Lottomatica posts record Italian online share and confirms Cirsa merger timing
Lottomatica reported revenue of 1,718 million euro for the first nine months of 2026, up 5%, and said its online share of the Italian market hit a record 32.4% in September. It expects its planned merger with Cirsa to close in the second quarter of 2027.
Lottomatica is an Italian operator and is not a South African licensee, so the results do not change anything for local players. They matter as a measure of how large the regulated European market is getting and how much consolidation is happening among listed operators. Cirsa is a Spanish group with a wider international footprint, so a bigger combined company is worth tracking if you follow who owns the brands you see advertised.
The headline numbers
The Lottomatica Group board approved its nine-month results on 2 November and the company published them on 3 November 2026. The figures from its press release:
- Bets of about 35.2 billion euro, up 8% on the same period of 2025.
- Revenue of 1,718 million euro, up 5%.
- Gross gaming revenue of 3,516 million euro, up 2%.
- Adjusted EBITDA of 665 million euro, up 8%.
- Net financial debt of 2,164 million euro.
The company says it expects normalised adjusted EBITDA for the full year to land at the top end of its guidance range.
Online keeps growing, retail lags
Online revenue rose 13% to about 781 million euro. The sports franchise was down 1% and the gaming franchise down 2%. The company points to a sports betting payout that was less favourable than a year earlier, saying sports franchise revenue would have been up 13% at a normalised payout.
Lottomatica puts its total online market share in Italy at 31.7% for the third quarter, 0.9 percentage points higher than a year before. A trade report on the results gives a September peak of 32.4%.
The Cirsa merger
Chief executive Guglielmo Angelozzi called the planned Cirsa merger a major strategic milestone. According to the trade report, the deal is expected to close in the second quarter of next year, financing is secured, and Cirsa has called a shareholder meeting for 30 November. Those timing details come from that report, not from the press release we read.
What it means for South African players
Nothing changes at the tables or slots you can access from South Africa because of these results. The useful takeaway is about market structure: large regulated markets are rewarding the biggest operators, and mergers are one way those groups grow. Check any casino you consider on its own review page, not on the strength of a parent company's earnings.
What to watch next
The Cirsa shareholder meeting on 30 November and any regulatory approvals are the next steps. Italy's proposed budget changes to slot levies will also affect Lottomatica's retail business if they pass.