Lottomatica reports first results since IPO

The Italian gambling operator has reported revenue of €2.8bn for the nine months to September 30.

Italy.- Lottomatica Group has reported a strong performance in online gambling revenue. Following its first full quarter since its Milan Euronext IPO in May, it has reported that total gross gambling revenue for the first nine months of 2023 reached €2.8bn, a rise of 7 per cent year-on-year. 

GGR rose by 10 per cent when discounting the impact of the acquisition of Betflag. The estimated online market share was up by 3.8 points year-on-year to 21.2 per cent. The online market share was up by 4.5 points at 21.7 per cent thanks to the online brands Lottomatica, Better, Goldbet and now Betflag.

Online bets were up by 37 per cent on a pro forma basis, while total bets rose by 19 per cent to €21.7bn. Revenue minus payouts was €1.9bn, up 12 per cent on a pro forma basis, with online revenue up 30 per cent at €374m. 

Sports franchise revenue rose by 10 per cent to €277.4m and gaming franchise revenue by 3 per cent to €543.5m. The company expects adjusted EBITDA for the full year to fall between €570m and €590m. Adjusted EBITDA for the first nine months was €426.4m, up 15 per cent on a pro forma basis.

Chief executive Guglielmo Angelozzi said: “In this third quarter we have consolidated our leadership position and our online business has continued to grow market share across all product segments and brands.

“We are on track to achieving our guidance for fiscal year 2023 and to continue to execute our strategy of organic and M&A growth.”

Last week, Lottomatica announced an agreement to acquire SKS365. It said its acquisition of the Italy-facing operator will accelerate this growth and expand its brand portfolio.