Lottomatica targets up to €300m in additional online EBITDA from Cirsa deal

Lottomatica has outlined plans to generate between €200m ($234m) and €300m in incremental online EBITDA from its proposed combination with Cirsa, as it looks to apply its digital operating model across the Spanish operator's international footprint.

The target is expected on a run-rate basis by the third year following completion and sits outside approximately €115m in annual cash synergies previously identified. Those synergies comprise around €101m in operating cost savings and €14m from lower interest costs. 

The additional forecast follows Lottomatica's agreement to acquire Cirsa through an all-share transaction announced on 2 September. Lottomatica shareholders are expected to own approximately 67.5% of the combined group, with Cirsa shareholders holding 32.5%. Blackstone, Cirsa's majority shareholder, would hold approximately 24%. Completion is targeted for Q2 2027, subject to approvals.

Online represents one of the largest differences between the two operators. At H1 2026, online generated approximately 13% of Cirsa's EBITDA at a margin of around 24%. Lottomatica generated 65.3% of its adjusted EBITDA online, with the segment recording a 57.9% margin.

Cirsa has nevertheless been expanding digitally. Its online turnover increased 22.4% during H1 2026, while organic online net revenue grew 12.2%. Group net revenue reached €1.26bn for the period, with EBITDA of €396m.

Lottomatica plans to use its technology, product infrastructure and omnichannel systems across Cirsa's customer base and retail network. Cirsa recorded more than 50 million annual visitors across its gaming and leisure venues, according to transaction materials.

The combination also diversifies Lottomatica beyond Italy. On an LTM H1 2026 pro-forma EBITDA basis, Italy would account for 57% of the combined group, Spain 23% and Rest of World markets 20%. Those markets include Colombia, Mexico, Panama, Peru, Portugal, Morocco, Costa Rica, the Dominican Republic and Paraguay.

Lottomatica estimates the combined addressable gaming market at approximately €34bn for 2026, including around €7bn in Spain and €11bn across its Rest of World portfolio. Its transaction materials forecast online market CAGR of approximately 15% in Spain and 30% across those other markets between 2023 and 2026.

In July, Lottomatica reported H1 revenue of €1.18bn, up 5% year-on-year, while adjusted EBITDA increased 10% to €465.3m and statutory net profit reached €116m. Online market share stood at 31.6% in Q2.