In an industry often defined by noise, speed and excess, Robeson Reeves speaks with unusual calm. As chief executive of Bally’s Intralot, one of the world’s largest gaming and lottery groups following a landmark integration, he is navigating a period of profound regulatory change, market consolidation and strategic realignment.
What emerges from this conversation is not a story of reaction, but of conviction: a belief that in a more regulated world, scale, discipline and responsibility are not constraints on growth. They are the foundations of leadership.
Q: Let’s start with a topic that concerns the industry. The increase in gaming taxation in the UK has been a critical issue for the sector. As Bally’s Intralot, how are you managing its impact?
The £95 million in-year impact is significant, and there’s no point in understating it. From the start, we designed a mitigation plan focused entirely on levers within our control. Every element of that plan is progressing as expected—or even better.
What’s particularly encouraging is that the market itself is already adapting. Behavioral changes began even before the tax took effect, which has strengthened our confidence.
Q: Your mitigation plan relies on several levers. Let’s start with generosity. What changes have you made?
Generosity was always expected to contribute around £15 million to our mitigation plan, and we are firmly on track to achieve that. The key point is that this was not about degrading the player experience.
We made targeted adjustments to game returns and removed around 60 high-volatility games. These titles can create short-term spikes, but they introduce instability and long-term revenue leakage. Rationalizing the portfolio allows us to stabilize returns and recalibrate mechanics in a way that supports sustainable growth.
Crucially, engagement has not been disrupted. In fact, our growing player base has helped absorb these changes smoothly.
Q: What specifically has changed in the UK market since the tax announcement?
The pace of change has been striking. In Q4, we delivered 6.3% revenue growth, but after the announcement the market clearly accelerated. December growth reached 7.3%, January hit 10%, and February continued at a double-digit pace.
The most important signal, however, comes from player behavior. New customer volumes grew 50% year-on-year immediately after the announcement, exceeded 60% in January, and surpassed 70% in February, all achieved on consistent marketing spend.
Total player numbers, combining both new and existing customers, grew 9% in December, 10% in January and 13% in February. These are powerful leading indicators. They suggest that the market is already restructuring ahead of the new regulatory environment.
Q: You spoke early on about consolidation in the market. Is Intralot considering moves to acquire competitors?
We have consistently said that scale matters in this industry, but not for its own sake. We are focused on disciplined growth and building a structurally strong position. That includes evaluating opportunities where consolidation can create real value, but only in ways that are strategic, controlled, and aligned with our commitment to regulated markets.
Q: You often speak about scale. Why does it matter so much right now?
Scale is not just about size. It is about resilience, credibility and the capacity to lead responsibly.
In a more regulated, more disciplined market, scale allows you to invest in technology, comply with regulation properly, protect players, and still deliver strong returns. Smaller or less efficient operators will struggle to do all of these things at once. Our scale gives players confidence, regulators reassurance, and investors the continuity and reliability they require.
Q: How has Bally’s Intralot performed over the past few months?
We feel very confident reaffirming our 2025 guidance. Bally’s International Interactive is expected to contribute between €310 and €320 million, while Intralot is tracking around the €120 million level. Beyond the numbers, the quality of performance is what matters: revenue momentum is sustained, player acquisition is accelerating, and operational efficiency is improving quarter by quarter.
The integration between Bally’s International Interactive and Intralot is progressing exactly as intended—and in some areas, even faster. This gives us confidence not just for the year ahead but for the long-term structure we are building.
Q: What about cost efficiency and integration synergies?
Cost efficiency was expected to contribute £5 million, and we moved early to create additional headroom. In February, we executed a restructuring that reduced administrative costs by £5 million versus forecasts.
Beyond that, the integration between Intralot and Bally’s International Interactive is delivering real synergies. The £15 million synergy target is tracking well across technology consolidation, shared services and operational alignment.
These are not one-off savings. They are structural changes that create a leaner, more focused organization.
Q: Overall, how confident are you in meeting — or exceeding — your mitigation goals?
Highly confident. The mitigation plan was designed to offset the full £95 million tax impact, and every component is performing at or above expectations.
What we did not anticipate was the extent to which the tax announcement itself would accelerate market consolidation and behavioral change. That dynamic materially strengthens our outlook.
In environments like this, companies with genuine economic moats, scale, technology, efficiency, don’t just defend their position. They expand it.
Ultimately, what role do you want Bally’s Intralot to play in the global gaming space? What is the company’s long-term vision?
Today, Bally’s Intralot is defined by clarity of purpose as much as by scale. The integration brought together deep technological expertise in lotteries and platforms with proven online gaming capabilities, but the real outcome is coherence.
We are a global gaming and lottery company built on technology, operating at scale, and committed exclusively to regulated markets. We want to set the standard for how gaming should operate: controlled, transparent, and sustainable.
Our long-term vision is to lead the industry’s next chapter, not by being louder, but by being better. Disciplined growth, technology-led responsibility, and scale used with purpose will define how we contribute to the future of gaming.
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