Lottomatica Group SPA has lauded its strong return on the Milan Borsa, announcing record results across its core business units.
Publishing its Q1 2023 trading results, Lottomatica achieved a consolidated betting volume of €7,3bn, up 33% on 2022 comparatives of €5.5bn.
The Italian gambling group’s units achieved combined gross gaming revenue (GGR) of €442m, up 20% on Q1 2022 results of €352m – results which reflected the successful acquisition and integration of the BetFlag sportsbook, which contributed to the group’s ‘enhanced performance’ adding ‘€1bn in consolidated bets’.
Period trading saw Lottomatica’s enlarged online business register the highest growth, with revenues increasing by 40.1% to €124m, followed by the Sports Franchise, which grew its revenue result b 18.4% to €110m.
Updating investors, Lottomatica underscored its continued dominance in the iSports and iGaming sectors, increasing its Italian market shares of 18.1% and 18.9%, respectively.
Digital growth was supported by Lottomatica Gaming Franchise unit (retail gaming) achieving 4% revenue growth to €188m (Q12022: €170m), maintaining its strong post-COVID recovery.
Headline growth saw Lottomatica adjusted EBITDA stand at €156, up 24% on 2021 comparatives of €125m with all units contributing to a positive EBITDA outcome with respective results of online gambling €78m (+54%), Sports Franchise €33m (+1%) and Gaming Franchise €45m (+4%).
Submitting its accounts, Lottomatica declared an adjusted net profit increased by 36% to €63m, while operating cash flow rose by 27% to €138m. As of 31 March 2023, the company’s net financial debt stood at €1.6bn, reflecting the Group’s disciplined financial management and strong cash generation.
Lottomatica President Guglielmo Angelozzi, expressed his gratitude for the tremendous results, attributing them to the dedication and efforts of all colleagues: “We started the year with a record performance, continuing in April and providing the base for a solid performance in 2023.
“This is also thanks to the turnaround of Better.it and Lottomatica.it, which we migrated to our technology and product stack last summer. I want to express my gratitude to all the colleagues for these tremendous results achieved thanks to their incredible dedication and efforts.”
Concluding its results, Lottomatica confirmed its guidance for the fiscal year of 2023, in which the heritage gambling group anticipates revenues of €1,57-€1,67bn and adjusted EBITDA of €550–€570m, with online adjusted EBITDA expected to be at least €275m.
Relisting on the Milan Euronext Exchange, Lottomatica expects its capital expenditure to be maintained at circa €65m, excluding agreed capital expenses of €45m, and one-off growth capital expenditure of approximately €30m.