Lottomatica revenue jumps 12% for FY 2023 on a pro forma basis
Italian operator also notes online segment outperformed rest of business as revenue increased 33% compared to 2022 with record growth in fourth quarter of 43%
Lottomatica has posted a 12% pro forma year-on-year (YoY) jump in revenue for the full year (FY) 2023.
The Goldbet and Betflag parent company secured revenue of €1.6bn (£1.37bn) during the period, up from €1.4bn in FY 2022.
Revenue from the online side of the business totalled €520.8m for 2023, a 33% YoY increase on the previous year, with the operator noting a specific record Q4 increase of 43% compared to 2022.
Adjusted EBITDA also rose for the firm, reaching €595.7m, up 17% on a pro forma basis YoY from 2022, while there was growth across all areas of the business.
Overall gross gambling revenue (GGR) rose by 6% on a pro forma basis, reaching €3.86bn, with total online market share improving by 3.7 percentage points to reach 21.7% in Q4, equating to a 0.5 percentage point increase in market share from Q3.
Online sports betting market share soared 4.2 percentage points to 22.1% alongside an increase in igaming market share by 3.7 percentage points to 21.5%.
In the group’s retail setting, sports betting revenue rose by 8% to €368.2m for the period, while retail gaming showed a minimal uptick of 2% to €743.5m.
The operator ended 2023 with operational cash flow of €469.6m, although net financial debt stood at €1.2bn.
These results did not include the performance of the newly acquired SKS365 business.
In November, Lottomatica acquired 100% of the share capital of SKS365 in a deal worth €639m.
When the acquisition was announced, the operator said it would strengthen its online market share in Italy to to 28.3%.
The group also confirmed its financial guidance for FY 2024, again excluding the contribution of SKS365 and anything related to the deal.
Lottomatica is expecting revenue between €1.8bn and €1.845bn and adjusted EBITDA to land between €625m and €645m.
The Italian operator said it would provide updated guidance for the year when the SKS365 acquisition is completed, which is expected during the first half of 2024.
Guglielmo Angelozzi, Lottomatica CEO, said: “2023 marked a very strong year for our group, in which we consolidated our leadership position across all segments and brands.
“We continued to grow both organically, increasing market share for the fifth quarter in a row, and through M&A, signing the acquisition of SKS365 and executing our bolt-on strategy.”
Looking ahead to 2024, Angelozzi added: “Our objectives for 2024 are to strengthen our leadership position in both the online and sports franchise segments through product and technology innovation, further develop the omnichannel model while managing efficiently our portfolio of brands and focus on the integration of SKS365.”