Lottomatica shows strong growth in 2025 results

Lottomatica Group, one of Italy’s leading gaming and betting operators, has released its financial results for the first nine months of 2025, revealing a robust performance across all major business segments. The company reported revenues of €1,640.1 million, representing a 16% year-on-year increase, and Adjusted EBITDA of €617.3 million, marking a 28% rise compared to the same period in 2024.

The group also confirmed a record market position in Italy’s online gaming sector, supported by significant growth in online bets and the successful integration of recent acquisitions. Lottomatica’s performance underscores the continued expansion of Italy’s regulated online gaming market and the company’s strategic focus on digital transformation.

Sustained revenue growth and operational strength

During the first nine months of 2025, Lottomatica recorded total bets amounting to €32.5 billion, up 17% compared to 2024. This growth was primarily driven by the online segment, which experienced a 26% increase in bets, reflecting the group’s strong digital capabilities and effective marketing strategies.

Online revenues reached €688.9 million, representing a 27% year-on-year increase, as the company continued to expand its online customer base and enhance its portfolio of digital entertainment offerings. The growth was also supported by the integration of PWO, whose contribution further boosted overall revenues and efficiency.

Lottomatica’s Adjusted EBITDA margin rose to 37.6%, compared with 34.1% in the previous year. The improvement reflects efficient cost management, favorable sports betting payout conditions, and the realization of synergies from recent acquisitions. Operating cash flow reached €504.0 million, a substantial increase from €353.3 million reported last year, further strengthening the company’s liquidity position and funding capacity.

Record online performance strengthens market leadership

Lottomatica’s online segment achieved a historic milestone during the third quarter of 2025, reaching the highest market share levels in the company’s history. The company reported:

• 30.8% total online market share
• 32.7% iSports market share
• 30.6% iGaming market share

Each of these figures marks a significant improvement compared to the same period in 2024, highlighting Lottomatica’s ability to capture a growing share of Italy’s regulated online gaming market. The performance reflects strong customer engagement, effective promotional activities, and ongoing investment in digital infrastructure.

The group’s focus on user experience, mobile accessibility, and product diversification has allowed it to maintain leadership across multiple online verticals. As Italy continues to experience a steady shift from retail to digital channels, Lottomatica’s early investment in online capabilities has positioned it advantageously for long-term growth.

Successful integration of PWO acquisition

A key milestone in 2025 was the successful and early completion of PWO’s migration onto Lottomatica’s proprietary platform. This strategic integration, completed ahead of schedule, has allowed the group to streamline operations and capture synergies faster than expected.

Two-thirds of the expected 2025 synergies have already been secured, contributing positively to operational performance. The consolidation of PWO into Lottomatica’s infrastructure enhances scalability and efficiency, enabling the company to better serve customers and optimize its online product portfolio.

This acquisition is part of Lottomatica’s broader strategy to consolidate the Italian gaming market and strengthen its leadership in both online and retail segments. The integration also supports the company’s commitment to responsible gaming, ensuring that all platforms operate under strict regulatory compliance and player protection standards.

CEO statement and strategic outlook

Commenting on the results, CEO Guglielmo Angelozzi said:

“The third quarter of 2025 saw a continued solid operating and financial performance, with EBITDA growth of +18% and online market shares reaching record levels in September. We completed the migration of PWO, which is now fully operational on our Group proprietary platform, and accelerated the realisation of synergies. Looking forward, we continue to see solid drivers of growth supported by market tailwinds in Online, continued improvement in our cash flow conversion and growth, and a disciplined approach to capital allocation focused on shareholder returns.”

Angelozzi’s statement reflects confidence in the company’s ability to sustain its growth trajectory through continued investment in technology, product innovation, and disciplined financial management. The focus on maintaining a balanced capital structure and generating shareholder value remains central to Lottomatica’s long-term strategy.

Improved financial position and reduced leverage

At the end of the reporting period, Lottomatica’s net financial debt stood at €1,856.3 million, representing a net leverage ratio of 2.1x based on the last twelve months’ run-rate Adjusted EBITDA. This marks a notable improvement from 2.4x in December 2024, underscoring the company’s disciplined approach to debt management.

The reduction in leverage provides Lottomatica with greater financial flexibility to pursue strategic investments, expand its digital infrastructure, and explore potential acquisition opportunities within the regulated gaming sector. The improvement also reflects effective cash flow generation and prudent capital allocation.

Strong outlook for the Italian gaming market

The broader Italian gaming market continues to show positive trends, particularly within the online segment, which has benefited from both regulatory clarity and shifting consumer behavior. Players increasingly favor digital channels due to convenience, enhanced game offerings, and secure payment systems.

Lottomatica, with its extensive presence in Italy and diversified portfolio across online betting, lottery, and gaming, remains well-positioned to capitalize on these trends. The company’s strategy emphasizes compliance, innovation, and responsible gaming, aligning with evolving regulatory expectations and consumer demands.

Focus on innovation and responsible gaming

Innovation remains at the core of Lottomatica’s business strategy. The group continues to invest in advanced analytics, user personalization, and platform security to enhance the player experience and ensure the highest standards of compliance.

Equally important is the company’s ongoing commitment to responsible gaming. Lottomatica has implemented tools and policies to monitor player behavior, prevent excessive gambling, and promote awareness of safe gaming practices. These initiatives reinforce its reputation as a responsible operator within Italy’s regulated environment.

By aligning innovation with social responsibility, Lottomatica aims to sustain growth while upholding ethical and regulatory standards that protect players and preserve the integrity of the market.

Future plans and growth priorities

Looking ahead, Lottomatica plans to focus on several key areas to sustain growth:

• Expanding its online offering and cross-channel capabilities
• Leveraging data analytics to improve customer engagement
• Pursuing selective acquisitions in the regulated market
• Maintaining a disciplined capital allocation policy
• Enhancing operational efficiency and cash flow conversion

With a solid foundation, strong market position, and improved financial flexibility, the group expects continued growth in both revenues and profitability. Its strategic direction is supported by favorable market conditions, technological advancements, and a resilient regulatory framework that encourages responsible gaming innovation.

Conclusion

Lottomatica’s strong financial results for the first nine months of 2025 highlight the company’s resilience, operational excellence, and strategic foresight. Through effective integration of acquisitions, disciplined financial management, and an unwavering focus on digital transformation, the group has solidified its position as a leader in Italy’s regulated gaming sector.

As the gaming landscape evolves, Lottomatica’s emphasis on innovation, responsibility, and shareholder value positions it well for sustainable success in the years ahead.

FAQs

What were Lottomatica’s total revenues in the first nine months of 2025?
Lottomatica reported €1,640.1 million in total revenues, representing a 16% increase compared to the same period in 2024.

How much did Lottomatica’s Adjusted EBITDA grow year over year?
Adjusted EBITDA reached €617.3 million, marking a 28% increase compared with 2024.

What factors drove Lottomatica’s revenue growth?
Growth was driven by strong performance in the online segment, the integration of PWO, and improved payout conditions in sports betting.

What was the total value of bets recorded by the company?
The group recorded €32.5 billion in total bets, up 17% compared with the same period last year.

How has Lottomatica performed in the online market?
The company achieved record market shares, including 30.8% total online, 32.7% iSports, and 30.6% iGaming share.

What did the CEO say about the company’s future outlook?
CEO Guglielmo Angelozzi expressed confidence in continued growth driven by strong online momentum and disciplined capital allocation.

How did the PWO integration affect performance?
The PWO migration was completed ahead of schedule, with two-thirds of the expected 2025 synergies already secured.

What is Lottomatica’s current leverage ratio?
The company’s net leverage ratio improved to 2.1x, down from 2.4x in December 2024.

How is Lottomatica supporting responsible gaming?
Lottomatica invests in monitoring tools, awareness programs, and player protection measures to ensure responsible gaming.

What are Lottomatica’s main growth priorities for the future?
The company aims to expand online services, improve efficiency, and pursue selective acquisitions in regulated markets.