Lottomatica Revenue Hits €1.72 Billion as CIRSA Merger Approaches

Italian gambling operator Lottomatica Group reported €1.72 billion in revenue for the first nine months of 2026, up 5% year on year. Strong online casino and sports betting growth supported the results as the company prepares for its planned merger with Spanish gambling group CIRSA.

Good to know

• Lottomatica online revenue increased 13% to €780.8 million, while total revenue reached €1.72 billion.
• Adjusted EBITDA rose 8% to €665.5 million, with net profit reaching €155.3 million.
• Lottomatica and CIRSA shareholders will vote on the proposed merger later in November.

CIRSA Merger Heads Toward Shareholder Votes

The financial results arrive ahead of two important shareholder meetings concerning the proposed combination of Lottomatica and CIRSA.

Lottomatica shareholders will vote on November 23, followed by a CIRSA extraordinary general meeting in Terrassa, Spain, on November 30.

Both boards approved the common merger plan in October, with the companies expecting to complete the transaction during the second quarter of 2027, subject to shareholder and regulatory approvals.

Under the proposed share exchange, CIRSA shareholders would receive 0.668 new Lottomatica shares for each existing CIRSA share, giving them approximately 32.5% of the combined company.

CIRSA also plans an extraordinary dividend of €1.56 per share before completion.

Guglielmo Angelozzi, chairman and CEO of Lottomatica Group, said:

‘We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities.’

Online Gambling Drives Lottomatica Growth

Meanwhile, the latest results show how much Lottomatica now relies on its digital operations.

Online revenue climbed 13% to €780.8 million during the nine months ending September 30. The segment also generated €256 million in the third quarter, another 13% annual increase.

The operator continued increasing its position in the Italian online gambling market, reaching a 31.7% overall market share in Q3, up 0.9 percentage points.

Its online sports betting share increased to 34.8%, while its iGaming market share reached 31.2%.

Retail operations had a more difficult period. Sports Franchise revenue declined 1% to €376.7 million, mainly because of less favorable sports betting payouts. Gaming Franchise revenue also decreased 2% to €560.3 million.

Still, customers placed €35.2 billion in bets across the group, an 8% annual increase, including 12% growth in online wagering.

Gross gaming revenue reached €3.52 billion, up 2%.

Lottomatica Confirms 2026 Earnings Outlook

Adjusted EBITDA increased 8% to €665.5 million, lifting the margin from 37.6% to 38.7%.

On a normalized sports betting payout basis, EBITDA reached €715.1 million, representing 19% growth. Third-quarter adjusted EBITDA totaled €200 million, or €234 million after normalizing payout results.

Net profit also improved to €155.3 million from €98.3 million a year earlier.

However, net financial debt increased to €2.16 billion at the end of September, compared with €2.11 billion at the end of 2025. Net leverage stood at 2.4 times.

Lottomatica maintained its full-year guidance and expects normalized adjusted EBITDA toward the upper end of its €940 million to €980 million range.

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