Lottomatica Group posted double-digit growth across both revenue and profit in its 2025 financial year, driven primarily by a robust online segment and product development, the company revealed on Tuesday.
Group GGR reached €4.735 billion, up by 8% on the previous year. Total stakes were approximately €44.7 billion, representing a 14% rise compared to 2024. The online betting segment demonstrated a particularly strong performance with a 22% increase in stakes.
Online remained Lottomatica’s key growth engine with wagering within the segment increasing by 22% to €954.5 million. This helped grow the group’s online market share in Italy by 1.2 percentage points, reaching 31.3% for the full year.
Its betting market share rose to 32.4% during the period, while iGaming was up to 31.5% of the total market.
Product was ‘key driver’ for market growth
Speaking to analysts during the operator’s earnings call on Tuesday CEO Guglielmo Angelozzi said product development had been a “key driver” in its market share growth throughout the year.
“What I can say is that we have a very healthy pipeline, especially on the part of what we call the Lottomatica Core. So the martech infrastructure that you have above the gaming platforms, which allows to optimise the digital marketing and all its aspects to improve the risk management, all the things that are in Lottomatica Core are a key differentiating component and a key part of our road map,” he said, responding to questions on whether product had driven market share gains.
Angelozzo said he expected further market share growth among Lottomatica’s legacy brands in 2026.
At the end of 2025, Lottomatica reported 2.2 million online customers and maintained around 17,400 retail outlets across Italy.
The integration of PWO, acquired in May 2024, was completed ahead of schedule. The acquisition exceeded synergy expectations, delivering €87 million in synergies, approximately 34% above the initial guidance. PWO also resumed growth, reaching a 6.3% online market share in the fourth quarter.
The group ended the year with €375 million on its balance sheet, with an adjusted EBITDA of €856 million, up 21% compared to FY24. Meanwhile, adjusted net profit for the year rose 45% to €369 million.
Could Lottomatica be eyeing up Evoke’s Italy business?
Analysts questioned Lottomatica executives on whether they would consider acquiring Evoke’s Italian business, following the operator launching a strategic review and potential sale of part of its business in December.
In response, CFO Laurence Van Lancker said the business would not comment on specific M&A opportunities. “As you know, we monitor all potential targets within the framework that we’ve mentioned, which is across Europe. And of course, that includes Italy as well. But we’re not going to comment on specific names.”
Evoke has not publicly confirmed which parts of its business it is reviewing for possible sale.
Looking ahead to 2026
Lottomatica’s management team is targeting revenue of between €2.39 billion and €2.46 billion in 2026, with an adjusted EBITDA ranging from €940 million to €980 million. Recurring capital expenditure is expected to reach approximately €85 million to €90 million, with concession investments estimated at around €78 million.
Lottomatica has scheduled its annual general meeting for 20 April, where shareholders will vote on the financial statements, dividend distribution, governance matters and the proposed share buyback and cancellation.
