Lottomatica posts record 32.4% online share and lifts nine-month results in 2026

Lottomatica recorded a record online market share of 32.4% in September 2026 and reported €1.718 billion in revenues during the first nine months of the year, according to results for the period ended 30 September 2026. The company also disclosed a 5% year-on-year revenue increase, improved profitability and operating cash flow of €544.9 million.

Key results and financial magnitudes

The group reported total revenues of €1.718 billion in the nine months to 30 September 2026, versus €1.640 billion in the same period of 2025, representing a 5% increase. Adjusted EBITDA rose 8% to approximately €665.5 million; applying a normalized sports-betting payout assumption, adjusted EBITDA reaches €715.1 million, a 19% year-on-year rise.

Operating cash flow improved to €544.9 million, compared with approximately €504 million a year earlier. Net financial debt stood at approximately €2.16 billion at the end of September 2026, with net leverage of 2.4x the last-twelve-months adjusted EBITDA run-rate.

“We are already fully prepared to start integration immediately upon effectiveness of the transaction,” the company said regarding integration work for the proposed combination with CIRSA.

Digital expansion: share and volumes

Digital contribution was the quarter's focus. The group's average online share in the third quarter was 31.7%, an improvement of 0.9 percentage points versus the same period of 2025. In September 2026 Lottomatica reached a record online share of 32.4% in Italy.

Within the digital business, the iSports share stood at 34.8% during the quarter, up 2.1 percentage points year on year. The iGaming share advanced to 31.2%, up 0.6 points.

Total betting volumes registered by Lottomatica in the nine months were €35.2 billion, versus €32.5 billion in the same period of 2025, an increase of 8%. Online betting volume grew 12%, while activity in the sports franchise division rose 11%. Gross gaming revenue (GGR) reached approximately €3.52 billion, a 2% year-on-year increase.

Performance by divisions

The online division was the main growth driver: its revenues increased 13% to €780.8 million in the nine months; on a normalized payout basis the increase would be 18%. The company noted that less favourable sports-betting payout conditions partially offset the benefits of higher volumes.

The sports franchise division reported €376.7 million in revenues, a 1% year-on-year decline despite an 11% rise in betting volumes. The gap between higher activity and lower revenue illustrates the impact of payouts in sports betting. The gaming franchise division recorded €560.3 million in revenues, a 2% decrease versus the prior year.

Progress on the proposed combination with CIRSA

Lottomatica is progressing with the proposed combination with Spanish CIRSA Enterprises. The transaction, announced on 2 September 2026, is structured as a cross-border merger by absorption in which CIRSA would be absorbed by Lottomatica, which would remain the surviving legal entity. The boards of directors of both companies approved the joint merger plan on 8 October 2026.

Shareholder meetings have been convened: Lottomatica's ordinary and extraordinary meetings are scheduled for 23 November 2026, and CIRSA's extraordinary meeting for 30 November. Completion of the transaction remains subject to shareholder approvals, regulatory authorisations and other legal conditions, and is expected to be effective during the second quarter of 2027, subject to those conditions.

According to the company, the integration teams are “already fully up and running” and aim to be “100 per cent ready” to start executing the integration plan as soon as the transaction is effective. Work covers operational coordination and the development of the combined online business; the process will involve [integration planning](/b2b) with a focus on combining digital operations.

CIRSA results and context for the merger

CIRSA published its third-quarter results on 4 November: its net operating revenues for the nine months were €1.888 billion, a 10% increase versus 2025. Adjusted EBITDA reached approximately €599.3 million, a 9.3% rise, and net profit was €128.3 million, an increase of about 73.6%. Profit before tax rose to approximately €178.8 million from €130.4 million in the comparable period.

Spain accounted for approximately 48.4% of group EBITDA in the nine months. The slots division in Spain grew net operating revenue by 10.5% and EBITDA increased 15.6% to approximately €186.4 million. The casino division recorded revenues of approximately €805.7 million and EBITDA of €326.9 million, despite temporary closures in Colombia after the August earthquake. CIRSA's online unit saw a 14.3% increase in revenues, although its EBITDA fell 4.9% due to higher gaming taxes in Peru and less favourable sports-betting results in parts of the period.

Outlook and upcoming milestones

Lottomatica maintains the expectation that its adjusted EBITDA, on a normalized payout basis, will close toward the upper end of its guidance range for 2026. CIRSA also reiterated its outlook, expecting to end the year toward the high end of its guidance for revenues and adjusted EBITDA.

The company will need to sustain cash generation and control leverage while preparing integration. The proposed combination with CIRSA could broaden the group's international footprint, but its effectiveness depends on shareholder and regulatory approvals and other conditions under review in the [regulatory process](/regulation).