Lottery Games accounted for 46.2 per cent of total revenue
Bally’s Intralot reported an increase in revenue of €133.7m compared to FY24, leading to total revenue for the 12 months ended December 31, 2025, of 518m, up 34.8 per cent.
Lottery Games remained the largest contributor to the top line, accounting for 46.2 per cent of total revenue, followed by iGaming and Sports Betting with a 45.2 per cent share of Group turnover. VLTs monitoring contributed 8.1 per cent, while Casino and other activities represented 0.5 per cent of Group revenue.
In the BtoC segment the company reported higher revenue by €150.1m, up 162.7 per cent, with Bally’s contributing €166.3m to segment revenue. Within legacy operations, revenue in Argentina achieved a modest year-over-year increase of 2.5 per cent. In Turkey, the underlying online sports betting market expanded by approximately 50 per cent in local currency during the year. Nevertheless, reported revenue declined by 21.8 per cent year-over-year, primarily due to amendments in the remuneration structure within the business value chain, as well as the translation of results into euro.
In the B2B segment, revenues were down by €16.4m or 5.6 per cent, due to unfavourable foreign exchange movements. In the US, top-line performance was impacted by €8.1m in FX headwinds, as well as lower merchandise sales. Operations in Oceania remained resilient during the year, with Australia delivering four per cent revenue growth in constant currency terms, supported by stable organic growth. Argentina’s B2B operations also showed strong performance, while Croatia maintained solid momentum with revenue increasing by 13.2 per cent year-over-year, partially offsetting softer performance in rest of the world markets.
Adjusted EBITDA in FY25 rose 40.4 per cent year-over-year to €183.5m, largely driven by the acquisition of Bally’s International Interactive, which contributed €67m to group profitability. On a like-for-like basis, excluding Bally’s International Interactive, underlying Adjusted EBITDA declined 10.9 per cent, reflecting foreign exchange headwinds and the higher merchandise sales and implementation fees recorded in 2024. Within the B2B segment, the US remained the largest contributor, with profitability supported by effective operating expense control, resulting in Adjusted EBITDA growth of 5.4 per cent, on a constant
currency basis, despite lower revenue. Argentina also delivered strong results, with B2B Adjusted EBITDA up 22.5 per cent.
Bally’s Intralot’s CEO Robeson Reeves noted: “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. Our combined pro-forma revenues of approximately €1.1bn and AEBITDA of €431m at a nearly 40 per cent margin speak to the exceptional quality and earnings power of this platform. Our underlying operations continued to deliver, with reported operating cash flow growing to €158.5m and AEBITDA margins expanding year-on-year supported by the inclusion of Bally’s International Interactive in the fourth quarter of the year. Our performance demonstrated the resilience and diversity of our global portfolio despite FX headwinds in the US. We entered 2026 as a stronger, larger and more profitable business, well-capitalised, highly cash generative, and uniquely positioned across online gaming, lottery and sports betting. The best is ahead of us.”
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Lottery Games accounted for 46.2 per cent of total revenue Bally’s Intralot reported an increase in revenue of €133.7m compared to FY24, leading to total revenue for the 12 months ended December 31, 2025, of 518m, up 34.8 per cent. Lottery Games remained the largest contributor to the top line, accounting for 46.2 per cent…
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