1 April carried an impact of around €34 million on the company’s adjusted EBITDA in Q2.

Bally’s Intralot mitigated approximately 65% of the €34 million impact through revenue growth and operating cost optimisation.

The pro forma combined business generated €1.06 billion in revenue with an adjusted EBITDA of €399.9 million for the 12 months ending 30 June 2026.

Declines for the legacy Intralot business

While the results for the BII segment were encouraging, there was less positive news for the legacy Intralot business, with revenue falling to €166.5 million in H1 from €182 million in the same period last year.

Legacy adjusted EBITDA also dropped 13.6% to €52.1 million.

The legacy B2B segment’s revenue declined 10.1% to €128.1 million, with its largest market of the US “the main driver” of the decrease.

B2B revenue in the US fell 11.7% on a constant currency basis, which the company attributed to softer lottery activity and reduced equipment sales compared to H1 2025.

Meanwhile, legacy B2C revenue across H1 fell to €38.5 million from €39.5 million in the same period of last year.

Bally’s Intralot concluded H1 with an adjusted net debt of €1.62 billion, with an adjusted net leverage ratio on a pro forma basis of 4.05x.

The company said the net leverage ratio was “temporarily elevated” by an €85 million capex payment for its 15-year electronic gaming machine monitoring licence in the Australian state of Victoria, which it announced in April this year.

Quarter-on-quarter revenue increase in Q2

When splitting out Q2, group revenue for Bally’s Intralot rose 3% quarter-on-quarter to €276.1 million.

International online again led the way, with UK revenue reaching an all-time high with a 5.3% quarter-on-quarter increase from Q1.

Revenue from Spain, meanwhile, also surged 9.7% quarter-on-quarter to take the combined BII revenue up 5.4% to €193.8 million.

Despite the revenue increase, adjusted EBITDA for Q2 dropped to €84.6 million from the €100.2 million reported in Q1 because of the €34 million impact from the tax hike in the UK.

Evoke acquisition update

On 5 June, Bally’s Intralot announced it had agreed a deal worth approximately £243.1 million to acquire the struggling operator Evoke.

The deal is still subject to regulatory and shareholder approvals, with Evoke’s general meeting set for 17 August.

Bally’s Intralot said shareholders representing over 40% of Evoke’s share capital had voiced their intention to support the deal.

Evoke’s Q2 results, released last week, displayed a 12% drop in EBITDA with the company hit by a £46 million year-on-year rise in gaming duties, largely stemming from the UK.

Bally's Intralot 上半年集团营收达 5.442 亿欧元，其中 Bally's International Interactive（BII）部门贡献了 3.776 亿欧元。

在包含 BII 业务板块的首个完整六个月期间，Bally's Intralot 实现调整后 EBITDA 1.848 亿欧元，其中 1.328 亿欧元来自 BII 部门。

英国市场势头强劲，第二季度 NGR 创历史新高，按固定汇率计算同比增长 11.6%。

然而，自 4 月 1 日起英国远程博彩税从 21% 上调至 40%，税率近乎翻倍，对公司第二季度调整后 EBITDA 造成了约 3,400 万欧元的影响。

Bally's Intralot 通过营收增长和运营成本优化，抵消了约 65% 的 3,400 万欧元影响。

截至 2026 年 6 月 30 日的 12 个月内，备考合并业务营收达 10.6 亿欧元，调整后 EBITDA 为 3.999 亿欧元。

传统 Intralot 业务下滑

尽管 BII 部门的业绩令人鼓舞，但传统 Intralot 业务的消息则不那么乐观，上半年营收从去年同期的 1.82 亿欧元降至 1.665 亿欧元。

传统业务调整后 EBITDA 也下降 13.6% 至 5,210 万欧元。

传统 B2B 部门营收下降 10.1% 至 1.281 亿欧元，其最大市场美国是“下滑的主要驱动因素”。

按固定汇率计算，美国 B2B 营收下降 11.7%，公司将其归因于彩票活动疲软以及相比 2025 年上半年设备销售减少。

与此同时，上半年传统 B2C 营收从去年同期的 3,950 万欧元降至 3,850 万欧元。

Bally's Intralot 上半年末调整后净债务为 16.2 亿欧元，备考调整后净杠杆率为 4.05 倍。

公司表示，净杠杆率因澳大利亚维多利亚州 15 年电子博彩机监控牌照的 8,500 万欧元资本支出而“暂时偏高”，该牌照于今年 4 月宣布。

第二季度营收环比增长

单独来看第二季度，Bally's Intralot 集团营收环比增长 3% 至 2.761 亿欧元。

国际在线业务再次领跑，英国营收创历史新高，环比第一季度增长 5.3%。

与此同时，西班牙营收也环比激增 9.7%，推动 BII 合并营收增长 5.4% 至 1.938 亿欧元。

尽管营收增长，但由于英国税率上调带来的 3,400 万欧元影响，第二季度调整后 EBITDA 从第一季度的 1.002 亿欧元降至 8,460 万欧元。

Evoke 收购最新进展

6 月 5 日，Bally's Intralot 宣布已达成一项价值约 2.431 亿英镑的交易，收购陷入困境的运营商 Evoke。

该交易仍有待监管机构和股东批准，Evoke 的股东大会定于 8 月 17 日举行。

Bally's Intralot 表示，代表 Evoke 超过 40% 股本的股东已表示有意支持该交易。

Evoke 第二季度业绩于上周发布，显示 EBITDA 下降 12%，公司受到博彩税同比增加 4,600 万英镑的冲击，主要来自英国。