Lottomatica hits record online market share as earnings grow
The Italian operator strengthened its digital leadership while advancing plans for its transformational Cirsa merger.
Key takeaways:
- Lottomatica’s online market share reached a record 32.4 per cent in September 2026.
- Group revenue increased 5 per cent to €1.72bn during the first nine months of the year.
- Adjusted EBITDA rose 8 per cent to €665m, while operating cash flow improved to €544.9m.
- Online revenue grew 13 per cent to €780.82m, making digital gaming the group’s main growth driver.
- Lottomatica reaffirmed full-year guidance and continued preparations for its planned merger with Cirsa, expected to complete in the second quarter of 2027.
Lottomatica reported record online market share and higher earnings during the first nine months of 2026, reinforcing its position as Italy’s largest gambling operator. Growth was driven primarily by its online business, while the company maintained its full-year outlook and continued preparations for its planned merger with Cirsa.
Italy.- Lottomatica has reported record online market share and continued earnings growth during the first nine months of 2026, with revenues reaching €1.72bn as the Italian gambling group strengthened its position in its home market. According to the Q3 results, the operator’s share of Italy’s online gambling market rose to a record 32.4 per cent in September. Across the third quarter, online market share averaged 31.7 per cent, up 0.9 percentage points year-on-year, supported by growth in both online sports betting and igaming.
The company recorded stakes of €35.2bn during the first nine months of the year, an increase of 8 per cent compared with the same period in 2025. Group revenue climbed 5 per cent to €1.72bn.
Gross gaming revenue increased 2 per cent to €3.52bn, while adjusted EBITDA rose 8 per cent to €665m. Operating cash flow improved to €544.9m from €504m a year earlier, and net financial debt stood at €2.16bn at the end of September. The online division was the primary driver of growth, generating revenue of €780.82m, up 13 per cent year-on-year.
Retail divisions faced more challenging conditions. Revenue from the sports franchise slipped 1 per cent to €376.68m despite an 11 per cent increase in betting volumes, as higher player payouts affected margins. Meanwhile, revenue from the gaming franchise fell 2 per cent to €560.28m.
Lottomatica continues to move forward with its planned merger with Cirsa, first announced in September. The transaction, which is expected to complete in the second quarter of next year, would create the world’s second-largest listed gaming and sports betting operator. Financing for the transaction has already been secured, and a shareholder vote at Cirsa is scheduled for November 30.
The company said integration workstreams are “already fully up and running” and that it aims to be “100 per cent ready” to begin executing the integration plan immediately after completion.
Cirsa results
In its own Q3 trading update in Madrid, Cirsa reported record corporate year-to-date profits of €128m. Underlying profits before tax were up 37 per cent at €130m after CIRSA renegotiated terms on its debt bonds of €2.1bn. Operating revenue for the nine months was up 10 per cent to €1.89bn and adjusted EBITDA 9.3 per cent at €599.3m.
Spain remains central to that outlook, accounting for 48 per cent of group earnings. The Spanish slots and games business grew 10.5 per cent while EBITDA rose 15.6 per cent to €186m. The international casino portfolio generated revenue of €805.7m, a rise of 10.4 per cent, and EBITDA of €326.9m, an increase of 8.4 per cent despite closures amid the Colombian earthquake in August. Online gaming and betting revenue rose 14.3 per cent to €446.7m, but EBITDA slipped 4.9 per cent to €75.8m.
Both Lottomatica and Cirsa reaffirmed their full-year guidance. Lottomatica expects adjusted EBITDA to finish at the upper end of its €940m-€980m guidance range while Cirsa expects revenue growth of 7–9.5 per cent and adjusted EBITDA growth of 6–9 per cent to €800-€820m.
FAQs
What online market share did Lottomatica achieve in 2026?
Lottomatica reported a record online market share of 32.4 per cent in September 2026. Across the third quarter, its average online market share was 31.7 per cent.
How much revenue did Lottomatica generate in the first nine months of 2026?
The company generated €1.72bn in revenue, up 5 per cent compared with the same period in 2025.
What was the main driver of Lottomatica’s growth?
The online division was the strongest performer, with revenue rising 13 per cent year-on-year to €780.82m, supported by growth in online sports betting and iGaming.
What is the status of the Cirsa merger?
Lottomatica said integration planning is already underway and expects the transaction to complete in the second quarter of 2027, subject to remaining approvals.
Did Lottomatica change its 2026 financial guidance?
No. The company reaffirmed its outlook and said it expects adjusted EBITDA to finish at the upper end of its €940m-€980m guidance range.
