Lottomatica rules out restructuring CIRSA and sees in Spain its great opportunity for online growth

Lottomatica considers that the takeover of CIRSA presents a reduced risk and offers a particularly attractive opportunity to accelerate its growth in the Spanish online market.

This was stated by Guglielmo Angelozzi, CEO of Lottomatica and future chief executive of the resulting group, during a conference call with analysts held after the transaction was announced.

The executive defended that both companies have demonstrated stable and predictable growth. Between the first half of 2024 and the same period of 2026, Lottomatica and CIRSA's revenues recorded compound annual rates of 13% and 11%, respectively.

Angelozzi distanced himself from other international operations in the sector that did not meet their objectives because they required the complete transformation of the acquired companies.

In this case, he said, CIRSA is already a well-managed group, with a solid track record over the last decade and leading positions in its main markets. For this reason, Lottomatica does not consider the operation as a rescue or reconversion process.

"There is no restructuring to be done. CIRSA is already very well managed and is a leader in its markets," said the executive.

Antonio Hostench, CEO of CIRSA, agreed that the risk of integration is limited due to the limited overlap between the activities and markets of both companies.

According to Hostench, joining Lottomatica's growth project will be an opportunity for CIRSA, its professionals and the future development of its businesses.

Angelozzi identified Spain as one of the main growth drivers of the new group. According to his estimates, CIRSA currently has around 6% of the Spanish online gaming market, a percentage that he considers small compared to its knowledge of customers and its extensive face-to-face network.

The CEO of Lottomatica described the Spanish market as more fragmented and less digitally developed than the Italian one. This situation would open up a significant margin to transfer CIRSA's experience, brands and commercial capacity to the online channel.

"Spain can grow online even more than Italy," said Angelozzi, who ranked both countries among the most attractive gambling markets in the world.

Italy contributed 57% of the combined adjusted EBITDA during the first half of the year, while Spain accounted for 23% and the rest of the markets for 20%. Thus, around 80% of the operating result of the new group will come from Italy and Spain.

Online gaming and betting will become the largest division of the resulting company, with 48% of the combined adjusted EBITDA. The machines business will contribute 27% and casinos, the remaining 25%.

Lottomatica also rules out that CIRSA's current presence in Italy poses significant competition barriers. Angelozzi noted that the joint share will remain below 40% in each relevant market and that both companies operate with complementary brands and models.

The takeover will be articulated through a European cross-border merger in which Lottomatica will be the surviving company. The resulting group expects to achieve approximately €2 billion in adjusted EBITDA and become the world's second-largest listed gaming and betting operator.