€35B Bets, Revenue €1,718M: Lottomatica Reports 9M 2026 Results With Online Market Share Climbing
Lottomatica Group has reported bets of €35 billion for the first nine months of 2026, up 8% on the same period last year, as its online business kept pulling market share and lifted group profitability. In results released on 3 November 2026 and approved by the Board on 2 November for the nine months ended 30 September 2026, the online segment did most of the heavy lifting while the franchise businesses held broadly steady on revenue.
For a group that describes itself as the leader in the Italian gaming market, the number that counts is the mix beneath the top line. Adjusted EBITDA rose 8% to €665 million, the group margin widened, and the company confirmed full-year 2026 guidance at the top end of its range.
Lottomatica online market share reaches 31.7% in Q3 2026
The clearest signal in the nine-month numbers is share. Total online market share reached 31.7% in Q3, up 0.9 percentage points year on year, with iSports share at 34.8% (+2.1 p.p.) and iGaming share at 31.2% (+0.6 p.p.). Online bets grew 12% over the period, and group GGR reached €3,516 million, up 2%.
Share at this level sits alongside a 13% rise in online revenue, so the gains are showing up in the numbers rather than in volume alone. For a market leader, extending share while the field competes for the remainder strengthens its position for the quarters ahead.
Lottomatica 9M 2026 revenues rise 5% to €1,718 million
Revenues reached €1,718 million, up 5% as reported and 10% at normalised payout. Online revenues grew 13% to €781 million, or 18% at normalised payout, driven by overall online market growth and share gains across product segments and brands. Sports franchise revenues came in at €377 million, down 1%, and gaming franchise revenues at €560 million, down 2%.
Adjusted EBITDA reached €665 million, up 8%, rising to €715 million and 19% higher at normalised payout. The group adjusted EBITDA margin improved to 38.7% from 37.6%. Operating cash flow was €545 million and adjusted net profit €263 million.
Online lifts Lottomatica segment EBITDA 17% as franchise revenue holds steady
Online is now carrying both the growth and the margin. Over the nine months, online segment adjusted EBITDA grew 17% reported and 24% at normalised payout, at a 56.7% margin, while sports and gaming franchise revenues were flat to slightly down on a reported basis. The company’s reporting shows the sports franchise segment’s reported revenue dip was mainly a less favourable betting payout rather than weaker volume, with sports franchise bets up 11% over the period and 15% in Q3.
The read is straightforward. Volume is healthy across the board, and the online channel is where that volume converts into expanding margin, while the retail-anchored franchise segments keep the revenue base intact.
Betting payout shapes Lottomatica growth from 5% reported to 10% normalised
Much of the gap between reported and normalised growth comes down to sports betting payout, which the company says was overall less favourable than the same period of 2025. That is why reported revenue growth of 5% becomes 10% at normalised payout, and why the sports franchise segment reads as -1% reported but +13% normalised.
Because payout sits partly outside the operator’s control, a strong quarter on normalised figures can still read as softer on reported numbers in any given period. Both versions are worth holding in view together rather than one alone.
Lottomatica confirms FY 2026 guidance with net debt at 2.4x leverage
Lottomatica confirmed full-year 2026 guidance with adjusted EBITDA normalised expected at the top end of the range. Net financial debt stood at €2,164 million, equivalent to 2.4x net leverage on a last-twelve-months run rate basis. The CEO also cited the announced acquisition of CIRSA as a strategic milestone.
On a quarterly basis the group reported 17% normalised adjusted EBITDA growth, which Chairman and Chief Executive Officer Guglielmo Angelozzi highlighted:
“The third quarter of 2026 marks another strong quarter for Lottomatica, with double digit growth in Online and Sports volumes, and in Adjusted EBITDA normalised (+17% yoy at normalised payout). We also reached a major strategic milestone with the announced acquisition of CIRSA, which will significantly enhance our scale and future growth opportunities. Looking ahead, we remain confident in our growth trajectory, supported by favourable market dynamics, continued execution of our strategy and strong cash flow generation.”
For operators watching the European market, scale, online share and disciplined leverage are being treated as one strategy rather than three. Whether the CIRSA deal extends that playbook beyond Italy is the question the next set of results will begin to answer.
Source: Lottomatica Group
