Lottomatica, a leading operator in Italy and across Europe, provided a detailed financial update for the opening quarter of this year. The announcement was made public on Tuesday, revealing the contents of its interim financial report for the period ending on March 31, 2024.
The first quarter of 2024 saw Lottomatica recording €8.7 billion ($9.28 billion) worth of bets, a 20% rise when benchmarked against the result for Q1 2023. Furthermore, it announced a gross gaming revenue (GGR) of €1.01 billion ($1.08 billion), representing an incremental year-over-year growth of 1%.
Insights provided by Lottomatica revealed an impressive Q1 revenue of €440.1 million ($469.9 million). When juxtaposed against the same period in 2023, the firm’s most recent report signifies a 4% increase, but a 16% increase when considering “normalized payout” as per the company’s explanation.
The company’s sectoral revenue data demonstrated a growth in returns from its online and gaming franchise sections; conversely, a decline was observed in the sports franchise revenue year-over-year. In specific terms, the first quarter of 2024 saw an online revenue of €150.4 million ($160.6 million), marking a 21% hike compared to Q1 2023. In contrast, although the revenue from gaming franchises grew by 4% to €195.3 million ($208.5 million), there was a 15% drop in sports franchise revenue, stalling at €94.4 million ($100.8 million).
Revisions to the 2024 Financial Forecast by the Company
Guglielmo Angelozzi, the Chief Executive Officer of Lottomatica, expressed his delight with the company’s recent performance, emphasizing the company’s steady organic growth. He acknowledged the firm’s unrivaled achievements in terms of EBITDA and revenue generation.
In addition to expressing his delight, Angelozzi also mentioned the successful culmination of the acquisition process of SKS365. Following the takeover, SKS365’s CEO, Alexander Martin, announced last month his decision to resign from the company. Angelozzi then revealed that based on this strategic acquisition, Lottomatica enhanced their forecast.
“The successful takeover of SKS365 in April 2024 has led us to revise our forecast and we are now steadily executing our robust programme of bolt-on M&A.”
Guglielmo Angelozzi, CEO of Lottomatica
According to the updated forecast, Lottomatica envisions FY 2024 revenues between €2.02 billion ($2.16 billion) and €2.06 billion ($2.2 billion). On the other side of the spectrum, the company predicts adjusted EBITDA to fall between €680 million ($726.1 million) and €700 million ($747.4 million).
A review of market share reveals that Lottomatica’s report for Q1 2024 indicates an estimated total market share of 21.6%, showing a growth of close to 3% compared to the corresponding period the previous year. While the company’s iGaming market share was 21.8% in Q1, online sports betting market share was at 21.2%.
