Bally’s Corporation is optimistic about navigating a new, demanding period in the UK, expressing confidence in its ability to absorb the impact of the upcoming remote gaming duty increase and capture a larger market share, as its performance is already exceeding that of its nearest rivals.
While many UK iGaming operators face potential headwinds with the remote gaming duty climbing to 40% starting in April, Bally’s believes it can capitalize on the shifting market dynamics. This comes at a time when company margins are under pressure and smaller players are reconsidering their UK operations.
Bally’s stated: “As a robust operator with healthy margins, our Bally’s Intralot B2C division is ideally placed to manage the effect of this adjustment and gain market share. Our UK iGaming revenue growth in the fourth quarter was already faster than that of our main competitors.”
The company also expanded its iGaming footprint in Q4 after becoming the majority shareholder in Bally’s Intralot. This followed the merger of its Interactive International division with the Athens-listed firm, forming a global leader in iGaming and lottery.
Bally’s added: “Revenue in Spain also increased by 6.3% year-on-year in constant currency, driven by better long-term customer retention and a rise in new players attracted by sports betting.”
In Spain, tax levels have stayed constant, but the regulatory landscape has shifted significantly. The DGOJ has heightened its enforcement and compliance demands on the licensed sector.
Bally’s continued: “The year-on-year growth in the B2C segment was additionally bolstered by incorporating Intralot’s B2C operations in Q4 2025. This was partly counteracted by the sale of the Asia interactive business in October 2024, which had produced $14.1m in revenue in Q4 2024 and was part of the Bally’s Intralot B2C segment.”
Total Q4 revenue increased 28.6% year-over-year to $746.2m (Q4 2024: $580.4m). Casino & resorts revenue reached $366.2m, a rise of 12.9% (2024: $324.4m). Bally’s Intralot B2C – encompassing its European iGaming and Newcastle casino – generated $236.5m (2024: $207.6m), while B2B revenue was $79.9m (2024: $6.9m).
North America interactive revenue grew 55.4% year-over-year to $62.3m (2024: $40.1m), and corporate & other revenue was $1.3m (2024: $1.4m).
Retail optimism
Robeson Reeves, Chief Executive Officer of Bally’s, highlighted in the preliminary Q4 2025 results that the company’s various initiatives have fostered long-term growth, establishing it as a global omni-channel provider.
Reeves noted: “Our fourth quarter capped off a successful and truly transformative year for Bally’s. Throughout 2025, we reshaped and broadened our portfolio both at home and abroad, across online and retail, while also fortifying our balance sheet to position the Company for growth in the immediate and distant future.”
Bally’s made progress with its resort projects in multiple locations. This included finalizing its investment in The Star, obtaining a license from the New York State Gaming Commission (NYSGC), and moving forward with developments in Chicago and on the Las Vegas Strip.
The company was granted a gaming facility license by the NYSGC last December to construct a casino resort in the Bronx. The $4bn development is slated to open in 2030, featuring 3,500 slot machines and 210 table games.
Nationally, work advanced on projects in Chicago and in Las Vegas in partnership with Major League Baseball’s Las Vegas Athletics, with targets set for completion by the start of the 2028 season.
In Australia, Bally’s acquired a 38% equity stake in The Star as part of its effort to rejuvenate the Australian casino operator within the Asia-Pacific region.
Reeves said: “In summary, our strategic moves over the past year have established us as an enlarged, expanding, global omni-channel provider of both physical and digital experiences.
“We continue to show a strategic and careful approach in deploying our capital and managing our balance sheet to generate growth and returns for our stakeholders.
“Together with our operational know-how and forward-looking strategy, we are actively chasing and implementing the numerous growth opportunities available to us.”