Lottomatica Group S.p.A. is an Italian gaming group whose familiar names do not all represent separate companies. Lottomatica, Better, GoldBet, Betflag, Planetwin365 and Totosì appear in its online brand portfolio, while Intralot is also used in its Italian retail betting network. Behind those names are different legal operators, concessions and ownership branches.
The clearest way to understand the group is to read two maps together: brand to customer channel and licensed operator, then legal company to immediate owner and accounting treatment. Lottomatica's June 2026 half-year report identifies 25 line-by-line consolidated subsidiary entries, alongside investments treated differently. The distinction matters because a betting-shop sign is not necessarily a subsidiary, and a majority economic stake does not always confer a majority of votes.
For context beyond this corporate map, see our Lottomatica Group overview.
Lottomatica's brands: online, retail and gaming
Lottomatica describes its operations through Online, Sports Franchise and Gaming Franchise. These channels overlap in brand recognition but not in how a customer encounters the product or how the business is legally organised.
| Brand or name | Confirmed channel | What the name tells us and what it does not |
|---|---|---|
| Lottomatica | Online, including lottomatica.it | Consumer-facing brand; also part of the listed parent's name, but these are different identities. |
| GoldBet | Online and Sports Franchise retail | Operated online through GBO Italy; physical shops are a distribution channel, not automatically owned companies. |
| Betflag | Online, including betflag.it | Has its own concessionaire, Betflag S.p.A., within the group's GBO branch. |
| Planetwin365 | Online and Sports Franchise retail | The online legal holder is PWO S.p.A.; its 2024 SKS365 acquisition history is a separate question. |
| Totosì | Online, including totosi.it | Totosì S.r.l. is distinct from the former Totosì Servizi S.r.l., renamed in 2026. |
| Better | Sports Franchise retail; also named in the group's online marketing portfolio | No separately evidenced sixth online concessionaire follows from the brand name. |
| Intralot | Sports Franchise retail | Retail signage and contractual rights do not establish ownership of the international INTRALOT company or registered marks. |
The online offering includes sports betting and other digital gaming formats; Sports Franchise concerns betting shops and counters; Gaming Franchise includes gaming halls and networks of AWP and VLT machines. A franchise outlet is a place or commercial relationship, not one of the 25 legal subsidiaries merely because it carries group branding.
The official corporate Online page names six marketing brands, including Better. The group's mid-2026 activity disclosure, however, lists five principal online websites and does not include better.it in that list. This is a difference between published portfolio descriptions, not proof that Better has closed. We return to it below.
Which company operates each online brand?
Italy's Agenzia delle Dogane e dei Monopoli (ADM) licenses named concessionaires. The group's FY2025 and H1 2026 disclosures, considered alongside the ADM public list, identify five online concessions held by four companies within the wholly owned GBO S.p.A. branch.
| Online website | Named concessionaire | ADM concession number | Immediate ownership within the group |
|---|---|---|---|
| lottomatica.it | GBO Italy S.p.A. | 16010 | GBO S.p.A. owns 100% of GBO Italy. |
| goldbet.it | GBO Italy S.p.A. | 16009 | Same company, separate brand and concession. |
| betflag.it | Betflag S.p.A. | 16008 | GBO owns 100%. |
| planetwin365.it | PWO S.p.A. | 16007 | GBO owns 100%. |
| totosi.it | Totosì S.r.l. | 16011 | GBO owns 100%. |
Source basis: Lottomatica annual and half-year reporting, checked against the ADM public list of authorised remote-gaming concessionaires in November 2026. Concession statuses and website terms can change after the dated records reviewed here.
This mapping answers a question that a brand catalogue cannot: GoldBet and Lottomatica are distinct customer brands, but GBO Italy is the legal holder for both of their listed online concessions. Conversely, Betflag and Planetwin365 sit with different operating companies, even though they share the same ultimate listed group.
Better is not a sixth entry in this table. Lottomatica includes it in its marketing portfolio and retail network, but the official records reviewed do not establish a separate current ADM number or an independent Better concessionaire. Nor should the table be read as proof that the five websites share accounts, wallets, payment terms or access from Great Britain. Those are different legal and consumer questions. The cross-market regulatory picture belongs to our guide to Lottomatica's markets, operators and licences.
How Lottomatica's subsidiaries fit together
The half-year report's Annex A, dated 30 June 2026, is a more reliable guide to the legal perimeter than a list of logos. Its columns distinguish the immediate owner's percentage, the effective ownership at group level, and the method of consolidation. These must not be collapsed into one number.
The main structure is:
- Lottomatica Group S.p.A. → GBO S.p.A. (100%): principal online operating-company branch.
- Lottomatica Group S.p.A. → Lottomatica Gaming S.p.A. (96.5%): principal land-based gaming and franchise-company branch.
- Lottomatica Group S.p.A. → Lottomatica Technology & Operations S.r.l. (100%): a separate technology and operations company.
The following compact ownership map includes all 25 subsidiaries marked for line-by-line consolidation at 30 June 2026. Percentages in parentheses are direct ownership by the named parent unless a group-level percentage is explicitly given.
| Immediate parent | Consolidated subsidiary companies at 30 June 2026 |
|---|---|
| Lottomatica Group S.p.A. | GBO S.p.A. (100%); Lottomatica Gaming S.p.A. (96.5%); Lottomatica Technology & Operations S.r.l. (100%). |
| GBO S.p.A. | GBO Italy S.p.A., Betflag S.p.A., PWO S.p.A., Totosì S.r.l., Lottomatica Servizi S.r.l.: each 100%. |
| GBO Italy S.p.A. | Giocaonline S.r.l. (65%). |
| PWO S.p.A. | Planet Entertainment S.r.l. (100%), shown in liquidation, not dissolved. |
| Lottomatica Gaming S.p.A. | Gamenet S.p.A. (100%); Gnetwork S.r.l. (75%); Jolly Group S.r.l. (64.7%); Lottomatica Videolot Rete S.p.A. (100%); Big Easy S.r.l. (100%); Marim S.r.l. (85.7%); Ricreativo B S.p.A. (100%); Rete Gioco Italia S.r.l. (60%); Distante S.r.l. (65%). |
| Gamenet S.p.A. | Agesoft S.p.A. (60%) and Ares S.r.l. (80%). |
| Marim S.r.l. | Tecno-Mar S.r.l. (70%) and IMA S.r.l. (100%). |
| Big Easy S.r.l. | Big Easy Bingo S.r.l. (100%). |
| Ricreativo B S.p.A. | Center Game S.r.l. (60%). |
There is a significant arithmetic consequence. Although Lottomatica Gaming directly owns 100% of Gamenet, the listed parent owns 96.5% of Lottomatica Gaming. Its effective economic interest in Gamenet is therefore 96.5%, not 100%. The same two-level distinction produces a group-level interest of 72.4% in Gnetwork (75% directly held beneath a 96.5% branch), and 57.9% in Rete Gioco Italia (60% directly held beneath that branch).
These are the named companies in the 30 June snapshot, not a certified live register of every company on 11 November. The 9M 2026 results provide newer trading information but do not replace the complete Annex A subsidiary schedule. The history of changes and acquisitions belongs to Lottomatica's history and acquisitions, while ultimate listed-company control belongs to shareholders and management.
View the original report excerpt, page 74
Subsidiary, associate or investment?
Capital ownership alone cannot settle which companies Lottomatica fully consolidates. Annex A separates equity-accounted investments and other investments from its line-by-line subsidiaries. Some differences are especially instructive:
| Investment or group | Capital interest | Actual accounting / voting distinction |
|---|---|---|
| Cristaltec S.p.A. | 60% directly held by Lottomatica Gaming; 57.9% at group level | 37.4% voting rights after the 2025 share conversion; equity method, not line-by-line consolidation. |
| Bakoo S.p.A. and Luduscristaltec L.d.A. | Each 51% held by Cristaltec; 29.5% effective group interest | Both appear in the equity-accounted section, not the 25 consolidated subsidiaries. |
| Eight Huge Easy companies | Each 49% held by Big Easy; 47.3% effective group interest | Eight distinct equity-accounted legal investments, not eight consumer casino brands. |
| Sportbet S.r.l. and Bgame S.p.A. SB | 20% each held by GBO | Minority equity-accounted investments; neither is a wholly owned operating arm. |
| Lbet S.p.A. | 60% of capital acquired by GBO in June 2026 | The report says this represents only 10% of voting rights; it must not be described as fully controlled on share percentage alone. |
Cristaltec is the clearest warning against casual ownership claims: 60% of capital and 37.4% of votes describe different rights. The report's accounting treatment follows the actual control assessment, not a headline shareholding percentage. Lbet presents a related question, while its blank consolidation-method cell in the table does not justify inventing a definitive full-consolidation status.
View the original report excerpt, page 75
What changed in the group in 2026?
The mid-year legal map contains several changes that make older subsidiary directories misleading:
| Effective date or event | Correct interpretation for the 30 June structure |
|---|---|
| 1 January 2026 | Former GGM S.p.A. became Lottomatica Gaming S.p.A.; these are not two concurrent group companies. Several stakes were reorganised beneath the renamed entity. |
| 26 January 2026 | Totosì Servizi S.r.l. became Lottomatica Technology & Operations S.r.l., distinct from online operator Totosì S.r.l. |
| 30 March 2026 | GBO Italy increased its Giocaonline interest to 65%, from 60%. |
| 14 April 2026 | Billions Italia S.r.l. merged into Big Easy S.r.l.; it is marked for 2025, not as a separate 30 June subsidiary. |
| 4 June 2026 | Shareholders resolved to place Planet Entertainment S.r.l. into voluntary liquidation, but it remained included in Annex A's line-by-line perimeter. |
This is a dated change log, not an argument that the group's corporate perimeter stopped moving after June. The distinctions also explain why a historic brand or company name should never be matched to the latest register without checking when it changed.
Better, Intralot and trademark rights: the naming traps
Better. The group names Better in its corporate online portfolio and uses the label across Italian retail betting. Yet the mid-2026 list of principal online sites omits better.it, while the FY2025 annual report includes it. Neither document alone settles the current user-facing website or contractual operator of every Better-branded service. Most importantly, a brand is not an extra concession simply because it has its own name.
Intralot. Lottomatica lists Intralot among Sports Franchise retail brands. That commercial description does not mean the group has acquired the international INTRALOT S.A. business or owns every registered Intralot mark. Rights to use a sign in specified channels and territories can be contractual; definitive trade-mark ownership needs the appropriate intellectual-property register.
Legacy names. Gamenet remains a named subsidiary beneath Lottomatica Gaming. The older Lottomatica/GTECH/IGT naming history concerns different corporate periods and assets; it should not be treated as proof that the present group owns the former international lottery operation. Historical transactions are covered separately in our acquisitions analysis.
What this portfolio does not include
The company's announced combination with CIRSA is a proposed cross-border transaction, not an already completed addition to the 30 June 2026 subsidiary list. Both boards approved a common merger plan in October 2026, and further shareholder and regulatory steps remain relevant. CIRSA brands should not be silently inserted into Lottomatica's current ownership table before completion.
The Italian ADM concession list also does not establish that these websites are licensed for consumers in Great Britain. An Italian sports-betting franchise, a UKGC-authorised operator and a legal subsidiary are three different things. No UK registration advice, deposit guidance or claim of British gambling permission follows from these corporate records.
Finally, a national footprint of betting shops and gaming venues is not a count of directly owned legal companies. Many physical premises operate through franchise or contractual arrangements, while the consolidation list concerns legal entities and accounting control. See Lottomatica's risks and prospects for the implications of its dependence on Italian market rules and distribution networks.
My assessment: what the structure tells us
I see a group using several recognised consumer brands to reach different parts of the Italian market, while concentrating much of its online legal infrastructure in a small number of concessionaires within GBO. That is a commercially coherent arrangement, but a broad brand portfolio should not be mistaken for independent licences, distinct corporate owners or diversified national regulation.
The 96.5% Gaming branch, the separate 100% GBO branch, and the equity-accounted interests also show why subsidiary arithmetic matters. A simple list of logos cannot tell an investor, partner or journalist which cash flows are consolidated, which investments are accounted for differently or where minority interests exist. Those financial consequences are examined in our Lottomatica financial-results analysis.
As at 11 November 2026, the strongest conclusion is therefore structural, not promotional: Lottomatica controls a substantial Italian gaming network, but brands, concessionaires, subsidiaries, franchises and minority investments must be counted separately. The June 2026 entity map is the dated legal baseline; any proposed CIRSA combination would require its own new post-completion map.