Bally’s Intralot Q2 EBITDA Falls 16% on €34M UK Tax Hit

Bally’s Intralot saw adjusted EBITDA fall almost 16% during Q2 as higher UK gambling taxes weighed on record online revenue.

Group revenue reached €276.1 million ($320.1 million), up 3% from Q1. Revenue had totaled €268.1 million ($310.8 million) during the first quarter. Adjusted EBITDA dropped to €84.6 million ($98.1 million), compared with €100.2 million ($116.2 million) in Q1.

Intralot’s acquisition of Bally’s international interactive unit completed in October 2025, distorting year-on-year comparisons.

The main drag on the Q2 results was the UK remote gaming duty increase from 21% to 40%, which took effect April 1. Bally’s Intralot said the change reduced Q2 adjusted EBITDA by approximately €34 million ($39.4 million).

However, revenue growth and cost reductions offset close to 65% of that impact. UK online revenue increased by €9 million ($10.4 million), or 5.3%, from Q1 to a record high in Q2. 

Combined Bally’s international interactive revenue rose 5.4% to €193.8 million ($224.7 million), which included a 9.7% increase in Spanish online revenue from Q1.

The legacy Intralot operations moved in the opposite direction. Revenue fell 2.3% sequentially to €82.3 million ($95.4 million), mainly due to weaker results from Turkey’s Bilyoner. Bilyoner revenue declined 21.8%, or €3.6 million ($4.2 million), from Q1. 

For H1, group revenue totaled €544.2 million ($631.1 million). Adjusted EBITDA reached €184.8 million ($214.3 million). For the first time, the figures include Bally’s international interactive’s contribution for a full six-month period.

Evoke Takeover and Bronx Project Under Spotlight

Bally’s Intralot also noted that regulatory reviews of its proposed acquisition of Evoke are under way, while the shareholder approval process is continuing. 

The group said shareholders representing more than 40% of Evoke’s share capital have indicated they plan to support the deal. The next key step is the Evoke general meeting on August 17.

Last week, Evoke CEO Per Widerström said the company remains on track to be acquired by Bally’s Intralot by Q4 2026 or Q1 2027.

Bally’s Intralot also used the results to address recent investor questions over Bally’s Corporation’s going-concern disclosure, which related to financing for its Bronx casino project. 

CEO Robeson Reeves emphasized that while certain individuals hold leadership roles with both Bally’s Intralot and Bally’s Corporation, Bally’s Intralot is “a separate, independently listed legal entity.”

Reeves added that Bally’s Intralot’s “trading performance, strategic plans, and balance sheet remain strong” and said it does not expect Bally’s Corporation’s financing process to have a material adverse effect on the business.