Finances

Date: 05.11.2025

by Tomasz Jagodziński

Lottomatica Reports Strong First Nine Months of 2025

Lottomatica Group delivered a solid financial performance in the first nine months of 2025, reporting €1,640.1 million in revenues (+16% YoY) and €617.3 million in Adjusted EBITDA (+28% YoY). The company also strengthened its position in Italy’s online market, supported by a 26% rise in online bets and record digital market share.

Strong Increase in Bets and Revenues

The Group recorded €32.5 billion in total bets, a 17% year-on-year increase compared with the same period in 2024. Growth was driven mainly by the online segment, which posted a 26% rise in bets year over year. Online revenues amounted to €688.9 million, up 27% YoY, supported by expanding market share and the contribution from the PWO acquisition.

Adjusted EBITDA reached €617.3 million, marking a +28% YoY increase and a margin of 37.6%, up from 34.1% a year earlier. The improvement reflects favorable sports betting payout conditions and realized synergies. Operating cash flow for the period reached €504.0 million, compared to €353.3 million last year.

Record Performance in the Online Channel

Lottomatica’s digital business reached the highest market share in its history in Q3 2025:

  • 30.8% total online market share

  • 32.7% iSports market share

  • 30.6% iGaming market share

All metrics improved compared with Q3 2024.

PWO Migration Completed Ahead of Schedule

The company successfully integrated PWO into its proprietary platform, with two-thirds of expected synergies planned for 2025 already secured.

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.”

Net financial debt amounted to €1,856.3 million, representing 2.1x net leverage based on LTM run-rate Adjusted EBITDA, down from 2.4x in December 2024.