Lottomatica‘s status as Italian gambling market leader has been reaffirmed by the group’s latest financial update, as leadership moves to close its ‘all-share’ merger with Spanish giant CIRSA.
The Milan-Borsa group maintains its dominance of Italian gambling market share and claims a total market share of the online betting sector of 31.7% as of Q3 2026, an increase of 0.9 percentage points from 2026. Its share of the online sports betting market is up 2.1 points to 34.8% and its share of the iGaming market is up 0.6 points to 31.2%.
Overall Q3 year-to-date revenue rose 5% year-over-year to €1.71bn, as did Q3 revenue to €537m, driven by a 2% increase in gross gaming revenue (GGR) to €3.5bn across between January-September 2026.
Group accounts see adjusted EBITDA up 8% YTD to €715m and up 3% in Q3 to €200m. Total net profit for the nine months ending September 2026 was €155,327, up from €98,284 the year prior.
“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,” said Guglielmo Angelozzi, Chairman and Chief Executive Officer of Lottomatica Group.
“We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities.
“Looking ahead, we remain confident in our growth trajectory, supported by favourable market dynamics, continued execution of our strategy and strong cash flow generation.”
Lottomatica navigates Italy’s online-retail disconnect
Overall, Lottomatica has continued to perform well in 2026 with both revenue and profit up, although net financial debt stands at a considerable at €2.16bn as of September, up from €2.1bn the year prior.
Nonetheless, the revenue and profitability figures will likely put the firm in good stead with investors as it prepares to merge with CIRSA, a move that will expand its presence in both Spain and Spanish-speaking Latin America.
Still, however, the revenue figures do speak to a general trend seen across Italy over the past year: a disconnect between the online sports betting space and retail betting space, one driven by regulation.
Lottomatica’s revenue of €1.7m was split between the online business and the sports betting and gaming franchises. Of these three, only online recorded growth, of 13% to €781m YTD and €256m in Q3 to be exact.
In contrast,the sports betting franchise saw revenue drop 1% to €377m YTD and to €101m in Q3 while the gaming franchise saw revenue drop 2% to €560m YTD and €180m in Q3.
Lottomatica attributed the difference in revenue between the two segments to the overall positive performance of the online Italian gaming market and the abovementioned increase in market share, while in contrast the sports betting segment was affected by a higher payout rate.
The online market’s growth has been aided by a new regulatory regime, however. The new licensing framework came into effect in November, granting a lot more stability to the online market.
In contrast, the retail sector remains at a crossroads after Prime Minister Giorgia Meloni refused to sign off on a reorganisation of land-based gaming regulations in the 2027 budget, effectively removing the topic from Italy’s political agenda for 2026.
Italian banks stand by Lottomatica
The Italian investment banks of Intermonte and Banca Akros expect Italy’s 2027 budget measures to have a limited overall impact on Lottomatica, following the approval of marginal increases on gambling taxes and concessions.
Yet to be authorised, the Budget 2027 proposes a 1% tax increase on AWP gaming machines, a measure to be implemented alongside increasing to maximum stakes €2 and prizes at a €200 limit. The measures remain subject to parliamentary approval.
Intermonte estimates that Lottomatica’s ‘concession-related capital expenditure’ will reach approximately €90m–€100m annually between 2027 and 2029. However the outcome will have a limited overall effect on financial outlook given Lottomatica’s pending enlargement.
Key date is 30 November as Lottomatica and CIRSA shareholders vote on the final merger plans and approval.
