Intralot - Contract wins and transformational M&A

Intralot reported 'steady' 1-2% growth in revenue and EBITDA in H125, with underlying growth dampened by foreign currency translation, and trends quite variable between the quarters. From a contract perspective, Intralot has had a good year so far, with renewals/extensions in Idaho, Montana, New Hampshire and New Zealand, and a new win in Nebraska. The coming months will be transformational for Intralot with the Q425 completion of the acquisition of Bally's International Interactive (BII). The acquisition will significantly change Intralot's business exposure (with the addition of online casino, so that sports betting and iGaming will represent more than 70% of combined revenue), geographic exposure (the majority of the acquired revenue is in the UK, which will become the largest revenue source at c 60% of the combined group) and scale, given BII's enterprise value of €2.7bn versus Intralot's current c €1.1bn.

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