Lottomatica H1 2026: Online Revenue Rises 13% as EBITDA Margin Hits 57.9% and Full-Year Guidance Backed

Lottomatica Group reported first-half 2026 total revenue of €1.18 billion, a 5% increase year-on-year, with online operations powering the growth. Online revenue reached €525.1 million, up 13%, and online adjusted EBITDA margin expanded to 57.9% from 54.1% in the first half of 2025. The group's pre-tax profit rose 67% to €181 million and statutory net profit increased 70% to €116 million. CEO Guglielmo Angelozzi reiterated guidance for full-year adjusted EBITDA at the top end of the €930 million to €970 million range, citing the tenth consecutive year of EBITDA growth outside the pandemic period.

Updated July 2026.

What Were Lottomatica's H1 2026 Revenue and Profit Results?

Lottomatica Group's first-half 2026 total revenue of €1.18 billion marked a 5% year-on-year increase, led by the online division and partially offset by small declines in physical gaming and sports retail channels. Gross gaming revenue across the group reached €2.4 billion, up 2% from H1 2025, while total bets wagered across all products grew 9% to €23.7 billion. Adjusted EBITDA rose 10% to €465.3 million, and the adjusted net profit reached €196 million. Pre-tax profit of €181 million represented a 67% improvement on the prior-year period, and statutory net profit of €116 million was up 70%. The results were published on July 28, 2026, and Lottomatica's shares closed flat on the day, reflecting the results being broadly in line with market expectations.

Key H1 2026 Financial Metrics

• Total revenue: €1.18 billion, up 5% year-on-year (Lottomatica Group H1 2026 earnings release)
• Gross gaming revenue: €2.4 billion, up 2% year-on-year
• Total bets wagered: €23.7 billion, up 9% year-on-year
• Adjusted EBITDA: €465.3 million, up 10% year-on-year
• Adjusted net profit: €196 million
• Pre-tax profit: €181 million, up 67% year-on-year
• Statutory net profit: €116 million, up 70% year-on-year

How Did Lottomatica's Online Division Perform?

The online division was the standout performer of the half. Online revenue reached €525.1 million, up 13% from €464 million in H1 2025, driven by strong performance in online casino and sports betting. Online gross gaming revenue grew 11% to €916 million, and online bets increased 12% to €16.2 billion. The online EBITDA margin expanded to 57.9% from 54.1% in the prior-year period, an 3.8-percentage-point improvement that reflects operating leverage as the platform scales without proportionate increases in variable costs. Lottomatica's online market share in Italy reached 31.6% in Q2 2026, up 1.1 percentage points year-on-year, and its online sports betting market share was 31.8%. These figures make Lottomatica the clear leader in Italy's online gambling market by a substantial margin.

What Is Driving Lottomatica's Online Margin Expansion?

The improvement in online EBITDA margin from 54.1% to 57.9% over twelve months reflects several converging factors. Lottomatica has been investing heavily in technology and platform capabilities for several years, and those fixed costs are now being spread across a growing revenue base. The Italian online gambling market has also matured in a way that reduces the customer acquisition costs that typically compress margins in high-growth periods, allowing Lottomatica to generate more revenue from its existing registered base. The group's dominant market position, holding roughly a third of the Italian online market, gives it pricing power and the ability to retain customers without the promotional intensity that smaller competitors must deploy to compete for share.

How Did the Physical Gaming and Sports Channels Perform?

Lottomatica's land-based segments produced a more modest picture. Physical gaming revenue (the division covering gaming machines, lottery terminals, and retail gaming products) fell 2% to €380 million in H1 2026. Sports retail revenue declined 1% to €275 million. These are mature channels with limited growth potential given Italy's restrictive retail gambling regulations and the gradual migration of Italian bettors to online platforms, a trend that Lottomatica's own online growth figures reflect. The company has managed the channel mix transition by ensuring its digital product range captures customers who previously bet through physical retail, and the online revenue growth rate of 13% substantially outpaces the modest retail declines.

What Is Lottomatica's Full-Year 2026 Guidance?

Lottomatica confirmed its full-year 2026 adjusted EBITDA guidance range of €930 million to €970 million, while reiterating that it expects to land at the top end of that range. The €970 million top-end figure implies continued strong H2 2026 performance, particularly in the online division where seasonal factors (the return of major football leagues and autumn sporting calendars) typically provide a tailwind in the second half. The guidance also incorporates expectations of continued margin improvement in online operations and stable physical channel performance. CEO Guglielmo Angelozzi linked the guidance confidence to the group's sustained growth track record: "We have seen adjusted EBITDA growth in every quarter in the last 10 years, except during Covid restrictions, continuous and substantial margins increase."

How Does Lottomatica's H1 2026 Compare to European iGaming Peers?

Operator	H1 2026 Revenue	YoY Change	Online EBITDA Margin
Lottomatica (Italy)	€1.18 billion	+5%	57.9%
Flutter Entertainment (global)	$4.3 billion (Q1 only)	+17% (Q1)	Not disclosed separately
Entain (global)	H1 results pending at time of publication	TBC	TBC
Caesars Digital (US)	$351 million (Q2 only)	+2% (Q2)	19.4% (Q2 segment)

What Is Lottomatica's Market Position in Italy?

Lottomatica is Italy's largest gambling operator by both revenue and market share, a position built through its heritage as the concessionaire for the Italian national lottery (through Lotto and other state-licensed products) and expanded through its digital transformation and online gaming licences. The 31.6% online iGaming market share and 31.8% online sports betting share in Q2 2026 represent structural dominance in a market where the second and third-placed competitors hold materially smaller shares. Italy is one of Europe's most regulated online gambling markets, with mandatory licensing through the Agenzia delle Dogane e dei Monopoli (ADM), strict advertising restrictions enforced since 2018 under the Decree Dignity, and high effective tax rates on gambling revenue. Lottomatica's ability to expand margins and grow share within that regulatory environment reflects both the strength of its brand recognition and the quality of its digital platform.

What Is the Context of Italy's Online Gambling Market in 2026?

Italy's online gambling market continues to grow despite the advertising restrictions introduced by the Decree Dignity in 2018, which prohibited virtually all gambling advertising across Italian media. The market has continued to expand partly through organic word-of-mouth and search-led acquisition, and partly because large operators like Lottomatica retain strong brand awareness from their retail presence and lottery heritage. Italy's total bets market, at €23.7 billion for Lottomatica alone in H1 2026, demonstrates the scale of Italian gambling appetite. The ADM has continued to tighten enforcement against unlicensed offshore operators, which supports channelization into the licensed market and benefits operators with strong Italian brand positions. Full results detail is available via the NEXT.io results coverage and SBC News analysis.

Frequently Asked Questions

What were Lottomatica's H1 2026 earnings results?

Lottomatica reported H1 2026 total revenue of €1.18 billion (up 5%), adjusted EBITDA of €465.3 million (up 10%), and statutory net profit of €116 million (up 70%). Online revenue grew 13% to €525.1 million.

What is Lottomatica's EBITDA guidance for 2026?

Lottomatica reiterated its full-year 2026 guidance for adjusted EBITDA at the top end of its €930 million to €970 million range, citing sustained online growth and margin expansion.

What is Lottomatica's online market share in Italy?

In Q2 2026, Lottomatica held a 31.6% share of the Italian online iGaming market and a 31.8% share of online sports betting, up 1.1 percentage points year-on-year in iGaming.

What is Lottomatica's online EBITDA margin?

Lottomatica's online adjusted EBITDA margin reached 57.9% in H1 2026, up from 54.1% in H1 2025, reflecting operating leverage from continued digital revenue growth.

Who is the CEO of Lottomatica?

Guglielmo Angelozzi is the CEO of Lottomatica Group. He cited the group's track record of EBITDA growth in every quarter for ten years (excluding Covid restrictions) in the H1 2026 results commentary.

Where is Lottomatica listed?

Lottomatica Group S.p.A. is listed on Euronext Milan under the ticker LTMC. It is Italy's largest gambling operator by revenue and market share.