{"id":3080,"date":"2026-06-12T13:24:02","date_gmt":"2026-06-12T13:24:02","guid":{"rendered":"https:\/\/www.bettingjobs.com\/?p=3080"},"modified":"2026-06-17T13:24:24","modified_gmt":"2026-06-17T13:24:24","slug":"ballys-intralots-odyssey","status":"publish","type":"post","link":"https:\/\/www.bettingjobs.com\/bettingjobs-earningsandmore-partnership\/ballys-intralots-odyssey\/","title":{"rendered":"Bally\u2019s Intralot\u2019s Odyssey"},"content":{"rendered":"<p><strong>The man of twists and turns:<\/strong> Bally\u2019s intralot CEO Robeson Reeves\u2019 insistence that an Athens listing provides it with a greater level of institutional investor interest than other potential domiciles has been dismissed by an investor, who suggested that a company such as Bally\u2019s Intralot with UK revenues but a Greek listing \u201cfalls into no man\u2019s land and is an orphan stock.\u201d<\/p>\n<ul>\n<li>\u201cPut simply I doubt very much that institutional money will follow the Ballys Intralot story,\u201d the investor, who spoke on condition of anonymity, told <em>E+M<\/em>.<\/li>\n<li>\u201cThe assets aren\u2019t unique enough and the company\u2019s role within the indices simply isn\u2019t relevant or large enough,\u201d they added.<\/li>\n<\/ul>\n<p><strong>Tell the old story for our modern times:<\/strong> Reeves said last week in the wake of the news of the Evoke deal that the company had \u201cthought very carefully\u201d over the decision to remain listed in Athens at the time of the merger of the Bally\u2019s international interactive (BII) business with the lottery services supplier.<\/p>\n<ul>\n<li>Reeves noted that when BII was part of Bally\u2019s Corporation and listed in New York, he was \u201cnever asked a single question about the online business outside America.\u201d<\/li>\n<li>\u201cSo what is best for us? I think relevance is the most important thing for anyone.\u201d he added.<\/li>\n<li>\u201cIn Athens we are a top-20 stock. With this combination, we go into the top 10. So we fall into index funds and people must trade you.\u201d<\/li>\n<\/ul>\n<p><strong>This is absurd, that mortals blame the gods! <\/strong>But the investor was left unimpressed. \u201cA listing in Athens is not a positive,\u201d they said. \u201cThe Greek stock exchange is still technically an emerging market and so followed by emerging market investors\/analysts rather than European analysts.\u201d<\/p>\n<ul>\n<li>They added that the Greek exchange is made up of Greek banks and telcos and OPAP\/ Allwyn.<\/li>\n<li>\u201cOPAP was very much part of the national champion bank\/telco-type framework,\u201d they noted. \u201cAllwyn is not and Bally\u2019s Intralot certainly isn\u2019t either.\u201d<\/li>\n<\/ul>\n<p><strong>They say we cause their suffering, but they themselves increase it by their folly: <\/strong>The investor said while they agreed that when BII was a part of Bally\u2019s they didn\u2019t receive any questions about the UK business, \u201cit wasn\u2019t like they embraced Europe either.\u201d<\/p>\n<ul>\n<li>\u201cDisclosure was poor and whenever I spoke to Bally\u2019s CFO or IR team they were quasi real estate guys,\u201d they added.<\/li>\n<li>\u201cCasino was their bread and butter and Gamesys online gaming was not part of their daily vocabulary either.\u201d<\/li>\n<\/ul>\n<p><strong>Scylla and Charybdis: <\/strong>One UK-based analyst, also talking to <em>E+M<\/em> on condition of anonymity, said Bally\u2019s Intralot having an Athens listing was \u201calmost an accident of history,\u201d but they added that London was also not the magnet for investors it might once have been.<\/p>\n<ul>\n<li>\u201cThe home market is a perhaps less-compelling story,\u201d they added, pointing out the UK tax changes and, prior to that, the regulatory flux has \u201chad an impact on investor sentiment.\u201d<\/li>\n<\/ul>\n<p><strong>They ate the sun god\u2019s cattle: <\/strong>But in attempting to buy Evoke with an all-shares offer and a small slug of cash, the company is putting UK shareholders in a position where there could be some degree of \u201cflowback.\u201d<\/p>\n<ul>\n<li>\u201cThere will be some Evoke shareholders who cannot hold Greek paper, because they\u2019re the XYZ UK equity fund,\u201d they pointed out.<\/li>\n<li>\u201cIt\u2019s just not their job to own Greek paper, so they\u2019ll be neutral sellers.\u201d<\/li>\n<\/ul>\n<p><strong>I would rather be a paid servant in a poor man\u2019s house and be above ground: <\/strong>Similar criticism could be levelled at the other big Athens-listed operator, Allwyn, which was recently formed by the merger with Greek ex-monopoly betting, gaming and lottery operator OPAP. But the investor pointed out that it has a \u201cslightly different story to tell.\u201d<\/p>\n<ul>\n<li>\u201cOPAP was 100% seen as a quality national champion until the Allwyn deal,\u201d they said.<\/li>\n<\/ul>\n<p><strong>I always stand near you and take care of you, in all your hardships:<\/strong> The Allwyn deal meant that local investors in Greece shied away from the company because it was a complicated story, no longer pure-play national champion and, for now, remains orphaned by most other investors.<\/p>\n<ul>\n<li>\u201cThe original plan from Allwyn was to then move to a primary listing in the US\/UK and have the secondary listing in Greece,\u201d the source suggested.<\/li>\n<li>\u201cHowever, to get the deal over the line they need to formally keep the primary listing in Greece.\u201d<\/li>\n<li>\u201cAllwyn is, however, actively pursuing a secondary listing in either the UK or the US.\u201d<\/li>\n<\/ul>\n<p><strong>Across the wine dark sea:<\/strong> Other examples of dual listings include Flutter, which is still, for now, listed in London, and Light &amp; Wonder, which until just recently was listed in both New York and Sydney. But each of their stories suggest dual listings sooner or later resolve to a single listing.<\/p>\n<ul>\n<li>Flutter is currently undertaking a review of its listing status in London and is likely to announce a permanent departure.<\/li>\n<li>Light &amp; Wonder is now solely domiciled in Sydney, a decision that this week chair Jamie Odell said was made due to the \u201cdeep\u201d investor base and \u201cstrong understanding of the global gaming sector.\u201d<\/li>\n<\/ul>\n<p><strong>Hollow ships:<\/strong> IG is another UK-listed company that is currently considering a US switch. But in a note published this morning analyzing the choices, Deutsche Bank said the outcome of Flutter\u2019s switch to New York had been \u201cmeaningfully poor.\u201d<\/p>\n<ul>\n<li>Further, the potentially higher liquidity that may follow can \u201carguably accentuate unfavorable news when it arrives, due to more trading activity and\/or greater ability to short.\u201d<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/earningsandmore.substack.com\/p\/ballys-intralots-odyssey\">Like what you are reading? CLICK here to read the FULL article!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The man of twists and turns: Bally\u2019s intralot CEO Robeson Reeves\u2019 insistence that an Athens listing provides it with a greater level of institutional investor interest than other potential domiciles has been dismissed by an investor, who suggested that a company such as Bally\u2019s Intralot with UK revenues but a Greek listing \u201cfalls into no&hellip;<\/p>\n","protected":false},"author":13,"featured_media":3082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[24],"tags":[],"class_list":["post-3080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bettingjobs-earningsandmore-partnership"],"acf":[],"post_author_name":"","post_authors_type":"","post_authors_from_team_members":false,"_links":{"self":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/3080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/comments?post=3080"}],"version-history":[{"count":1,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/3080\/revisions"}],"predecessor-version":[{"id":3083,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/3080\/revisions\/3083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media\/3082"}],"wp:attachment":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media?parent=3080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/categories?post=3080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/tags?post=3080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}