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Greek gambling firm Intralot has secured $775 million in long-term debt financing to facilitate the acquisition of Bally’s Interactive. The funds for this acquisition were primarily sourced from institutional investors and a consortium of Greek banks.
This development follows the agreement reached by Intralot and Bally’s Corp. for the sale of Bally’s Interactive on July 21, 2025.
With this acquisition set to be finalized soon, Intralot’s digital capabilities are expected to grow significantly. The company aims to expand its reach into key markets and become a prominent force in the global online gaming including real-money online casinos and online lottery industries. This article breaks down the financing details of this strategic move.
How Intralot funded the $775M Bally’s Interactive acquisition
Executing a multibillion-dollar acquisition requires substantial funding. Intralot has secured the necessary financial support for the purchase of Bally’s Interactive. The financing plan is structured as follows:
- $539M six-year loan fuels Intralot’s acquisition
Institutional lenders have committed to providing Intralot with a six-year term loan worth $539 million. These funds will serve as the capital base for acquiring Bally’s Interactive and supporting other balance sheet transactions.
This institutional support reflects lenders’ confidence in the transaction and provides Intralot with greater flexibility to manage cash flow during the acquisition.
- Greek banks commit $236M to Intralot’s Bally’s deal
In addition to the institutional facility, a group of Greek banks has pledged a $236 million, four-year amortizing term loan. Local bank support is crucial, demonstrating domestic confidence in the deal.
Together, these funds form a $775 million financing package to cover the acquisition of Bally’s Interactive and settle outstanding indebtedness, addressing the gap between the headline price and Intralot’s near-term funding needs.
Why Intralot’s Bally’s Interactive acquisition matters
In early July 2025, Intralot and Bally’s signed a cash-and-stock deal to transfer Bally’s Interactive business to the Greek company, valuing the unit at approximately €2.7 billion. The agreement includes €1.53 billion in cash and roughly €1.13 billion in newly issued Intralot shares.
Bally’s rationale for the sale is pragmatic: divesting the interactive unit allows the company to focus on its core hospitality and casino operations in North America and Europe.
For Intralot, the acquisition is about strategic scale and technology. Integrating Bally’s digital platforms and markets will expand Intralot’s presence in online gaming and accelerate its entry into regulated markets, where scale is critical.
Intralot’s debt strategy for Bally’s Interactive acquisition
Intralot obtained approval from holders of its €130 million retail bond to keep the instrument in place following the transaction. This move is crucial, as it resolves a potential funding hurdle. The company has further stated that it will tap the debt capital markets in due course to replace some of the commitments initially made with international banks.
This dual strategy enables Intralot to combine local bank loans, institutional facilities, and market instruments to manage liquidity and refinance its current borrowings. Debt restructuring is a core part of making the acquisition affordable and deliverable.
What’s next for Intralot’s Bally’s acquisition in 2025
The new term financing is conditional and will only become final if the acquisition and refinancing milestones are achieved. It also awaits shareholder approval from both companies. Once these and standard regulatory approvals are met, the parties aim to close the deal in the fourth quarter of 2025.
Until then, market watchers will focus on timing and potential regulatory issues that could slow the process. Analysts indicate that the deal will position Intralot as a larger competitor in the global gambling markets, strengthening its entry into key markets.
However, integration carries risks, including an increased debt load. The deal’s success will depend on three key factors:
- Shareholder and regulatory approvals
- Smooth refinancing of loans
- The business’s ability to withstand integration and leverage pressures
Key takeaways from Intralot’s $775M Bally’s acquisition
Intralot’s $775 million financing package is substantial and forms the foundation of a transformative acquisition. The combination of institutional and local bank backing, along with bondholder approval, demonstrates that risks have been carefully considered and managed.
The acquisition of Bally’s Interactive ultimately depends on regulatory and shareholder approvals. Once approved, Intralot will gain new technology and scale, positioning it as a more credible global competitor.
