Intralot has reported “stable” financial performance for the first nine months of 2025, with revenue and EBITDA both falling slightly year on year (YoY).
Revenue reached €242.5m (£212.4m), a 2.9% decline on the €249.8m reported last year, while adjusted EBITDA was down 1.6% YoY from €91.5m to €90.1m.
However, on a Q3 basis, revenue slumped 11.8% to €74.5m and adjusted EBITDA was down 6.8% to €29.9m.
The reporting period marked the final one for Intralot before it merges with Bally’s International Interactive.
In early October, Intralot completed the acquisition of Bally’s International Interactive for €2.7bn, forming one of the largest listed entities on the Athens Stock Exchange.
As part of the earnings release, Intralot reported pro forma nine-month performance for the combined organisation at €790m in revenue and €320m in EBITDA.
The new entity is projected to achieve €1.1bn in revenue for full-year 2025.
However, following the UK Autumn Budget being announced yesterday, 26 November, and remote gaming duty jumping from 21% to 40%, the combined business will be hampered.
Bally’s International Interactive is predominantly UK-facing, and claims to be the number two igaming operator in the market thanks to its historical Gamesys brands.
The firm did roll out sports betting across sites including Jackpotjoy, although the vertical makes up a small portion of revenue.
Robeson Reeves, who has become Intralot CEO following the deal, said the mitigation in place means 2026 EBITDA guidance is now in the range of €420m to €440m.
Reeves added: “Intralot’s nine-month results as a standalone company show that it has been on track to deliver its goals for 2025, weathering strong FX headwinds.
“Similarly, Bally’s International Interactive has been on track with its stated guidance in the same period having delivered around €548m in revenue with a hefty 43% AEBITDA margin for Q3.
“Our guidance for full-year 2025 pro forma the two entities annualised is expected in the area of €1.1bn revenue and €435m in adjusted EBITDA.
“Yesterday the UK government revised gaming taxes by increasing remote gaming duty from 21% to 40% beginning April 2026. This was higher than anticipated but we are going to follow the aggressive mitigation scenarios.
“We still intend to deliver growth in the wagers accepted which combined with generosity reductions, marketing reductions and accelerated synergies will limit the tax increase impact and will only delay our growth plan by a year.
“Such tax increases have happened periodically in our markets and, historically, have led to market consolidation and market share growth for companies like Bally’s who have higher margins than other peers.”
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Greek firm acquired Bally’s International Interactive in October, with CEO Robeson Reeves noting yesterday’s Budget will lead to a revision in full-year 2026 adjusted EBITDA guidance
The post Intralot Q3 revenue down 3% ahead of Bally’s acquisition first appeared on EGR Intel.