Lottomatica Group: Company Overview, Business and Financials

What is Lottomatica Group?

Lottomatica Group is the corporate parent of a substantial Italian regulated gaming operation. It should not be confused with a single online casino, a lottery-only company or every business that has used the Lottomatica name over time. The present group has been shaped by changes in ownership, acquisitions and the consolidation of businesses previously operating under other identities, including Gamenet.

Its activities cover online gaming, sports betting and gaming machines. Consumer-facing names include Lottomatica, Better, GoldBet, Betflag and Planetwin365, but they do not necessarily share one operating entity or authorisation.

The group listed on Euronext Milan in May 2023. Its accounts, governance disclosures and market announcements are therefore central to any assessment.

A useful rule: the Lottomatica brand, the listed Lottomatica Group S.p.A. and each regulated operating company are related concepts, not interchangeable names. Our brands and subsidiaries guide examines the corporate structure in greater detail.

How Lottomatica's business works

Lottomatica serves customers through three channels with different economics. Treating them as one undifferentiated gambling business can distort both the revenue picture and the risks.

The Online segment offers a more direct view of the group's digital expansion. Management reported €781 million of segment revenue for the first nine months of 2026, using its segment-reporting perimeter. That was 13% higher than in the corresponding period of 2025. It does not, however, mean that the entire group grew at the same rate: retail franchises have their own product and payout dynamics.

Sports Franchise includes betting through physical distribution points, some operated by franchisees or independent partners. Outlet numbers measure network reach, not corporate property ownership.

Gaming Franchise covers Italian land-based machine activity under concession arrangements. In 9M 2026, management reported approximately €560 million of segment revenue, compared with €377 million for Sports Franchise. Both follow management's segment definitions, not a simple IFRS addition.

Online growth may strengthen the group while franchise channels respond differently to betting results and regulation. The business model analysis explores these economics.

Lottomatica's size and latest results

Lottomatica's year-end 2025 description reported approximately 2,600 direct employees, more than 2.2 million online customers and distribution through approximately 17,400 points of sale. All three measures describe the business at 31 December 2025, but they measure different things: people employed directly, customers using online services and outlets within a distribution network. They should not be presented as equivalent units or as evidence that the group owns 17,400 shops.

For the nine months ended 30 September 2026, the official results show why accounting definitions are essential:

Source: Lottomatica Group, 9M 2026 results release dated 3 November 2026. A dash indicates that the comparison is deliberately not reproduced in this summary, not that the metric was zero.

The IFRS revenue figure rose by approximately 3.2% year on year. Management's wider €1.718 billion revenue measure grew by approximately 4.7%, usually rounded to 5% in the release. Those growth rates are not contradictory: the measures have different reporting perimeters. The management figure includes revenue from specifically identified equity-accounted businesses monitored within its operating segments.

GGR measures stakes minus winnings under the issuer's definition. Neither GGR nor the €35.204 billion wagered is corporate sales or cash available to shareholders.

Adjusted EBITDA increased by approximately 8% year on year. This indicates stronger performance on management's adjusted basis, but it excludes or adjusts for items that matter to statutory profitability. The company also reported approximately €545 million of operating cash flow under its own adjusted definition, calculated from adjusted EBITDA after specified capital expenditure. That measure must not be mistaken for net cash from operating activities in the statutory cash-flow statement, or for unrestricted free cash flow.

At 30 September 2026, issuer-defined net financial debt stood at approximately €2.164 billion. This is a meaningful qualification to the growth story: investment, refinancing terms, interest costs and any major transaction can influence how much operational improvement ultimately benefits shareholders. The separate financial results and debt dossier contains the detailed reconciliation and cash-flow analysis.

How the group grew

Lottomatica's present form reflects several generations of Italian gaming consolidation rather than the uninterrupted history of a single brand.

• Gamenet era: the group developed around the Gamenet business and a period of ownership associated with Apollo-managed funds. That is historical ownership, not a description of today's controlling shareholder.
• 2021: the acquisition of IGT's Italian B2C gaming operations expanded the group's retail and online footprint. It did not mean Lottomatica acquired all of IGT or its worldwide lottery business.
• 2023: Lottomatica Group listed on Euronext Milan, opening a new phase as a publicly traded issuer.
• 2024: the acquisition of SKS365, associated with Planetwin365, further broadened its Italian sports-betting and gaming presence.
• 2025: Apollo's remaining shareholding was disposed of by 19 June 2025, ending its historical position as a group shareholder.

Acquisitions have expanded reach but also entail financing and integration demands. Our history and acquisitions timeline examines the transactions without treating CIRSA as completed.

Ownership and the proposed CIRSA combination

Lottomatica Group has a publicly traded shareholder base. Guglielmo Angelozzi is its chairman and chief executive, as confirmed in the 3 November 2026 results announcement. A stock-market listing does not make its management team the owner of all the shares, nor does the fact that Apollo once controlled the business make Apollo a current controlling shareholder. Current holdings and voting rights must be read from dated shareholder disclosures, including changes caused by repurchases or transfers.

The bigger prospective change is the announced transaction involving CIRSA, the gaming group associated with Blackstone. Lottomatica announced the plan in 2026, and the proposed combination carries corporate, shareholder and regulatory conditions. A shareholder meeting was scheduled for 23 November 2026, with completion targeted for the second quarter of 2027, subject to the necessary steps and approvals.

Status at 11 November 2026: proposed, not completed. CIRSA's assets, brands and financial results should not be represented as already belonging to the current Lottomatica reporting perimeter. Equally, no future Blackstone shareholding or control structure should be described as effective before closing. Timetables are intentions, not guarantees; the meeting, approvals, final terms and completion announcement establish whether the proposal has progressed.

The attraction is wider reach; the counterweight is financing, integration and regulatory risk. See people and ownership and risks and prospects.

Our related reporting examines Lottomatica's online growth ahead of the merger votes and CIRSA's results and online margins.

Regulation, risks and what to watch

Lottomatica's core activities sit within Italy's regulated gambling market, overseen by the Agenzia delle Dogane e dei Monopoli (ADM). Italian concessions and authorisations apply to defined operators and products. They must not be presented as a blanket licence covering every company in the group, still less as a licence issued by the UK Gambling Commission. A British reader should not infer that an Italian-regulated website is automatically authorised to serve customers in Great Britain.

Several factors deserve attention. Digital expansion provides an opportunity, particularly if online activity continues to outpace more mature retail channels. At the same time, betting outcomes can affect reported revenue from period to period. The cost of customer acquisition, franchise economics, tax and concession conditions, machine regulation and competition can all influence margins.

Leverage adds another layer. The debt balance does not by itself establish distress, but it constrains the analysis of acquisitions and distributions. CIRSA may ultimately change the group's geography and financing profile; until the transaction closes and consolidated figures become available, a combined-company forecast is necessarily conditional. See markets, operators and licences for entity-level regulatory evidence.

Explore the Lottomatica Group dossier

This overview is the entry point to eight focused reports. Each addresses a different question without converting the corporate hub into a consumer gambling review:

• Brands, products and subsidiaries: which names and legal entities sit within the portfolio.
• History and acquisitions: how Gamenet, IGT's Italian activities, SKS365 and later plans connect.
• Business model and distribution: the economics of online activity and retail franchises.
• Financial results, cash flow and debt: accounting measures, leverage and reconciliations.
• Management, shareholders and ownership: leadership and dated ownership evidence.
• Risks, opportunities and prospects: what could strengthen or weaken performance.
• Markets, operators and licences: where regulated activities sit and who holds authorisations.
• Shares, chart and outlook: LTMC trading information and a separate market assessment.

Our assessment, 11 November 2026: Lottomatica is best understood as an Italian gaming distribution and technology-led operating group with three distinct commercial channels. Its latest figures show meaningful online momentum, but the difference between wagers, GGR, IFRS revenue and adjusted management measures is essential to any honest comparison. The CIRSA transaction could be transformative; for now, it belongs in the proposed column, not in Lottomatica's completed operating history.