Increased gambling taxes in the UK led to a nearly 16% decline in Bally’s Intralot’s adjusted EBITDA for the second quarter, overshadowing what was otherwise a record-setting quarter for online sales.
The group’s total revenue reached €276.1 million ($320.1 million), reflecting a 3% increase compared to the first quarter. In the initial quarter, revenue amounted to €268.1 million ($310.8 million). Adjusted EBITDA fell to €84.6 million ($98.1 million), down from €100.2 million ($116.2 million) in the first quarter.
The purchase of Bally’s international interactive division by Intralot, which was finalized in October 2025, complicates year-on-year comparisons.
The significant factor affecting the Q2 results was the increase in the UK remote gaming duty from 21% to 40%, which began on April 1. Bally’s Intralot stated that this adjustment resulted in a reduction of approximately €34 million ($39.4 million) in Q2 adjusted EBITDA.
Nonetheless, advancements in revenue and cost savings mitigated nearly 65% of that impact. UK online revenue grew by €9 million ($10.4 million), or 5.3%, from the first quarter, achieving a record high in Q2.
The combined revenue from Bally’s international interactive segment rose by 5.4% to €193.8 million ($224.7 million), which included a 9.7% increase in online revenue from Spain from Q1.
Conversely, the traditional Intralot operations experienced a decline. Revenue dropped 2.3% sequentially to €82.3 million ($95.4 million), largely due to disappointing results from Turkey’s Bilyoner. Revenue from Bilyoner fell by 21.8%, equating to €3.6 million ($4.2 million), compared to Q1.
For the first half of the year, total group revenue reached €544.2 million ($631.1 million). Adjusted EBITDA was recorded at €184.8 million ($214.3 million). This was the first instance in which the figures included a complete six-month contribution from Bally’s international interactive.
Evoke Acquisition and Bronx Initiative in Focus
Bally’s Intralot also mentioned that regulatory assessments of its intended acquisition of Evoke are currently underway, while the process for shareholder approval is progressing.
The group reported that shareholders holding over 40% of Evoke’s share capital have expressed their intent to support the acquisition. The next significant milestone is the Evoke general meeting scheduled for August 17.
Recently, Evoke CEO Per Widerström stated that the company is on course to be purchased by Bally’s Intralot by either the fourth quarter of 2026 or the first quarter of 2027.
Bally’s Intralot also utilized the results to respond to recent inquiries from investors regarding Bally’s Corporation’s going-concern disclosure, pertaining to funding for its Bronx casino development.
CEO Robeson Reeves stressed that even though some individuals hold leadership positions in both Bally’s Intralot and Bally’s Corporation, Bally’s Intralot operates as “a distinct, independently listed legal entity. ”
Reeves further stated that Bally’s Intralot’s “trading performance, strategic initiatives, and financial stability are solid,” indicating that it does not anticipate any significant negative impact on their operations from Bally’s Corporation’s funding process.
