Lottomatica Group’s financial performance for the first half of 2024 reflects a period of substantial growth and strategic success. The company reported impressive results across various metrics, showcasing a significant increase in both total bets and revenue.
Financial Performance Overview
In the first half of 2024, Lottomatica Group achieved total bets amounting to €18.0 billion ($19.4 billion), marking a robust 23% increase compared to the same period last year. This surge in betting volume underscores the company’s expanding footprint and heightened consumer engagement in the betting market.
Revenue for H1 2024 reached €931.8 million, which represents a notable 20% rise at a normalized payout. This growth was primarily driven by the strong performance in the online segment, which saw revenue climb to €338.3 million, a significant 37% increase year-on-year. The second quarter of 2024 was particularly remarkable, with online revenue reaching €187.9 million, reflecting a dramatic 53% growth.
The sports franchise segment contributed €213.7 million in revenue, up by 4%, while the gaming franchise segment generated €379.8 million, marking a 3% increase. These figures highlight the steady performance in traditional segments amid the broader growth trajectory.
Adjusted EBITDA for the first half of 2024 was €317.3 million, reflecting a 21% increase at a normalized payout. The second quarter saw adjusted EBITDA reach €167.8 million, a 17% rise from the previous year. Despite these gains, adjusted net profit slightly declined to €105.3 million due to the early amortization of concession fees, which impacted profitability.
Market Share and Strategic Expansion
Lottomatica’s market share saw significant gains in Q2 2024, with the online market share reaching 29.1%, iSports at 29.7%, and iGaming at 29.5%. These figures indicate Lottomatica’s strong competitive position in various betting and gaming sectors, reflecting its successful strategic initiatives.
The company’s financial stability was further demonstrated by its net financial debt of €1.9 billion as of June 30, 2024. With a net leverage ratio of 2.7 times on a last twelve months run rate adjusted EBITDA basis, Lottomatica maintains a manageable debt level relative to its earnings.
In response to the positive financial performance and accelerated realization of cost synergies, Lottomatica revised its full-year guidance upward. The company now anticipates revenues between €2.03 billion and €2.08 billion, with adjusted EBITDA projected to range from €700 million to €730 million. This upward revision reflects confidence in sustaining growth and achieving financial objectives for the remainder of the year.
Strategic Developments and Acquisitions
The first quarter of 2024 also saw a 4% increase in revenue, totaling €440.1 million. This growth was bolstered by the completion of the acquisition of SKS365, which contributed positively to the overall results for the first half of the year. The acquisition highlights Lottomatica’s strategic expansion efforts and its ability to enhance market position through strategic investments.
Lottomatica Group’s financial results for H1 2024 illustrate a period of dynamic growth and strategic achievement. The company’s notable increase in total bets, revenue, and market share across various segments underscores its successful execution of growth strategies and operational efficiencies. Despite a slight dip in profitability due to specific financial adjustments, the overall performance reflects a strong and positive trajectory.