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Lottomatica’s Q3 Results Show Strong Online Growth Amid Market Expansion
The company's efficiency was evident as its adjusted EBITDA reached €483.1 million ($524.3 million) over nine months, marking a 13% increase compared to the previous year
Lottomatica Group saw its numbers soar in the third quarter of 2024, with big gains in key areas even though there were some challenges in terms of profit.
Lottomatica Reports 19% Revenue Surge to €1.42 Billion, Fueled by Strategic Acquisitions
Italian gaming giant Lottomatica, after growing its market presence by buying other companies, showed off a decent 19% jump in its total revenue hitting €1.42 billion ($1.5 billion) for the nine months up until September 30. Those months were a big deal for them in the online gaming part of its business, thanks to strategic integration efforts and rising consumer demand.
Lottomatica’s digital segment drove the expansion, with internet wagers rocketing up 48% from last year hitting €17.12 billion ($18.6 billion). Revenue from this part of the business shot up by 45% reaching €543.6 million ($590 million) compared to the same period in 2023. The online adjusted EBITDA for Lottomatica went up 31% to €284.6 million ($308.9 million).
That is 58.9% of the group’s adjusted EBITDA. A bunch of this success is thanks to Lottomatica buying SKS365. That move bumped up the company’s position in the market in every category and pushed forward its plans for creating a better team.
Sports franchises and video games helped boost the group’s overall growth. People wagered 23% more on sports betting hitting €2.5 billion ($2.7 billion). This sector’s earnings climbed to €313.2 million ($339.9 million), which is a 13% jump from the previous year. But profit before interest, taxes, depreciation, and amortization in the sports sector took a 15% hit because paying out conditions was challenging.
On the other hand, the video game segment did alright for itself with bets reaching €8.17 billion ($8.9 billion) and revenue upping by 3% to €560.6 million ($608.4 million) keeping Lottomatica’s money flow steady.
Despite Thinner Margins, Lottomatica Posts €483.1M Adjusted EBITDA
The company’s efficiency shone through as its adjusted EBITDA hit €483.1 million ($524.3 million) over nine months up by 13% from last year. This happened even though EBITDA margins were a bit thinner, what with bringing SKS365 on board. Yet, the net earnings took a bit of a hit landing at €57 million ($61.9 million), which is 15.3% less than the previous year.
Lottomatica sticks to its financial projections for the year. The company expects to pull in anything from €2.03 billion ($2.2 billion) to €2.08 billion ($2.3 billion) in sales. It also predicts its adjusted EBITDA will hit somewhere between €700 million ($759.8 million) and €730 million ($792.3 million).
Lottomatica CEO Guglielmo Angelozzi is pretty happy with how things are going so far. He noted the integration of SKS365 into the group and he also said he is thrilled that the company could push its synergy goals up from €65 million ($70.5 million) to €75 million ($81.4 million). As of Q3, about half of these synergy targets have already been achieved.
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Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
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