Bally's Corp (NYSE: BALY)

Bally's Corporation is a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets. The company provides customers and partners with physical and interactive entertainment and gaming experiences worldwide. Its offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to-play games and technology driven lottery and gaming solutions. As of February 28, 2026, Bally's Corporation owns and operates 20 casinos globally, including in the United Kingdom and in 11 states across the United States, along with a golf course in New York and a horse racetrack in Colorado. The company also owns Bally Bet Sportsbook & Casino, a premier sports betting and iCasino platform licensed in 14 jurisdictions in North America, and holds a majority equity interest in Bally's Intralot S. A. which is active in 39 jurisdictions worldwide. Bally's Corporation has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York, and is developing an integrated destination resort in Chicago, Illinois.

Bally's Corporation generates revenues primarily through its gaming and entertainment offerings. Revenue streams include traditional casino gaming operations at its land-based properties, interactive gaming via its online platforms, sportsbook betting services, lottery technology solutions and related services. The company earns income from hotel accommodations, food and beverage services, entertainment amenities and other resort offerings at its casino properties. Additional revenue is derived from licensing its proprietary software and technology stack, which supports differentiated offerings and exclusive content for consumers. Bally's Corporation also generates revenue through its B2B lottery operations, including technology provision and management services for state-operated lotteries globally.

The company operates through the following segments: Casinos & Resorts, Bally's Intralot B2B, Bally's Intralot B2C and North America Interactive.

• Casinos & Resorts: This segment includes 19 land-based casino properties, one horse racetrack and one golf course in the US as of February 28, 2026. Properties under this segment include Bally's Atlantic City Casino Resort in Atlantic City, New Jersey, Bally's Black Hawk properties in Black Hawk, Colorado, Bally's Chicago Casino in Chicago, Illinois, Bally's Dover Casino Resort in Dover, Delaware, Bally's Evansville Casino & Hotel in Evansville, Indiana, Bally's Kansas City Casino in Kansas City, Missouri, Bally's Lake Tahoe Casino Resort in Lake Tahoe, Nevada, Bally's Quad Cities Casino & Hotel in Rock Island, Illinois, Bally's Shreveport Casino & Hotel in Shreveport, Louisiana, Bally's Tiverton Casino & Hotel in Tiverton, Rhode Island, Bally's Twin River Lincoln Casino Resort in Lincoln, Rhode Island, Bally's Vicksburg Casino in Vicksburg, Mississippi, Hard Rock Hotel & Casino Biloxi in Biloxi, Mississippi, Bally's Arapahoe Park in Aurora, Colorado, Bally's Golf Links at Ferry Point in Bronx, New York, Casino Queen Marquette in Marquette, Iowa, DraftKings at Casino Queen in East St. Louis, Illinois, Bally's Baton Rouge Casino and Hotel in Baton Rouge, Louisiana and The Queen Baton Rouge in Baton Rouge, Louisiana. The segment provides gaming, hotel, dining, entertainment and other amenities to guests at these properties.

• Bally's Intralot B2B: This segment includes Intralot's global lottery operations and the company's licensing business. It provides technology solutions, management services and gaming systems to state-operated lottery organizations worldwide. The segment offers proprietary systems for traditional lotteries, iLottery platforms, advanced VLT monitoring systems for large-scale gaming networks and Orion, a retail-focused sports betting platform designed to leverage existing retail infrastructure. Intralot's lottery portfolio provides solutions across 40 markets, supporting long-term contracts with government-run lottery entities.

• Bally's Intralot B2C: This segment includes the company's interactive European gaming operations, Intralot's B2C lottery operations, as well as one casino property, Bally's Newcastle, in the UK. It delivers business-to-consumer gaming experiences through online platforms, including iGaming, online bingo and sportsbook services. Brands under this segment include Bally Bet, Rainbow Riches Casino, Virgin Games, Monopoly Casino, Jackpotjoy, Double Bubble Bingo, Botemania and Telescope, which provides real-time audience engagement solutions for live events and interactive livestreams. The segment also offers free-to-play games such as Bally Play, Bally Sports Live and SportCaller to engage users across digital channels.

• North America Interactive: This segment includes the North American operations of Bally's Interactive, primarily a B2C online iGaming and online sportsbook operator. It provides consumer-facing service and marketing engines to support digital gaming and betting activities. Key brands in this segment include Bally Bet, which operates as a sportsbook and iCasino platform licensed in 14 jurisdictions in North America. The segment focuses on delivering localized online gaming and sports betting products to customers in the United States and Canada, leveraging proprietary technology and data analytics to enhance user engagement and platform performance.

Bally's Corporation holds a competitive position in the global gaming industry through its diversified portfolio across land-based, interactive and lottery sectors. The company differentiates itself through its integrated technology stack, including the Vitruvian data and marketing platform that leverages real-time data, artificial intelligence and machine learning for predictive analytics and personalized marketing. Its competitive advantages include proprietary gaming and lottery technologies, a strong brand portfolio and strategic partnerships with leading third-party providers. Bally's Corporation competes with other major gaming operators, online gaming platforms, sportsbook companies and lottery technology firms in the jurisdictions where it operates.

Bally's Corporation serves a diverse customer base that includes individual gamers, sports bettors, lottery players and patrons of its casino resorts. The company attracts visitors to its land-based properties for gaming, hotel stays, dining and entertainment experiences. Its online platforms serve customers engaging in iGaming, sports betting, free-to-play games and interactive bingo. Through its B2B lottery segment, Bally's Corporation provides technology and services to state lottery organizations that in turn serve the public. The Bally Rewards loyalty program has over 12 million members across North America, providing a unified engagement channel across its casinos, resorts and online offerings.