Lottomatica Eyes More Deals After H1 Profit Surges

Lottomatica has reported strong growth in the first half of 2025 and says it’s not done yet. The Italian gambling group, now fully independent from Apollo Global, is signaling more mergers and acquisitions could be on the horizon as it looks to build on a strong H1.

A few weeks ago, there were already hints that more M&A was coming—especially given the company’s momentum and history of expansion through acquisitions. The numbers now back that up.

Good to know

• Revenue rose 13% year-on-year to €1.12 billion in H1 2025.
• Net profit jumped 215% to €64.8 million.
• Online gambling accounted for €463 million, up 37%.

Chairman and CEO Guglielmo Angelozzi confirmed the company is actively considering more acquisitions to support future growth. He also noted that a new buyback program is underway and will compete with M&A plans for capital allocation.

“We have started our buyback programme, which will continue to compete with M&A and other capital allocation opportunities, with a view to maximise shareholder returns,” Angelozzi said.

Lottomatica’s growth-through-M&A approach is nothing new. It bought SKS365 for €639 million last year—now fully integrated and rebranded as PWO. The migration of PWO onto Lottomatica’s tech stack has been completed, giving the Planetwin brand access to proprietary tools that can fuel more growth.

Before going public in April 2023, Lottomatica was controlled by Apollo Global, which built it into a market leader via acquisitions. That included a €310 million deal for BetFlag in 2022. With these moves, Lottomatica now holds 30.5% of Italy’s online gambling market.

H1 Breakdown

Online gambling remained Lottomatica’s biggest revenue driver, generating €463 million—a 37% increase from the same period last year. Sports betting revenue also jumped 31% to €279 million, driven largely by the SKS365 acquisition and better payout margins.

Gaming hall revenue inched up 2% to €386 million. Most of that growth came in Q2, as Q1 remained flat.

In terms of betting volume, the company processed 21.8 billion wagers in H1, up 21%. Online bets surged 34% to 14.4 billion, and sports bets rose 17% to 2 billion. Gaming wagers dipped slightly by 2% to 5.4 billion.

Adjusted EBITDA for the period climbed to €422 million, up 33%. Online led with €251 million (+41%), followed by gaming at €90 million (+2%) and sports betting at €81 million (+60%).

Bottom-line results were even more striking. Net profit attributable to Lottomatica hit €64.8 million—up 215% from last year. Even after higher costs, pre-tax profit nearly doubled to €108 million.

2025 Outlook

Following its H1 performance, Lottomatica reaffirmed its full-year guidance. The company expects total revenue between €2.32 billion and €2.37 billion, and adjusted EBITDA in the range of €840 million to €870.6 million.

Apollo Global has also fully exited its stake in the company as of 19 June, marking a complete transition to public ownership.

Shares in Lottomatica have surged more than 115% in the last year, although they were slightly down at €24.36 in Milan at the time of the update.

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