International operations remain a key source of revenue for several major US betting and gaming companies, as clearly demonstrated by Bally’s recently published financial results.
The US market is an extremely challenging environment, with FanDuel (Flutter Entertainment) and DraftKings dominating to such an extent that an effective duopoly has formed in many states. This forces companies like Bally’s and MGM Resorts to place greater focus on their international activities.
In its Q2 2025 report, Bally’s noted that its UK operations are delivering particularly strong results, although its International Interactive division as a whole faced difficulties in the first half of the year amid a planned sale to Intralot SA.
UK online revenue grew by 8.8% as Bally’s continued to strengthen its market position following its 2021 acquisition of Gamesys, which became the foundation of its international business. The company also reported positive results in Spain, linking them to the easing of marketing restrictions.
Nevertheless, total revenue for the International Interactive division in Q2 fell by 10.2% – from $229.4 million to $206.1 million. Bally’s attributes this to last year’s sale of its Asian assets.
This shift allowed Bally’s to focus on the European and North American markets, with the former apparently becoming increasingly important and opening up new opportunities.
It is telling that International revenue still eclipsed North American Interactive revenue, generated from the US activities of the Bally Bet online sportsbook and casino, which was up 21.5% to $56.5m ($46.5m).
Bally’s was keen to stress that if the revenue generated in Asia in 2024 was discounted, its International Interactive revenue would have risen 10% year-over-year, while also pointing out that adjusted EBITDA for the segment was up 1.1% YoY to $82.2m.
The company seems to be banking on further growth in the UK, a lucrative but also very competitive market, to ensure this growth continues – explaining its desire to get in on Premier League front-of-shirt marketing while it still has the chance, with a ban on these deals coming into effect in 2026.
Casino and Resorts segment remains its biggest revenue generator, and recorded revenue growth of 14.7% to $393.3m ($343m) – though its UK property in Newcastle will still have contributed a small portion of this.
Recent years have seen a diversification of Bally’s North American casino business. In February 2025 it completed its merger with The Queen Casino and Entertainment, integrating four new properties in the process.
Showcasing its reach in land-based casino activities across the US, Bally’s stated that its properties ‘outpaced market growth in nine of fifteen jurisdictions’, citing strong performances from its properties in Vicksburg, Mississippi, Baton Rouge, Louisiana, and the Quad Cities of Illinois and Iowa.
Again, however, international diversification is clearly on the agenda. In April the firm invested AU$200m in embattled Australian casino firm Star Entertainment Group, which operates resorts in Sydney, Brisbane and the Gold Coast.
Robson Reeves, Bally’s CEO, summarised this deal: “The opportunity to acquire a significant equity stake in Star is consistent with Bally’s historical and proven strategy to deploy capital and disciplined financial practices in underperforming operators to seek to create value for Bally’s shareholders.”
The final key development for Bally’s in H1 2025 was the agreement inked with Intralot which will see the Greek lottery technology company acquire Bally’s International Interactive. This has been earmarked as a key development in Bally’s mission to create a ‘Bally’s 2.0’, leadership explained.
The agreement will create a combined entity focused on selling lottery technology solutions to various state-backed lotteries, particularly in North America. Bally’s will retain a 30% stake in this business, while retaining control over its international B2C assets.
Summarising Q2 performance, Reeves said: “In summary, Bally’s 2.0 is well underway to create a global omni-channel provider of retail and online experiences by expanding globally as a gaming and entertainment operator.
“Combined with ongoing initiatives to drive operational efficiencies and balance sheet improvements, we continue to demonstrate significant progress across these objectives.”
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