Lottomatica grows Italian market share ahead of CIRSA merger vote
Lottomatica reported rising revenue, profit and market share for Q3 2026 as shareholders prepare to vote on its all-share merger with CIRSA on 30 November.
Lottomatica has reinforced its position as Italy's largest gambling operator, reporting higher market share across online betting, sports betting and iGaming in its latest quarterly results, published as the group moves towards closing its all-share merger with Spanish operator CIRSA.
According to figures reported by SBC News, the Milan-listed group's total share of the Italian online gambling sector reached 31.7% in the third quarter of 2026, up 0.9 percentage points year-on-year. Its share of online sports betting climbed 2.1 points to 34.8%, while its iGaming share rose 0.6 points to 31.2%.
Revenue for the nine months to September 2026 rose 5% year-on-year to €1.71bn, with Q3 alone generating €537m. The group's gross gaming revenue over the same nine-month period increased 2% to €3.5bn.
Adjusted EBITDA for the year to date climbed 8% to €715m, with Q3 adjusted EBITDA up 3% to €200m. Net profit for the nine-month period stood at €155,327, up from €98,284 a year earlier, though net financial debt increased to €2.16bn in September from €2.1bn the previous year.
Guglielmo Angelozzi, Lottomatica's Chairman and Chief Executive Officer, described the quarter as one of "double digit growth in Online and Sports volumes, and in Adjusted EBITDA normalised". He added that the firm had reached "a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities".
The results point to a widening split between Lottomatica's online and land-based operations. Online revenue grew 13% year-to-date to €781m, including €256m in Q3. By contrast, the sports betting franchise fell 1% to €377m for the year to date and €101m in Q3, while the gaming franchise dropped 2% to €560m year-to-date and €180m in Q3.
Lottomatica attributed the gap to strong overall performance and market-share gains in the online segment, against a sports betting business hit by a higher payout rate. The group also credited a new online licensing regime, introduced in November, with bringing greater regulatory stability to that part of the market.
Retail regulation has taken a different path. Prime Minister Giorgia Meloni declined to approve a planned reorganisation of land-based gaming rules within the 2027 budget, effectively taking the issue off Italy's political agenda for 2026, SBC News reported.
Italian investment banks Intermonte and Banca Akros expect the 2027 budget's gambling tax measures to have only a limited effect on Lottomatica. The draft budget includes a 1% tax rise on AWP gaming machines alongside a maximum stake of €2 and a prize cap of €200, though the measures still require parliamentary approval.
Intermonte estimates that Lottomatica's concession-related capital expenditure will run at roughly €90m to €100m annually between 2027 and 2029, a cost the bank judges manageable given the scale the group expects to gain through the CIRSA deal.
Shareholders of both Lottomatica and CIRSA are due to vote on the final terms of the merger on 30 November, a deal expected to extend the combined group's footprint into Spain and Spanish-speaking Latin America.