Lottomatica Posts Strong Q2 Results, Updates Guidance

Lottomatica has posted its Q2 2023 results, updating its full-year guidance on the back of continued double-digit growth.

In Q2, the company reported revenue of $439 million (converted to USD). This represents a significant 20.7% year-on-year growth from the $380 million recorded in Q2 2022. However, the quarter failed to surpass Q1 2023’s record-breaking revenue of $466 million.

Lottomatica reported Q2 2023 Adjusted EBITDA of almost $158 million with a 36% margin. Overall, the company reported gaining market share across all segments and brands.

As a result of its spectacular performance, Lottomatica updated its full-year guidance. The company now expects annual revenue between $1.79 billion and $1.86 billion (previously $1.73-1.84 billion). Lottomatica also expects adjusted EBITDA to be at $629-651 million.

Lottomatica’s Business Grew Across All Verticals

Lottomatica’s online gaming business was instrumental in the company’s growth, thanks to “solid demand” from customers. The growth was also partially attributed to Lottomatica’s efforts to keep its products fresh and updated.

Lottomatica also reported favorable performance of its video lottery terminals (VLTs) thanks to the repealing of the COVID-19 restrictions, which inhibited the company’s growth. The company’s sports franchise also proved to be resilient.

Although the company didn’t disclose who its main competitors are, it pointed out that its current strategy is helping it strengthen its leadership position faster than its competition.

The past few months also saw Lottomatica launch a selection of new products, such as many new games from various providers, a new virtual product on Betflag and the launch of Marcatore Plus & Ammonito Plus.

Furthermore, Lottomatica unveiled a new Premium Club loyalty program and implemented an AI-powered prediction algorithm to manage risk.

The group is excited about growing its online business and capitalizing on “a very healthy online market,” according to Guglielmo Angelozzi, Lottomatica’s chief executive officer.

Lottomatica Continues to Evolve and Innovate

Earlier this year, Lottomatica successfully became a public company. Despite a string of bank failures, the company managed to proceed with the IPO plans it had announced earlier this year and went live on the Milan stock exchange.

At a later date, Lottomatica pioneered a new solution from Stats Perform. Under an agreement with the supplier, Lottomatica was the first company to offer highlights and overlays for tennis live streams.