Lottomatica reports 5% revenue rise to €1.71bn ahead of 30 November CIRSA vote
Italy's largest operator posted 31.7% online market share in Q3 2026, while shareholders of Lottomatica and CIRSA vote on the all-share merger on 30 November.
By Theo Vance, Affiliates and operators editor
- Lottomatica reported nine-month revenue up 5% to €1.71bn and Q3 revenue of €537m.
- Its online market share stood at 31.7% as of Q3 2026.
- Online revenue rose 13% to €781m year to date, while the sports betting and gaming franchises each declined.
- Shareholders of Lottomatica and CIRSA vote on the final merger plans on 30 November.
- Net financial debt stood at €2.16bn as of September.
Lottomatica has reported higher revenue and profit for the first nine months of 2026, according to a financial update covered by SBC News. The Milan-listed group is preparing to close its all-share merger with Spain's CIRSA, with shareholders of both companies due to vote on 30 November.
For operators and affiliates active in Italy, the results show online growing while the sports betting and gaming franchises declined, and the merged group would widen its footprint in Spain and Spanish-speaking Latin America.
What happened
Lottomatica said its share of the Italian online betting sector reached 31.7% as of Q3 2026. Within online, its sports betting share gained 2.1 points to reach 34.8%, while its iGaming share gained 0.6 points to reach 31.2%.
Group figures for the nine months to September:
- Revenue rose 5% year on year to €1.71bn, with Q3 revenue also up 5% at €537m.
- Gross gaming revenue (GGR) rose 2% to €3.5bn for January to September.
- Adjusted EBITDA rose 8% to €715m year to date and 3% to €200m in Q3.
- Net financial debt stood at €2.16bn as of September, against €2.1bn a year earlier.
The segments diverged. Online revenue grew 13% to €781m year to date and reached €256m in Q3. The sports betting franchise fell 1% to €377m year to date and €101m in Q3. The gaming franchise fell 2% to €560m year to date and €180m in Q3.
Lottomatica linked the online result to the strength of the Italian online gaming market and its higher market share. It said the sports betting franchise was affected by a higher payout rate.
Lottomatica Group Chairman and Chief Executive Officer Guglielmo Angelozzi called the quarter strong, saying online and sports volumes both grew by double digits. He called the CIRSA deal a strategic milestone that "will significantly enhance our scale and future growth opportunities."
Budget and retail backdrop
Italian investment banks Intermonte and Banca Akros expect the budget measures to have a limited overall effect on Lottomatica. Intermonte estimates concession-related capital expenditure of approximately €90m–€100m a year between 2027 and 2029.
Why it matters
Operators and affiliates working with Italian brands should check how the online and franchise split affects their pipeline. Online was the only Lottomatica segment to grow, and the group's own figures show the sports betting and gaming franchises declining. Partners tied to the sports betting franchise should note the higher payout rate that Lottomatica cited.
The merger vote on 30 November is the next checkpoint. If shareholders approve, the combined group is likely to become a larger counterparty for suppliers, payment providers and affiliate programmes in Italy and Spain. Operators in those markets will need to watch for changes to commercial terms, brand portfolios and supplier arrangements once the plans are final.
Net financial debt of €2.16bn is a figure that counterparties are likely to follow as the enlarged group takes shape.
What's next
Lottomatica and CIRSA shareholders will cast their votes on 30 November on the final plans for the merger and on approving it.
Sources
- 1.Lottomatica maintains Italy stronghold as CIRSA merger comes to November close · SBC News (sbcnews.co.uk), accessed 3 Nov 2026Primary
Spotted an error? Read our corrections policy or contact the desk.
