Bally's Corp (NYSE: BALY) is a gaming and hospitality company that operates casino resorts, online sports betting, iGaming, and lottery technology businesses. Revenue comes from gaming and non-gaming activity across physical casino properties, a proprietary online sportsbook, iGaming platforms, and Intralot's B2B and B2C lottery and sports betting technology. Total revenue was $2,450.5M in FY2024 and $2,436.2M for the Successor period from February 8 to December 31, 2025, reflecting a reorganization that created distinct Predecessor and Successor reporting periods. The company reported a loss from operations of $258.3M in FY2024 and $277.7M in the Successor period of FY2025, with net losses in each reported period. Bally's operates an omni-channel model anchored by the Bally Rewards program, which links physical casino properties to online platforms and a sportsbook. The Intralot segment supplies lottery technology across 40 markets globally under long-term contracts, adding a B2B technology layer to the otherwise consumer-facing business.

Revenue model

Transactional gaming revenue from physical casinos and resorts, online sports betting handle, iGaming wagers, and B2B lottery technology contracts. Gaming and non-gaming expenses represented 45.0% of total revenue in the Successor FY2025 period and 45.8% in FY2024 (per 10-K filed 2026-03-23).

Products and services

Physical casino resorts operating under the Bally's brand; proprietary online sportsbook with redesigned North American interface launched in 2025; iGaming platforms; Bally Rewards cross-channel loyalty program; Intralot lottery technology including iLottery platforms, VLT monitoring systems, the Orion retail sports betting platform, the Kambi-powered sports offering, and the Jackpot Blast jackpot product; Vitruvian platform deployment.

Customers and end markets

Retail casino guests, online sports bettors, iGaming players, and state-operated lottery operators across 40 markets globally. Strategic partnerships include the National Hockey League and MLB Professional Development Leagues for user acquisition on digital platforms.

Value-chain role

Vertically integrated operator and technology provider. Owns and operates casino resort properties, runs proprietary consumer-facing online betting and gaming platforms, and supplies B2B lottery and gaming technology to government and commercial operators through the Intralot segment.

Geographic exposure

United States casino and online gaming operations; Intralot lottery and sports betting technology deployed across 40 markets globally including the UK and EU jurisdictions subject to Pillar Two tax rules (per 10-K filed 2026-03-23).

Competitors

Native American casino operators, Large gaming companies with greater name recognition and marketing resources (unnamed in filing)

Source: SEC 10-K, filed 2026-03-23

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