Lottomatica SPA reports on a transformative 2022, as the Apollo Global-owned Italian gambling group eyes a first-half listing on the Milan Borsa.
An enlarged Lottomatica sees its full-year 2022 revenues stand at €1.39bn, up 72% on FY2021 comparative results of €808m.
2022 saw Lottomatica, the former Italian B2C subsidiary of IGT Plc complete its merger with Gamenet Group to become Italy’s biggest retail gambling operator.
Contributing 52% of FY2022 revenues, Lottomatica’s gaming franchise achieved a 93% increase on year-on-year revenues to €725m, attributed to a surge in player wagers that amounted to €11bn.
Despite being ordered to reduce its number of concessions, the group’s Sports Betting franchise revenues also experienced significant growth, with a 122% YoY increase to €341m as customer bets skyrocketed by 118.5% to €2.53 billion,.
Meanwhile, the company’s online franchise revenue jumped by 17.5% to €328m, supported by a 36.0% YoY increase in wagers. The growth in this segment was driven by an expanded product range and improvements to Lottomatica’s online offerings. However, the company’s costs also increased in most areas.
The primary expense was the cost of services, which rose by 62.8%. Net finance costs also saw an uptick, but the substantial revenue growth led to a pre-tax profit of €134.5m – a significant turnaround from the €50.3 million loss in 2021.
Lottomatica reported €55m in income tax expenses and accounted for a €6.3m profit attributable to minority interests.
Consequently, the net profit attributable to the group operations for the year amounted to €73m, a stark contrast to the €57m loss in the previous year. Additionally, the company’s EBITDA increased by a remarkable 101.8% to reach €460m.