Lottomatica’s H1 2025 results are in, and online growth is driving the numbers. The group posted a 33% jump in adjusted EBITDA, with strong momentum in sports and gaming. The Lottomatica H1 2025 results also confirm guidance for the year.

  • The group handled €21.8bn in bets for H1 2025, up 21% year-on-year. Online bets saw the fastest climb, growing 34% from the same period in 2024. Sports franchise bets rose 17%, while gaming franchise bets dipped 2%.

  • Gross gaming revenue came in at €2.36bn, a 13% increase from H1 2024. Online market share reached 30.5% in Q2, with iSports at 31.8% and iGaming at 30.5%. These gains were supported by the integration of PWO and expanded brand activity.

  • Revenues totaled €1.13bn, up 21% year-on-year. Online revenue rose 37% to €463m, sports franchise revenue increased 31% to €279m, and gaming franchise revenue edged up 2% to €386m. Online growth outpaced other segments thanks to market share expansion.

  • Adjusted EBITDA hit €422m, a 33% increase on H1 2024. The margin rose to 37.4% from 34.1% last year. Online contributed €251m to EBITDA, with sports at €81m and gaming at €90m.

  • Operating cash flow reached €344m versus €228m in H1 2024, mainly due to higher EBITDA. Recurring and concession capex totaled around €78m combined for the period.

  • Net financial debt stood at €1.81bn at the end of June, equivalent to 2.1x LTM adjusted EBITDA. This was down from 2.4x at year-end 2024.

  • Lottomatica confirmed full-year guidance of €2.32bn–€2.37bn in revenue and €840m–€870m in adjusted EBITDA. Management noted the PWO integration is on track to deliver €87m in synergies by 2026.

  • The group started a buyback program on 18 June, acquiring around 1.33m shares to date. Apollo also exited its entire holding in Lottomatica during June.

  • CEO Guglielmo Angelozzi said: “We have completed the migration of PWO onto our proprietary tech platform, positioning Planetwin to capture market growth. The buyback will continue alongside M&A and other capital allocation opportunities.”

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