Flutter Closes Gap on Lottomatica in Italy’s Online Market
Italy.- 11 August 2026 | www.zonadeazar.com Competition for leadership of Italy’s online gambling market is intensifying between Lottomatica and Flutter Entertainment, with new Jefferies data placing the two groups only three percentage points apart.
The analysis puts Lottomatica at approximately 30% of Italian online GGR, while Flutter has reached 27% through its combined Sisal and SNAI operations.
News Details
Flutter’s ability to close the remaining gap will depend heavily on SNAI’s performance following its acquisition by the group.
Jefferies highlighted Flutter’s previous success with Sisal, whose online GGR share has increased from approximately 10% to 13% since the company acquired the brand in 2022.
SNAI, by contrast, has lost around four percentage points of online market share in recent years. Recovering that ground could be sufficient for Flutter to overtake Lottomatica and become Italy’s largest digital operator.
Industry Context
Italy remains one of Europe’s largest gambling markets. Jefferies estimates total gambling GGR reached €22.6 billion in 2025, while online penetration remains at approximately 28%, compared with 61% in the United Kingdom.
Analysts forecast Italian online GGR to grow at an annual compound rate of approximately 9% between 2025 and 2030.
Italy’s regulatory environment also favours major omnichannel businesses. Advertising restrictions provide an advantage to established brands with significant retail footprints.
The new concession regime has additionally reduced the number of online licences from 81 to 52, potentially accelerating consolidation around the market’s largest operators.
Statements
Flutter Chief Executive Officer Peter Jackson said Italy continues to deliver exceptional levels of growth across sportsbook and iGaming.
Following the migration of SNAI onto Flutter’s platform in April, the business experienced a brief period of market-share disruption.
Jackson said performance recovered strongly in June, with average monthly players increasing by around 30% and strong parlay penetration during the World Cup.
Lottomatica Chief Executive Officer Guglielmo Angelozzi, meanwhile, said the Italian online market expanded by 12% during the second quarter and accelerated to 19% growth in June.
Angelozzi stressed that Lottomatica’s objective is not simply to gain market share, but to secure quality market share at a sustainable cost.
Next Steps or Impact
SNAI’s performance will be one of the principal indicators determining whether Flutter can overtake Lottomatica over the coming quarters.
The SNAI acquisition increased Flutter’s online GGR share from approximately 20% to 27% and lifted its retail sports betting share from 12% to 32%.
Lottomatica, however, continues to demonstrate strong momentum. Its online revenue increased 24% in the second quarter, while adjusted EBITDA margins for the online segment reached 58% during the first half.
The Italian market is therefore shaping into a contest between Flutter’s global technology and integration capabilities and Lottomatica’s focus on high profitability and disciplined growth.
Editó: @fonta
