Lottomatica’s Italian online market share reached a record 32.4% in September, as the operator reported revenue of €1.72 billion for the first nine months of 2026. It expects full-year adjusted EBITDA to reach the top end of its €940 million to €980 million guidance range.
For the third quarter, the company’s average Italian market share was 31.7%, up 0.9% year on year. Its iSports share rose 2.1%, while iGaming share increased 0.6%.
Lottomatica recorded €35.2 billion in bets during the nine-month period, an 8% annual increase. Group revenue grew 5% and gross gaming revenue (GGR) rose 2% to €3.52 billion. Adjusted EBITDA increased 8% to €665 million.
Operating cash flow reached €544.9 million, compared with €504 million in the first nine months of 2025. Net financial debt was €2.16 billion at the end of September.
CEO Guglielmo Angelozzi said the third quarter showed growth in online and sports betting volumes and adjusted EBITDA.
“The third quarter of 2026 marks another strong quarter for Lottomatica, with double-digit growth in Online and Sports volumes, and in Adjusted EBITDA normalised (+17% YoY at normalised payout),” he said. “Looking ahead, we remain confident in our growth trajectory, supported by favourable market dynamics, continued execution of our strategy and strong cash flow generation.”
Online growth contrasts with retail results
Online revenue rose 13% year on year to €780.82 million in the first nine months. Revenue from the sports franchise fell 1% to €376.68 million, despite an 11% increase in bets, as favourable sports payouts for players weighed on results. Lottomatica said sports franchise revenue would have risen 13% with a normalised retail sports betting payout of 80.5%.
The gaming franchise recorded revenue of €560.28 million, down 2% year on year.
The company could also be affected by proposals in Italy’s 2027 budget bill, sent to parliament earlier this week. The proposals would raise the PREU levy on slots from 24% to 25% and the rate for video lottery terminals from 8.6% to 9.6%, starting 1 January next year. Slots returning at least 70% of stakes in prizes would instead face a 20% rate. The maximum stake per slot game would double to €2, and the maximum prize would rise from €100 to €200.
Cirsa merger preparations under way
Angelozzi described the September announcement of a merger with Cirsa as a “major strategic milestone”. The deal is expected to close in Q2 next year and would create the world’s second-largest listed gaming and sports betting operator.
Lottomatica said integration workstreams are already under way, with the company aiming to be fully prepared to begin executing the integration plan when the transaction closes. Financing has been secured, and additional approvals are still required. Cirsa has called an EGM for 30 November.
