Lottomatica revenue up 19.8% in record quarter

Other income of €2.5m brought the total revenue for the year to €424.8m, up by 19.4% compared to Q1 2022.

Gugliemo Angelozzi, CEO of Lottomatica, said the business’ record performance during the quarter signified a strong start to the year.

“We started the year with a record performance, continued in April, laying the foundations for a solid performance in 2023,” said Angelozzi. “Revenues increased in all operating sectors, contributing to the growth of adjusted EBITDA, with the online operating segment breaking previous records in terms of market share and performance indicators across all our brands”

“I want to express my gratitude to all my colleagues for these extraordinary results, achieved thanks to their incredible dedication and commitment”.

Q1 results

Lottomatica said its online segments hit a new record during the quarter.

The operator’s online sports betting offering accounted for €110.0m of the total revenue. This division generated 18.1% market share. Lottomatica said these results were adjusted for the pro forma effects of its acquisition of Betflag, which occurred in November 2022.

Online revenue hit €124.0m, an increase of 39.3% year-on-year. Online gaming also generated market share of 18.9% during the quarter.

Lottomatica’s gaming franchise revenue was €188.0m for the period, up by 10.6%.

The cost of services for the quarter was €247.0m, a rise of 16.9% yearly, which delivered a significant blow to the final total. This was the highest cost of the quarter by far.

The second-highest cost came from depreciation and write-downs of tangible assets, which totalled at €38.0m. This was a decrease of 5.3% yearly. Financial charges came to €37.4m, and personnel costs totaled at €24.4m.

Other operating costs and charges incurred €6.9m in costs. Devaluation of receivables and financial assets at €637,000 completed the total expenses for the quarter.

Following financial income at €12,000 and income from valuation of equity investments at €104,000, the pre-tax profit was €70.2m, up by 31.8%.

After income taxes of €23.8m – up from €18.5m – the profit for the period was €46.4m, up by 33.8%.

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