Lottomatica Online Revenue Climbs 13% in Nine Months as Retail Franchises Slip Ahead of CIRSA Votes

Lottomatica Group, the Italian market leader, reported on 3 November 2026 that online revenue grew 13% to €781 million in the first nine months of the year, while its two retail franchises declined by low single digits.

Group revenue rose 5% to €1.72 billion and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for one-off items) climbed 8% to €665.4 million. The release lands weeks before shareholders of Lottomatica and CIRSA vote on a proposed cross-border merger.

Nine-month results at a glance

Online carried the period. Growth in the digital business more than offset small declines in retail, lifting group revenue and earnings. Adjusted profit rose only 2%, well behind the 8% gain in adjusted EBITDA, according to Il Sole 24 ORE (Radiocor).

Gaming.net reports revenue of €1.718 billion and adjusted EBITDA of €665.5 million, a rounding difference of €0.1 million against the Il Sole figures. The €262.6 million profit is an adjusted measure and should not be read as net profit.

Online growth offsets small retail declines

The third quarter followed the same pattern as the nine-month period. Online revenue rose 13% to €256 million, matching the year-to-date growth rate.

Retail moved the other way, though only slightly. The Sports Franchise fell 1% to €101 million in the quarter, and the Gaming Franchise fell 2% to €180 million.

The split matters for an operator that built its position on Italy's land-based network. Retail still accounts for the larger share of segment revenue over nine months, but the online line is the only one growing. For background on retail technology in the Italian market, see earlier coverage of retail betting rollouts in Italy. Italy's tax take is also a variable for operators there, as covered when Italy's gambling tax revenue dropped for the first time.

Third quarter and guidance

In the third quarter, adjusted EBITDA rose 3% to €200 million and revenue rose 5% to €537 million. Il Sole 24 ORE described both figures as in line with analyst consensus.

Lottomatica confirmed its 2026 guidance and said adjusted EBITDA should land at the upper end of the €940–980 million range. The company took the same stance at the half-year stage.

Chairman and CEO Guglielmo Angelozzi said the group reaffirms its "confidence in our growth trajectory," as quoted by Il Sole 24 ORE.

To reach the top of the range, the group needs fourth-quarter adjusted EBITDA of roughly €275 million to €315 million, depending on whether the nine-month figure is held at €665.4 million and the guidance is read at €940 million or €980 million. That is a mechanical calculation from the reported numbers, not company guidance for the quarter.

CIRSA merger votes set for 23 and 25 November

According to iGaming Times and Global Gaming Insider, the boards of Lottomatica and CIRSA approved a common merger plan in early October 2026. iGaming Times reports that shareholder votes are scheduled for 23 and 25 November. Under the plan, the combination would be a cross-border merger.

CIRSA has been an active consolidator and capital-markets participant. Earlier Gamingo News coverage tracked its planned €460M IPO to cut debt and its acquisition of a 70% stake in Apuesta Total.

What operators and investors should watch

• Vote outcomes on 23 and 25 November: both shareholder bases must approve for the plan to proceed.
• Online mix: with online growing 13% and retail shrinking, the online share of group revenue continues to rise.
• Fourth-quarter delivery: the top-of-range EBITDA claim is the next test for management.

Status reviewed on 3 November 2026. Figures come from Il Sole 24 ORE (Radiocor) and Gaming.net reports of Lottomatica's nine-month results, and merger timing from iGaming Times and Global Gaming Insider. More finance news and EMEA coverage.