Bally’s Intralot reported €544.2 million in group revenue for the six months ended 30 June 2026, while higher UK gaming duty reduced second-quarter adjusted EBITDA by about €34 million. The company published its preliminary results on 17 August 2026. The figures offer an early indication of how the tax increase is affecting a major gambling group with UK-facing online operations.

Record UK online revenue helped offset most of the tax increase, but the higher duty still reduced quarterly earnings and added pressure to margins.

Online growth failed to prevent an earnings squeeze

Adjusted EBITDA reached €184.8 million in the first half, producing a 34% margin. Bally’s International Interactive contributed €377.6 million in revenue and €132.8 million in adjusted EBITDA during its first full six-month contribution to the combined group.

The UK online business reported record net gaming revenue. Revenue increased 11.6% year on year in the second quarter on a constant-currency basis, following 10.5% growth in the first quarter. UK online revenue also rose 5.3% between the first and second quarters, reaching a record level, according to the company.

How the UK tax change affected the results

Remote Gaming Duty applies to online gaming with UK customers. HM Revenue and Customs increased the rate from 21% to 40% on 1 April 2026.

The change covers remote gaming, including online casino activity. Ordinary remote sports betting remains subject to separate betting-duty rules until a new remote betting rate takes effect in April 2027, according to HM Revenue and Customs guidance.

Bally’s Intralot said the higher duty reduced second-quarter adjusted EBITDA by approximately €34 million. Revenue growth offset €10.1 million of the impact. Operating-cost measures and other adjustments added a further €11.3 million. The company said it had mitigated close to 65% of the tax effect.

Second-quarter adjusted EBITDA fell to €84.6 million from €100.2 million in the first quarter. Group revenue rose 3% quarter on quarter to €276.1 million. The figures show the financial pressure created when online revenue grows but a larger share of gaming profits is paid in tax.

Debt and integration remain wider risks

Outside the newly consolidated interactive division, legacy revenue fell to €166.5 million in the first half from €182 million in the first half of 2025. Legacy adjusted EBITDA declined 13.6% to €52.1 million.

Adjusted net debt stood at €1.62 billion on 30 June 2026. Bally’s Intralot reported a pro forma adjusted net leverage ratio of 4.05 times. The ratio was temporarily increased by an €85 million payment for an electronic gaming-machine monitoring licence in Victoria, Australia.

What the results show about the British market

  • The company reported record UK-facing online revenue after the duty increase.
  • The 40% rate reduced second-quarter adjusted EBITDA by approximately €34 million.
  • Revenue growth and cost reductions absorbed most, but not all, of the tax increase.
  • The results relate to Bally’s Intralot and do not represent market-wide data for all operators in Great Britain.

The next test will come when companies report performance for a full year under the 40% rate. Bally’s Intralot’s figures indicate that online growth can soften the initial impact, but does not eliminate the pressure on earnings margins.