Lottomatica Boasts Strong FY 2023 Results with €1.6B

Lottomatica, a company that operates in the regulated gambling market in Italy and is de facto the first legal entity to have been authorized to provide its products locally, has boasted strong financial tailwinds, with the company generating €1.6 billion revenue in the 12 months ending on December 31, 2023.

Financial Tailwinds Carry Lottomatica into the New Year

The company’s financial swagger is justified with Lottomatica notching significant upticks across several verticals and numerous financial performance criteria. For one, gross gaming revenue for the company increased to €3.86 billion over the surveyed period.

Total bets stood at €30.1 billion, and revenues hit the aforementioned €1.6 billion milestone. Breaking down the verticals further in terms of gross gaming revenue, Lottomatica achieved a market share of 22.1% for sports, along with a similar number of 21.5% for the iGaming market share.

Net profit stood at €215.9 million, or a gain of 29% on FY 2022. A dividend payment proposal was put forward at €0.26 per share. The results were welcomed by Lottomatica’s Chief Executive Officer, Guglielmo Angelozzi, who has welcomed the culmination of a long year of hard work.

He hailed 2023 as a very strong year for the company despite the increasingly challenging domestic market, which could see potential changes in tax law and further toughening of existing measures.

“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,” Angelozzi mused in an official statement recapping the results.

This momentum has not been lessened by the watershed acquisition of SKS365, another Italian brand that is now joining Lottomatica’s portfolio.

Biggest IPO in Europe and Strongest Results to Date

Lottomatica’s boss did not miss to praise the significance of the Initial Public Offering (IPO) launched in May, which turned out to be Europe’s largest. Shares were offered at €8.50 ($9.38) and the company raised €690 million in proceeds.

Commenting at the time, Angelozzi hailed the earth-shattering moment in the company’s history, stating: “Today opens a new phase for the growth of our group, which will be able to count on an even stronger balance sheet and additional investors to accompany its future development programs.”

Plowing a course for the future, Lottomatica’s boss said that the company will seek to expand the firm’s reach in both the sports and casino gambling markets and seek to deliver another record-setting year for the brand on all levels.