Lottomatica Presents Second Quoter Revenue Results!

Lottomatica Presents Second Quoter Revenue Results!

lottomatica_reports_e820_0m_revenue_for_h1_2023_Lottomatica, an Itlalian B2B brand known, has announced the results of its income for Q1 this year.

Judging by the numbers, the company has successfully finished this part of the year, and now it has presented all the details related to Q2!

Achieving an Impressive Number!

According to the company’s report, the operator revealed a first-half 2023 income of €820.0 million, marking a 20.3% increase compared to the previous year. The strong Q2 performance prompted the operator to raise its full-year 2023 projections.

The second quarter generated proceeds of €397.8 million, showing a 20.7% increase compared to the previous year. However, this figure was lower than Lottomatica’s record earnings of €422.2 million achieved in the first quarter.

However, Lottomatica has revised its gain outlook for 2023, hoping that the range will reach between €1.63 billion and €1.69 billion, which is an upward adjustment from the earlier prediction of €1.57 billion to €1.67 billion.

The revised prognosis for adjusted profits before interest, tax, depreciation, and amortization (EBITDA) now stands in the range of €570 million to €590 million, marking an accumulation from the prior recommendation of €550 million to €570 million.

What About Q2?

The second quarter revenue was primarily composed of gaming brand earnings, totaling €180.5 million. Online income for the quarter amounted to €122.7 million, while income from sports branding reached €94.4 million.

A cumulative sum of €7.2 million was wagered during the second quarter, with a significant amount of €3.8 million arising from online sources.

“The key driver is clearly online,” said Guglielmo Angelozzi, CEO of Lottomatica.

This expert added that the additional growth was accomplished thanks to the “omnichannel approach, which is coupled with continuous product expansion and technological developments.”

Significant Growth in H1!

Moving forward, the company also presented the results of its growth for the first half of the year. A big chunk of the total earnings in H1 came from Lottomatica’s gaming activities, raking in €368.2 million over six months. Great!

However, the online part also played a big role! It reached €246.9 million, while the sports section contributed the rest, totaling €204.8 million!

Tweaked EBITDA for the first half reached a robust €299.0 million, showing a strong 28.3% increase. Once we tallied depreciation and amortization outlay at €49.0 million, our fine-tuned pre-tax earnings stood at a satisfying €250.0 million.

Blending financial outlays and income tax charges, the sum totaled €131.0 million. Consequently, the fine-tuned net profit for the period settled at a remarkable €118.0 million. Incorporating additional costs, refinements from IPO, and refinancing, along with depreciation linked to purchase price allocation, our profit for the period amounted to €19.0 million. However, with taxes accounting for €26.0 million, the ultimate net profit came in at a commendable €45.0 million.

All in all, the figures presented by the company show a significant number for the brand, which will certainly enjoy success at the end of the year. Until then, play safe!

Source: ”Lottomatica increases FY guidance increase after strong Q2”. iGaming Business. July 31, 2023.

Author: George Wilson