Lottomatica and Cirsa have announced a merger that will create the world's second-largest publicly traded gambling and betting operator with pro forma adjusted EBITDA around €2bn. Lottomatica CEO Guglielmo Angelozzi called the deal "low-risk" on an investor call Wednesday.
Both companies have posted steady growth: Lottomatica revenue grew at 13% CAGR from H1 2024 to H1 2026, Cirsa at 11%. Angelozzi, who will lead the combined entity, stressed that the businesses barely overlap geographically. Italy accounts for 57% of combined EBITDA, Spain 23%, the rest of the world 20%. After closing, 80% of EBITDA will come from two markets.
Online betting and gambling became the merged group's largest vertical at 48% of H1 EBITDA. Distributed gaming follows at 27%, casinos at 25%. Angelozzi sees particular potential in Spain: he estimates Cirsa holds 6% of an online market that is more fragmented and less mature than Italy's.
Lottomatica will absorb Cirsa through a cross-border merger under EU rules, keeping listings in Spain and Italy. Cirsa CEO Antonio Hostench backed the deal: "Almost no overlap. We are creating one of the largest groups in the world and joining Lottomatica's long-term plan, which is very attractive. Risk is minimal."
Asked about past failed cross-border M&A, Angelozzi said Cirsa is already well-managed, a leader in its markets, with no turnaround needed. He does not expect antitrust trouble in Italy: concentration will stay below 40% in each relevant segment, and the brands complement each other.
