Lottomatica EBITDA rises 15% YoY in first nine months of 2023 on pro forma basis
Italian operator also notes strong market share gains across online sector as it firms up full-year guidance
Lottomatica has posted a 15% pro forma year-on-year (YoY) jump in adjusted EBITDA for the first nine months of the year.
The Goldbet and Betflag parent company secured earnings of €426m (£372.4m) during the period, up from €371.5m in the first nine months of 2022.
Strong growth in the Italian firm’s online operations helped buoy its performance, although the group was impacted by Q3’s “unfavourable” sporting results.
Group revenue landed at €1.2bn, up 12% on a pro forma basis YoY from 2022, while there was substantial market share growth across key verticals.
Lottomatica’s total online market share improved by 3.8 percentage points to reach 21.2% in Q3.
Online sports betting market share increased by 3.1 percentage points to 20.4% and igaming market share soared by 4.5 percentage points to 21.7%.
In the group’s retail setting, sports betting revenue rose 10% to €227.4m while retail gaming showed a small uptick of 3% to €543.5m.
The operator ended the first nine months of the year with operational cash flow of €344.7m, although net financial debt stood at €1.2bn.
The group also confirmed its financial guidance for FY 2023, with Lottomatica anticipating revenue of between €1.63bn and €1.69bn and adjusted EBITDA landing between €570m and €590m.
Guglielmo Angelozzi, Lottomatica CEO, said: “In this third quarter we have consolidated our leadership position and our online business has continued to grow market share across all product segments and brands.
“In the first nine months we reached €426m of EBITDA, up 15% compared to the same period in 2022.
“We are on track to achieving our guidance for fiscal year 2023 and to continue to execute our strategy of organic and M&A growth,” he added.
EGR Intel
