An enlarged Lottomatica Group, formed by the merger of Lottomatica Scommese and GoldBet Italia, has declared a stellar H1 trading period.
Having emerged as Italy’s largest betting group, Lottomatica reported a quadrupling of group revenues from 2021 results of €178m to €800m recorded during H1 2022.
The 4X growth in headline revenues was attributed to the group’s enlarged retail portfolio that spans “3000 betting points, 31 horse racing tracks, 19,800 VLTs, 67,000 AWP machines.”
Returning to full-strength during period trading, Lottomatica’s betting shop and gaming machine units reported respective revenues of €174m and €463m.
Further positives saw its online division register a 20% increase in revenues to €163m (H12021: €128m), matched against record 2021 comparatives.
Benefitting from an unrestricted business period, Lottomatica announced an H1 EBITDA of €233m, reflecting a 6X jump on 2021 results of €38m.
Closing its H1 accounts Lottomatica declared operating profits of €98m, reversing like-for-like 2021 pandemic impacted losses of €77m.
Of significance, period trading saw Lottomatica reduce its debt by €137m in light of positive period cash flow contribution of €265m.
Group CEO Guglielmo Angelozzi, outlined that Lottomatica entered a crucial second half of year in which the company will migrate its retail and online into one operating platform.
Its betting shops will also be upgraded with new VLT terminals that will include a new virtual sports suite.
Positive integrations saw Lottomatica’s board increase its co-synergy targets to €77m savings secured by end of year trading.