Lottomatica Revenue Rises 5% as CIRSA Merger Vote Approaches
Italy.- 4 November 2026 | www.zonadeazar.com Lottomatica Group, one of Italy’s leading gambling operators, has reported financial results for the first nine months of 2026, generating €1.718 billion in revenue, representing 5% year-on-year growth.
The company strengthened its leadership position in Italy’s online gambling market, where it reached a 31.7% market share, while progressing towards its planned combination with Spanish gambling group CIRSA.
The results highlight the expansion of digital gambling, which offset weaker performance across retail sports betting and gaming machine operations.
Third-Quarter Revenue Reaches €537 Million
During the third quarter of 2026, Lottomatica generated €537 million in revenue, an increase of 5% compared with the same period last year.
For the first nine months, the principal financial indicators included:
- Revenue: €1.718 billion, up 5%.
- Total wagers: €35.2 billion, up 8%.
- Gross gaming revenue (GGR): €3.516 billion, up 2%.
- Adjusted EBITDA: €665.4 million, up 8%.
- Net profit: €155.3 million.
Adjusted EBITDA for the third quarter reached €200 million, representing 3% year-on-year growth.
Lottomatica Holds 31.7% of Italy’s Online Market
The group strengthened its competitive position across Italy’s online gambling market during the third quarter.
According to its financial results, Lottomatica reported:
- Total online gambling: 31.7% market share, up 0.9 percentage points.
- Online sports betting: 34.8%, an increase of 2.1 points.
- iGaming: 31.2%, up 0.6 points.
These figures demonstrate the company’s growing presence across the principal digital gambling categories.
Lottomatica attributed its performance to the expansion of the regulated market and increased activity across its brands.
Online Revenue Increases 13%
Digital operations remained the company’s principal growth driver.
During the first nine months of 2026, the online division generated €780.8 million in revenue, representing a 13% year-on-year increase.
Third-quarter online revenue reached €256 million, also up 13%.
Growth was supported by the overall performance of Italy’s online gambling market and Lottomatica’s increased market share across different product categories.
Online wagering volumes increased by 12% between January and September.
Retail Operations Record Revenue Declines
Growth in digital gambling contrasted with weaker results across the group’s retail activities.
The Sports Franchise division, which covers retail sports betting, generated approximately €377 million in revenue during the first nine months, down 1%.
Third-quarter revenue for the division reached €101 million.
Meanwhile, the Gaming Franchise division, associated with gaming machines, generated approximately €560 million, a 2% decline.
Lottomatica explained that retail sports betting results were affected by a higher payout rate to customers.
CIRSA Merger Moves Towards Key Shareholder Vote
One of the company’s most significant strategic developments is its planned combination with CIRSA, the Spanish gambling group with an established international presence.
Announced in September 2026, the proposed transaction involves an all-share business combination.
The agreement would significantly increase Lottomatica’s scale and strengthen its presence in Spain and Latin America.
On 30 November 2026, shareholders of both companies are scheduled to vote on the final merger plans.
Approval of the transaction represents an important upcoming milestone for the group.
Guglielmo Angelozzi Highlights Growth
Guglielmo Angelozzi, Chairman and CEO of Lottomatica Group, welcomed the company’s third-quarter performance.
He highlighted double-digit growth in online and sports wagering volumes, alongside an increase in normalised Adjusted EBITDA.
Angelozzi also emphasised the strategic significance of the planned CIRSA transaction.
According to the executive, the combination would increase the group’s scale and create new growth opportunities.
He reaffirmed his confidence in the company’s strategy, supported by favourable market conditions and strong cash flow generation.
Italy’s 2027 Budget Introduces New Challenges
Lottomatica also faces potential taxation changes under Italy’s proposed 2027 national budget.
One measure under consideration is a one-percentage-point increase in taxation on certain AWP gaming machines.
The proposal also includes increasing the maximum stake to €2 and establishing a maximum prize of €200 for these machines.
The measures remain subject to parliamentary approval.
Italian investment banks Intermonte and Banca Akros expect the overall impact on Lottomatica to be limited.
Analysts Expect Additional Concession Costs
Regulatory changes could also increase expenditure associated with land-based gambling concessions.
Intermonte estimates that concession-related investment could reach approximately €90 million to €100 million annually between 2027 and 2029.
However, analysts believe that the group’s growth and potential combination with CIRSA could help absorb part of these costs.
The progress of the budget legislation will be important in determining operators’ eventual financial obligations.
Industry Impact and Next Steps
Lottomatica’s results demonstrate the increasing importance of online gambling within the Italian market.
While digital operations continue generating higher revenue and market share, retail activities face challenges associated with betting payouts and regulatory developments.
With €1.718 billion in revenue, a 31.7% share of Italy’s online gambling market and a strategic merger pending with CIRSA, Lottomatica is strengthening its domestic leadership while preparing for a new phase of international expansion.
The next key milestone is the shareholder vote scheduled for 30 November 2026, which will determine the progress of the proposed combination.
Edited by: @fonta
