Lottomatica revenue up 23% as online market share in Italy reaches all-time high 

Lottomatica has recorded a 23% year-on-year (YoY) increase in revenue for full-year 2024 as the multi-brand operator also reported all-time market share in Italy as of Q4.

The Italian firm posted revenue of €2bn (£1.6bn) during the reported period, up from the €1.6bn generated a year prior. 

The online side of the business produced €780.2m of the total, a 50% increase compared to 2023.

Bosses noted that surge in online growth was aided by market share increases across all products and brands. 

Lottomatica’s adjusted EBITDA beat guidance issued in July of last year, coming in at €739.4m for 2024, above the estimated €700m and €730m range. Adjusted EBITDA also jumped 24% YoY. 

The operator posted a corresponding adjusted EBITDA margin of 35.3%. 

Total stakes came to €39.2bn, representing a rise of 30% YoY, while online stakes climbed 51% to contribute the lion’s share of the metric with €24.5m. 

The operator added it was able to grow GGR at a rate of 26% compared to a 14% growth rate for the rest of the market, with igaming growth at 30% compared to an Italian average of 15%.

As of Q4 2024, total online market share reached a record high of 30.9%, with Lottomatica operating its eponymous brand, Betflag, Goldbet and SKS365 in the Italian market.

Breaking Lottomatica’s online market share down by vertical, sports betting saw a marginal climb of 0.8 percentage points to sit at 32.3% in the final three months of 2024. 

The firm’s igaming segment followed a similar trajectory, rising 0.9 percentage points to 30.6%. 

As per Lottomatica’s presentation slides, the Milan-listed business placed Flutter’s online market share at around 26%, with the operator giant running Sisal and soon taking ownership of Playtech’s Snaitech brand.

Lottomatica’s online growth was supported by increases in number of active players from 4.1 million to 4.3 million players, or a 7% spike.

Average revenue per user also jumped 7% between 2023 and 2024, ticking up from €1,092 to €1,170. 

Lottomatica’s retail arm produced sports betting revenue of €460.8m, representing a 25% YoY rise, while retail gaming showed a slight uptick of 3% YoY to €763.7m. 

The operator concluded 2024 with operational cash flow of €556.8m, though net financial debt stood at €1.8bn. 

Alongside the full-year 2024 results release, Lottomatica outlined its 2025 guidance, which includes expected revenue of between €2.32bn and €2.37bn and adjusted EBITDA to land between €840m and €870m. 

Lottomatica CEO Guglielmo Angelozzi said: “2024 marked an outstanding year for our group, in which we consolidated our leadership position across all segments and brands.  

“We exceeded expectations set at the beginning of the year and subsequent upgrades, with revenues of €2bn and adjusted EBITDA of €739m.

“We continued to grow both organically and through M&A, with the acquisition of PWO and executing our bolt-on strategy.  

“Our objectives for 2025 are to strengthen our leadership position in all segments through product and technology innovation, and further develop the omnichannel model while managing efficiently the retail to online transition that is occurring in the market.” 

In April 2024, Lottomatica acquired SKS365 as part of a deal that cost the firm €639m. It has since rebranded the Italy-facing operator to PWO. 

Following the company’s full-year 2024 performance release, Lottomatica’s share price produced a marginal uptick of just under 1% to sit at €16.81.