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Lottomatica exceeded both sales and adjusted EBITDA expectations in a year that CEO Guglielmo Angelozzi described as an "outstanding" year for the Group.
Sales in the twelve months to December 31, 2024 reached €2 billion (£1.65 billion/$2.1 billion). This is 23% more than the €1.63 billion reported by Lottomatica in the previous financial year.
Announcing the results today (March 4), Lottomatica said that turnover was well above the €1.8 billion to €1.85 billion range originally stated last year at this time. This is in line with the adjusted forecast published in July 2024
The reasons for the growth were primarily due to a 50% increase in online sales to EUR 780.2 million. This was due to the acquisition of SKS365, which was completed in April 2024 and significantly expanded the Group's online offering.
At 24.49 billion, the total number of online bets was also 51% higher than in the previous year. Lottomatica benefited from several major sporting events in 2024, including the European Football Championship 2024, which took place in June and July.
In terms of the other segments, revenue from the sports franchise rose by 25% to €460.8 million, with betting volume also increasing by 27% to €3.58 billion. Gaming revenue rose slightly by 3% to 767.7 million euros, with the betting volume amounting to 11.09 billion compared to the previous year.
Net profit increases despite higher costs at Lottomatica
In terms of expenditure, costs increased almost everywhere. The largest expenses were service costs (1.21 billion euros), personnel costs (135.5 million euros) and depreciation, amortization and impairment (244.4 million euros), all of which were higher than in the previous year.
However, the increase in turnover was so strong that it more than compensated for the rise in costs. Pre-tax profit exceeded 180.9 million euros, an increase of 32% compared to the total profit for 2023
Lottomatica paid 77.1 million euros in taxes and also deducted 5.2 million euros in profit from non-controlling interests. As a result, the company closed 2024 with a net profit of €98.6 million, an increase of 45%.
In addition, adjusted EBITDA rose by 22% to EUR 706.9 million over the course of the year. This is significantly above the original forecast of EUR 625 to 645 million and corresponds to the forecast of EUR 700 to 730 million, which was adjusted in July.
"2024 was an outstanding year for our Group, in which we consolidated our leading position in all segments and brands," said Angelozzi. "We have exceeded the expectations set at the beginning of the year and the subsequent upgrades."
"With the acquisition of PWO and the implementation of our bolt-on strategy, we have continued to grow both organically and through mergers and acquisitions."
High hopes for 2025
Lottomatica has formulated certain expectations for the current year. The company is forecasting turnover of between 2.32 and 2.37 billion euros, with the average value being 17% higher than in 2024.
Adjusted EBITDA is expected to be in the range of EUR 840 million to EUR 870 million. The mean value would correspond to an increase of 21% compared to the previous year.
"Our goals for 2025 are to strengthen our leadership position in all segments through product and technology innovations, further develop the omnichannel model and at the same time efficiently manage the transition from retail to the online market," said Angelozzi.
https://igamingbusiness.com/finance/full-year-results/lottomatica-surpasses-expectations-2024/
