Lottomatica Q3 Adjusted EBITDA Up 3% To €200 Million
Lottomatica Group reported a 3% rise in third-quarter adjusted EBITDA to €200 million, with online betting and gaming growing faster than the rest of the business. The Italian operator published its nine-month figures on 3 November in a results press release, after its board approved the accounts on 2 November.
Adjusted for a normalised sports betting payout, the picture was stronger. The company put third-quarter adjusted EBITDA at €234 million on that basis, an increase of 17%.
The gap reflects a sports betting payout that was less favourable than in the same period last year. Lottomatica assumes a normalised payout of 80.5% for retail and 85.5% for online.
Chairman and chief executive Guglielmo Angelozzi called it another strong quarter, pointing to double-digit growth in online and sports volumes. He also referred to the announced acquisition of CIRSA as a major strategic milestone that will add scale.
Online Leads The Quarter
Third-quarter revenue was €537 million, up 5%. Online brought in €256 million, a rise of 13%, while the sports franchise made €101 million, down 1%, and the gaming franchise €180 million, down 2%.
Lottomatica said its online market share edged up. It reached 31.7% overall in the quarter, 0.9 percentage points higher than a year earlier.
In sports betting online it held 34.8%, up 2.1 points, and in iGaming 31.2%, up 0.6 points. These shares are measured on gross gaming revenue.
The result lands in a market where regulators and lawmakers are paying close attention to the sector. Recent coverage has looked at Italy's plan to raise more from gambling in its 2027 budget.
Nine-Month Numbers
Over the first nine months of 2026, Lottomatica took €35.2 billion in bets, up 8%. Online bets grew 12%, and bets in the sports franchise rose 11%, with a 15% increase in the third quarter alone. Gross gaming revenue was €3,516 million, up 2%.
Revenue came to €1,717.8 million, a 5% increase, or 10% at normalised payout. Online revenue reached €780.8 million, up 13%, or 18% at normalised payout. The sports franchise made €376.7 million, down 1% on a reported basis but up 13% at normalised payout, and the gaming franchise made €560.3 million, down 2%.
Adjusted EBITDA for the nine months was €665 million, up 8%, or €715 million and up 19% at normalised payout. Operating cash flow was €545 million and adjusted net profit €263 million.
Debt And Guidance
Net financial debt stood at €2,164 million, equal to 2.4 times last-twelve-month run-rate adjusted EBITDA. That measure is pro forma for bolt-on deals and run-rate synergies.
Lottomatica confirmed its guidance for 2026. It still expects normalised adjusted EBITDA at the top end of the range. The release headline stresses that both online and sports bets grew at double-digit rates in the quarter, with online market share still rising.
Reported and normalised figures diverge because of the payout adjustment, so the 3% reported rise in the quarter and the 17% normalised rise describe the same period on different assumptions. Lottomatica presents the normalised measure as the cleaner read of underlying trading.
