Bally’s Corporation is confident that it can mitigate the impact of the increase in remote gaming duty next month and grow market share in the UK iGaming market, as its operations are outpacing its closest competitors.
The company is also optimistic about its land-based operations in New York, Las Vegas, Chicago and the assets obtained through investment in The Star Entertainment Group in Australia.
Robeson Reeves, Chief Executive Officer at Bally’s, expressed in the fourth quarter of 2025 preliminary results that the initiatives across its operations have helped the firm produce long-term growth as a global omni-channel provider.
Reeves noted: “Our fourth quarter completed a successful and truly transformational year for Bally’s. In 2025, we reshaped and expanded our portfolio both domestically and internationally, online and in retail, while strengthening our balance sheet and positioning the Company for near- and long-term growth.”
Overall Q4 revenue rose by 28.6% year-over-year to $746.2m (Q4 2024: $580.4m). Casino & resorts revenue came in at $366.2m, up 12.9% (2024: $324.4m). Bally’s Intralot B2C – including its European iGaming and Newcastle casino – was $236.5m (2024: $207.6m), while B2B was $79.9m (2024: $6.9m).
North America interactive revenue rose by 55.4% YoY to $62.3m (2024: $40.1m) and corporate & other came in at $1.3m (2024: $1.4m).
Navigating UK iGaming duty hike
Bally’s expanded its iGaming operations in Q4 after becoming a majority shareholder in Bally’s Intralot, combining its Interactive International business with the Athens-listed company to create a global iGaming and lottery champion.
Post April may be a challenging time for many operators in the UK iGaming market, with the remote gaming duty rising to 40%. However, Bally’s has said it should be able to manage and grow in the new environment.
Bally’s stated: “As a strong operator with high margins, our Bally’s Intralot B2C segment is well positioned to mitigate the impact of this change and take market share, and our UK iGaming revenue growth in the fourth quarter already outpaced that of our closest competitors.
“Revenues in Spain also grew 6.3% year over year in constant currency, supported by improved long-term retention and an increase in sports-led new players.
“Year over year growth in the B2C segment was further supported by the inclusion of Intralot’s B2C operations in the fourth quarter of 2025, partially offset by the divestiture of the Asia interactive business in October 2024 that generated $14.1m of revenue in the fourth quarter of 2024 which was included in Bally’s Intralot B2C segment.”
Confidence in land-based
Bally’s has also made progress with its resorts in several jurisdictions, including completing its investment in The Star, securing a licence from the New York State Gaming Commission (NYSGC) and progressing with its establishments in Chicago and on the Vegas Strip.
At the end of last year, the company received a gaming facility licence from the NYSGC to build a casino resort in the Bronx, with the $4bn project expected to open in 2030 with 3,500 slot machines and 210 table games.
Elsewhere, developments continued for projects in Chicago, as well as in Vegas with the Major League Baseball’s Las Vegas Athletics, with plans to be ready for the start of the 2028 season.
In Australia, Bally’s is working on revitalising The Star in the Asia-Pacific region, securing a 38% equity stake in the Australian casino operator.
Reeves said: “In summary, our strategic initiatives of the past year have created a scaled, growing, global omni-channel provider of retail and online experiences.
“We continue to demonstrate strategic and prudent use of our capital resources and balance sheet to drive growth and returns for our stakeholders.
“Combined with our operational expertise and long-term vision, we are aggressively pursuing and executing on the many growth opportunities before us.”