Bally's Corporation · NYSE:BALY
Bally's — Investor Day (September 2025)
53 slides from Bally's's investor day presentation, Sep 9, 2025
Slide 1: Capital Markets Day 8 September 2025
C a p i t a l M a r ke t s D a y 8 S e p t e m b e r 2 0 2 5
Slide 2: Disclaimer
The following disclaimer applies to this presentation and the information provided therein, including in relation to Intralot (together with its subsidiaries, the “ Intralot Group ” or “ Intralot ”), Bally’s (together with its subsidiaries, the “ Bally’s Group ” or “ Bally’s ”) and Bally’s Holdings
Slide 3: Management Team
Management Team 3 Joined Intralot in 2007 Chrysostomos Sfatos Group Deputy CEO, Intralot Joined Intralot in 201c Robeson Reeves CEO, Bally’s Joined Bally’s (Gamesys) in 2005 Nikolaos Nikolakopoulos Group CEO, Intralot
Slide 4: Today's Agenda
4 Today’s Agenda 1 Acquisition Overview 2 Strategic Rationale 3 iGaming – Deep Dive 4 Lottery – Deep Dive 5 Financials
Slide 5: Acquisition Overview
Acquisition Overview 1
Slide 6: The Acquisition Creates A Global Gaming Champion in iGaming and Lottery
The Acquisition Creates A Global Gaming Champion in iGaming and Lottery Financials Lottery Deep Dive iGaming Deep Dive Strategic Rationale Acquisition Overview Intralot is a leading global lottery technology provider with long - term contracts and a track record of contract retention in 40 high - va
Slide 7: Key Terms of the Acquisition
▪ The Bally's International Interactive Business, which comprises Bally's Holdings Limited and its subsidiaries, is to be acquired by Intralot S.A. (the "Acquisition" or the "Proposed Transaction") ▪ Acquisition Enterprise Value of €2.7bn, comprises: - €1.530bn cash; and - €1.136bn of newly issued s
Slide 8: Acquisition Overview and Steps
Financials Lottery Deep Dive iGaming Deep Dive Strategic Rationale Acquisition Overview Source: Company filings, joint press release and investor presentation dated 1 July 2025 8 Acquisition Steps x Next Steps x 3 B Intralot Acquisition of BII 3 A €400n Share Capital Increase 2 MTO Close (28 - Aug -
Slide 9: Strategic Rationale
Strategic Rationale 2
Slide 10: The Post-Acquisition Group Is A Scaled Global Gaming Powerhouse
The Post - Acquisition Group Is A Scaled Global Gaming Powerhouse With Market - leading Technology And Products 10 Operationally and financially scaled global operator with leading market positions and a diversified business mix 1 Resilient lottery and robust iGaming revenue growth profile with best
Slide 11: Leading Positions In Attractive End Markets, Operationally And Financially Scaled
Post Acquisition Group Will Have Leading Positions In Attractive End Markets And Will Be Operationally And Financially Scaled 11 Leading Market Positions Attractive End Target Markets Operationally Scaled Financial Strength #2 UK iGaming Operator 40 Countries & Jurisdictions €1,067m FY24 PF Sales Pr
Slide 12: Secular Trend Of Digital Transition Across Lottery And Gaming
12 Secular Trend Of Digital Transition Across Lottery And Gaming To Drive Significant Growth… 2 2% 3% 14% 27% 6% 12% 22% 44% 13% 24% 27% 52% % of North American Lotteries GGR % of North American Gaming GGR % of European Lotteries GGR % of European Gaming GGR % of Onshore Market 1% 3% 12% 23% Europe
Slide 13: Superior And Complementary Technology To Capture Digital Transition
…Which The Post Acquisition Group Will Benefit From Given Superior And Complementary Technology To Capture Digital Transition 2 Benefits to Able to enter 14+ regulated markets Benefits to Advantages of a Vertically Integrated Tech Stack Highly Complementary, Easy - to - Integrate Tech Stack x x x x
Slide 14: Major Player In A Significantly Enlarged Global TAM
14 The Post - Acquisition Group Will Be A Major Player In A Significantly Enlarged Global TAM… 3 10 0 20 30 40 50 60 90 80 70 100 Cumulative 2029E TAM (€bn) Current Focus €6bn Existing Lottery Services TAM €14bn + UK C Spain iGaming €41bn + US iGaming (3) €48bn + Near to Medium - Term 2 Near - to -
Slide 15: Unique Position In The Gaming Value Chain
…And Possesses A Unique Position In The Gaming Value Chain 15 3 Sports Betting Lottery Financials Lottery Deep Dive iGaming Deep Dive Strategic Rationale Acquisition Overview Gaming iLottery Retail Retail OSB iGaming lities B Sports Betting Capabi and B2C Lottery Expert; B2 B2B alist (B2C) iGaming S
Slide 16: Acquisition Expected To Deliver Significant Growth Opportunities
Acquisition Expected To Deliver Significant Growth Opportunities 4 16 Source: Company information Note: Figures for the Post - Acquisition Group are non - IFRS financial measures that represent the mathematical sum of such figure for the respective fiscal year or period, as applicable, for Intralot
Slide 17: Exposure To The Attractive US iGaming Market
70.2 G6.7 131.G 152.7 161.6 (56.4) (47.8) (38.1) (34.6) (24.8) Revenue Adjusted EBITDAR Acquisition In Time Provides Exposure To The Attractive US iGaming Market 17 Commercial Arrangement Between Intralot and Bally’s NAI (Subject to Regulatory Approvals) 2022A 2023A LTM 2Q 2024A 2024A LTM 2Q 2025A N
Slide 18: Case Study: iGaming As A B2B2C Offering In An Existing Intralot Market
Advantage for Operator Advantage to Post - Acquisition Group New Market Case Study: iGaming As A B2B2C Offering In An Existing Intralot Market 18 Example: Current and Proposed Scope Why the Arrangement Could be Advantageous for All Parties? Currently Offered by Currently Offered by Other Third - par
Slide 19: Growth Opportunities: New Market Case Study
Acquisition Expected To Deliver Sustainable Growth Opportunities: Market Case Study 4 19 New Market Opportunity with Attractive iGaming & OSB TAM (€1bn+) Overview of Go - to - Market Strategy • Establish a partnership with a leading media player to provide iGaming and online sports betting in the lo
Slide 20: Resilient, Recurring Lottery Sales Proceeds Supported By Robust iGaming Revenues
Resilient, Recurring Lottery Sales Proceeds Supported By Robust iGaming Revenues… 5 20 High Level Of Visibility On Future Sales Proceeds For Intralot (Lotteries) Underpinned By Strong Track Record Of Contract Renewals And Wins… …Combined With Robust BII (iGaming) Profits From Leading Market Position
Slide 21: Exceptional Margins And Cash Flow Generation Enhanced By Cost Synergies
…With Exceptional Margins And Cash Flow Generation Enhanced By Material Cost Synergies From Proposed Acquisition 21 Source: Company information Note: Operating Free Cash Flow defined as Adjusted EBITDA less Capex, Operating Free Cash Flow Conversion defined as (EBITDA less Capex) / Adjusted EBITDA.
Slide 22: Longstanding Regulatory Relationships And Commitment To Responsible Gaming
Longstanding Regulatory Relationships With A Strong Commitment To Responsible Gaming Note: UK and Spain regulatory bodies engaged by Bally’s, remaining engaged by Intralot (1) HGC existed as regulator of casinos but assumed the regulation and oversight of the Greek gaming market in 2011 (2) World Lo
Slide 23: Proposed Acquisition Benefits – Accretive To Growth, Earnings And Cash Flow
Proposed Acquisition Benefits – Accretive To Growth, Earnings And Cash Flow (1) x Enh a globa l d bu s al e ines s an d wit h di v e r s i f i c a t i o n tio n wi t h i n hig h de v elope d co mpl e m enta r u n derp i e c h n n e d s tac k ea s y b y t y mar k e t s , l y s pos i ti v e a tt r a c
Slide 24: iGaming Deep Dive
intralot §— Zale ae eee iGaming Deep Dive
Slide 25: Robeson Reeves, CEO Bally's
Robeson Reeves CEO Bally’s Financials Lottery Deep Dive iGaming Deep Dive Strategic Rationale Acquisition Overview
Slide 26: An Online Gaming Champion
An Online Gaming Champion 26 €270n FY24A Adj. EBITDA (1) 3G% FY24A Adj. EBITDA Margin (1) UK, 94% Spain, 5% RoW, 1% Casino 95% Bingo 4% Sport, 1% Net Gaming Revenue By Product Poker and Net Gaming Revenue By Geography Note: All figures as at 31 - Dec - 24 unless stated otherwise. FX rate USD / EUR 1
Slide 27: A Leading Position In iCasino And iBingo
x x x x x x x Casino x x x x x x x Bingo x (2) x x (2) x Sports x x x x x x Poker 27 476 542 544 574 639 0% 3% 6% 9% 12% 15% €0m €150m €300m €450m €600m €750m 2020 2021 2022 2023 BII Mkt Share 2024 BII Evolution Of BII’s UK NGR (€m) And Market Share (1) UK Casino Competitor Market Shares By Brand (F
Slide 28: Best In Class Financial Performance
28 Best In Class Financial Performance …Support Robust Financial Position Source: Company public filings, management information (1) Adjusted EBITDA includes BII 2024 run - rate royalty revenue and corporate cost; unaudited BII management accounts (2) Figures for key peers relates solely to their UK
Slide 29: Sizable And Growing iCasino And iBingo TAM
Sizable And Growing iCasino And iBingo TAM Underpinned By Robust Growth Factors 29 €6.Gbn €8.Gbn €G.0bn €10.6bn €0.8bn €1.5bn €1.7bn €2.2bn €108.4bn €183.6bn €7.7bn €10.4bn €11G.0bn €1G6.3bn €0bn €25bn €50bn €75bn €100bn €125bn €150bn €175bn €200bn Technological advancements are accelerating market
Slide 30: Proprietary Technology Platform Optimising The Player Experience
Proprietary Technology Platform Has Driven Market Leading Results By Optimising The Player Experience… Advanced Al/ML Capabilities Models tuned to deliver superior iCasino performance Player Segmentation Updated multiple times per day based on real - time player behaviour. Adaptability Flexible arch
Slide 31: Highly Tailored Personalised Approach
… Utilising A Highly Tailored Personalised Approach 31 • This player typically deposits £150+ • The presented ‘quick amounts adjust to meet each player’s deposit behaviour • The options shown are far higher than the first deposit defaults Source: Management Information • The player has just played B
Slide 32: Players Across A Broad Demographic With Significant Customer Loyalty
Players Across A Broad Demographic With Significant Customer Loyalty 32 Average NGR (2024, £) £31 £52 £70 £83 £105 £113 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+ £55 £60 £62 £68 £70 £70 £88 <=6 7 to 12 1 to 2 2 to 3 3 to 4 4 to 5 5 MonthsMonthsYears Years Years Years Years + £73 £63 Women Men Long
Slide 33: New Market Growth Opportunities
New Market Growth Opportunities 33 B2C (iGaming s OSB) Scope/Partner – Partnership with a media entity with extensive assets globally Platform – Aggregated technology stack with iLottery turned off Live Dealer Opportunity – Build a live dealer studio and utilise media partner’s assets B2C (iGaming s
Slide 34: iGaming Deep Dive Summary – Key Takeaways
iGaming Deep Dive Summary – Key Takeaways BII’s proprietary technology and data - driven platform underpin its leading position, with superior customer retention, efficient acquisition, and scalable growth 34 2 3 1 Leading Technology and Data Capabilities • Proprietary platform with advanced AI/ML f
Slide 35: Lottery Deep Dive
intralot §— Zale ae eee Lottery Deep Dive
Slide 36: Nikos Nikolakopoulos, Group CEO Intralot
Nikos Nikolakopoulos Group CEO, Intralot 36 Financials Lottery Deep Dive iGaming Deep Dive Strategic Rationale Acquisition Overview
Slide 37: Global Leader In Lottery Solutions
Global Leader In Lottery Solutions 37 Americas, 59% Europe, 13% RoW, 28% Lottery C iLottery, 55% Sports Betting, 23% VLTs, 11% IT Products C Services, 11% FY24A Sales Proceeds Net Of Winners’ Payouts By Product FY24A Sales Proceeds Net Of Winners’ Payouts By Geography 16 Year Average Contract Length
Slide 38: Overview Of The Lottery Division
Overview Of The Lottery Division 38 Lottery iLottery VLT Monitoring Sports Betting • Provides technology for traditional lottery operated by state monopolies • Established, long - term contracts • Proprietary technology and software • Provides technology to state lotteries to enable their digital of
Slide 39: Strategically Targeting Attractive Markets With Growing Digital Penetration
Strategically Targeting Attractive Markets With Growing Digital Penetration 39 Cutting - Edge Technology Platforn Enables Flexible Global Operations… … Supported By Strong iLottery Growth As Digital Penetration Increases Source: H2 Gambling Capital – August 2025 (1) Global lottery and iLottery GGR i
Slide 40: Strong Track Record Delivering Recurring Revenues
Strong Track Record Delivering Recurring Revenues Source: Company Information (1) Either through RFP tender process, extension, or license payment (2) Percentage of FY24 Revenue (3) Calculated as total contract renewed (cumulative) over total contracts up from renewal (cumulative) from 2006 to 31st
Slide 41: iLottery As A Key Driver Of Future Growth
86% 82% 14% 18% 2029E Global iLottery (1) 2025E Global Lottery TAM (1) Global Retail Lottery (1) iLottery As A Key Driver Of Future Growth 41 The US iLottery market is forecast to deliver a ~20% CAGR between 2025 and 2023, whilst global iLottery penetration remains below 15% Source: H2 Gambling Capi
Slide 42: Lottery Deep Dive Summary – Key Takeaways
Lottery Deep Dive Summary – Key Takeaways 42 iLottery is Intralot’s central growth engine, supported by a robust global contract base and differentiated technology, positioning the business for scalable, recurring revenue expansion 2 3 1 Recurring Revenue Strength • Underpinned by long - dated contr
Slide 43: Financials – Deep Dive
Financials – Deep Dive 5
Slide 44: Post-Acquisition Group to Deliver Strong Financial Performance
Post - Acquisition Group to Deliver Strong Financial Performance… 44 Predictable Revenue Growth 16 Yrs Contract Length (2) 8G% Contracts Renewal Rate (1) 100% Regulated Markets Structurally High Margins Benefiting Operating Leverage ~3G% FY24 Pro Forma RR Adjusted EBITDA margin (3) Robust Cash Flow
Slide 45: Attractive Financial Model That Creates Shareholder Value
…Driving an Attractive Financial Model That Creates Shareholder Value 45 Self - Reinforcing Cycle Underpins Financial Model High EBITDA Margin & Low Maintenance Capex Strong FCF Generation Dividends De - leveraging Growth Capex / M&A New B2B Contracts & B2C Market Entry / Consolidation Significant C
Slide 46: Post-Acquisition Group Pro Forma 2025 Guidance
Post - Acquisition Group Pro Forma 2025 Guidance 46 €330n - €340n (2) €120n - €125n (37% margin) Revenue FY25E (1) Adjusted EBITDA FY25E (% margin) (3) €310n - €320n (42% margin) €430n - €445n (40% margin) €750n - €765n €1,080n - €1,105n + Post - Acquisition Group 10.0% - 11.0% Capex FY25E (% of rev
Slide 47: Mid-Term Guidance Reiterated
Mid - Term Guidance Reiterated 47 Revenue • Total revenue growth high - single digit • Lottery: Low - to - mid single digit growth • iGaming: Mid - single digit growth • New opportunities to drive incremental revenue growth starting in 2026 Mid - term Adjusted EBITDA • Group margin mid - to - high 3
Slide 48: iGaming: Solid Growth with Class-Leading Margins
iGaming: Solid Growth with Class - Leading Margins 48 Existing Markets Only Revenue Adjusted EBITDA 2025E Mid - term €750n - €765n Mid - single digit growth €310n - €320n ~40% margin Positioned for steady revenue growth, driven by strategic expansion, diversified revenue streams, and operational eff
Slide 49: Lottery: Recurring Revenue Underpinned by Long-Term Contracts
Lottery: Recurring Revenue Underpinned by Long - Term Contracts 49 Game management contracts and licensed operations offer diversified revenue streams High margins supported by technology contracts, with further room for growth via expanding VLT and Lottery operations in the U . S . 70%+ of revenue
Slide 50: Identified Growth Opportunities to Create Incremental Upside
Lottery iGaming Growth opportunities Identified Growth Opportunities to Create Incremental Upside 50 Growth Opportunities Illustrative Mid - Term Revenue Growth Build - Up New B2C market entry + US iLottery technology + Charity lottery (UK / US) + iLottery digital content + B2B cross - selling + Ser
Slide 51: Historical Pro Forma Financials Demonstrate Robust Performance
€363 €382 €23 €387 €399 2024 Pro forma adjustments Historical Pro Forma Financials Demonstrate Robust Performance… 51 Note: Figures for the Post - Acquisition Group are non - IFRS financial measures that represent the mathematical sum of such figure for the respective fiscal year or period, as appli
Slide 52: Predictable Capex with Low Maintenance Requirements
€34 €48 €15 €20 €49 €68 2023A 2024A Maintenance Renewal / growth …Supported by Predictable Capex with Low Maintenance Requirements 52 Maintenance ▪ Generally low maintenance requirements ▪ Primarily related to infrastructure maintenance for existing contracts and office refurbishments Renewals ▪ On
Slide 53: Attractive Value Proposition to Shareholders
Post - Acquisition Business Creates an Attractive Value Proposition to Shareholders 53 Clear path to de - leveraging towards ~2.5x net leverage mid - term target Healthy dividend payout – 35% of net income returned to shareholders, in line with Greek law requirements Robust margins and FCF generatio