Bally’s Intralot Q1 Revenue Up 180% as UK Drives Growth

Bally’s Intralot Reports 180% Revenue Growth as UK Market Accounts for 64% of Q1 Income – CEO Says New Remote Gaming Duty Absorbed Without Retreat

Key Takeaways

• Bally’s Intralot reported Q1 year-on-year revenue growth of 180.5% to €268.1m, with adjusted EBITDA up 231.8% to €100.2m.
• The UK accounted for 64% of total Q1 revenue, making it the group’s largest market.
• UK online revenue grew 10.5% year-on-year on a constant currency basis in Q1.
• The new UK Remote Gaming Duty took effect in April 2026, described by management as the most significant regulatory shift in years.
• The company said it entered the new tax regime from a position of strength, citing scale and margins as key factors.

Q1 Results Reflect First Full Period as Combined Entity

Bally’s Intralot is approaching the close of its first full first half as a combined business following last year’s effective merger between Bally’s Corporation and Intralot. The integration was enabled through Intralot’s acquisition of Bally’s International Interactive.

In its Q1 results, the group reported revenue of €268.1m, compared with €95.6m in the same period a year earlier. This represents year-on-year growth of 180.5%. Adjusted EBITDA rose from €30.2m to €100.2m, an increase of 231.8%.

The company noted that the year-on-year comparison reflects the enlarged structure of the business. The current results include earnings from Bally’s International Interactive, whereas the prior year comparison reflects Intralot’s standalone Q1 2025 performance.

Revenue was split between B2C and B2B operations. The B2C division generated €204.6m in revenue, compared with €25m in Q1 2025. Adjusted EBITDA for B2C rose to €76.7m from €8.3m. By contrast, B2B revenue declined from €70.6m to €63.5m, while adjusted EBITDA increased slightly to €23.5m from €21.9m.

UK Market Becomes Core Revenue Driver

Management highlighted the growing importance of the UK market. Chief Financial Officer Andreas Chrysos stated that the UK accounted for 64% of Q1 revenue, making it the company’s largest region.

The UK portfolio is primarily focused on online gaming brands, including Jackpotjoy, Virgin Games, Monopoly Casino, Rainbow Riches Casino, Double Bubble Bingo, and Bally Casino. The group also operates the Bally Bet sportsbook and a land-based casino in Newcastle.

According to Chief Executive Officer Robeson Reeves, UK online revenue grew 10.5% year-on-year on a constant currency basis during the quarter. Preliminary figures for April showed net gaming revenue up 11.5% year-on-year, with May also tracking double-digit annual growth.

For users of regulated UK platforms, these figures indicate continued activity levels despite recent regulatory and fiscal changes. Active player numbers increased year-on-year, according to management, alongside what the company described as more efficient revenue generation from a larger player base.

Remote Gaming Duty Introduced in April 2026

The UK introduced a new Remote Gaming Duty in April 2026. Reeves described the change as the most significant regulatory shift in the market in years. The measure has been widely discussed within the sector due to expectations that it will affect operator EBITDA and profit margins.

Bally’s Intralot stated that it had prepared for the tax change in advance and entered the new regime from what Reeves called a position of strength rather than retreat. Management said the company had the margin profile to absorb the impact and that reduced competitive intensity could favor larger operators.

For international readers comparing crypto betting and iGaming platforms, the tax shift is relevant because it may influence product offerings, promotional intensity, and operational strategies in one of Europe’s largest regulated markets. The company’s Q1 and early Q2 trading figures suggest that, at least in the initial phase, revenue growth has continued.

Black Market Enforcement Remains a Policy Focus

Alongside taxation, enforcement against illegal gambling remains part of the UK regulatory agenda. The government has committed £26m to combat the black market and established an Illegal Gambling Taskforce led by Baroness Tycross. The Gambling Commission is also recruiting a Head of Illegal Markets.

Reeves addressed comparisons between the UK and other regulated markets such as the Netherlands, where changes in taxation and regulation have been linked to shifts in channelisation. He stated that the UK market has already undergone significant changes over the past five years, particularly affecting high value customers.

According to Reeves, many high value players had already moved away from the regulated environment prior to the latest tax changes. As a result, he said he would not expect substantial additional shifts in market size from that customer segment.

For operators, enforcement efforts are closely linked to competitive balance. For users, intensified enforcement can affect the availability of unlicensed alternatives and shape the relative attractiveness of regulated platforms.

Other Regional Contributions and Pending Corporate Developments

While the UK accounted for the majority of revenue, other regions also contributed. The Americas represented 18% of Q1 revenue, while the rest of Europe and the rest of the world each accounted for 9%.

Separately, Bally’s Intralot has been linked to negotiations regarding a potential acquisition of London Stock Exchange listed evoke. Following the Q1 results, management did not confirm whether a formal offer would be made. Stakeholders are expected to receive clarity by 8 June at the latest.

Our Assessment

Bally’s Intralot’s first quarter results reflect the financial impact of its expanded structure and underline the central role of the UK market, which generated nearly two thirds of total revenue. The introduction of the Remote Gaming Duty in April 2026 represents a material regulatory change, but the company reports continued double-digit UK revenue growth in the initial phase. At the same time, enforcement against illegal gambling remains a parallel policy focus, with potential implications for both operators and users in the regulated UK market.