Lottomatica held a 30% GGR share of Italy's online gambling market in the first quarter, with Flutter close behind at 27% through its combined Sisal and SNAI brands. Jefferies analysts say that if Flutter can reverse SNAI's decline, it may take the lead.
Since acquiring Sisal in August 2022, Flutter has grown the brand's share from 10% to 13%. SNAI, by contrast, has lost around four percentage points in recent years. Recovering that ground could prove decisive.
Italy is Europe's largest gambling market, with GGR forecast at €22.6 billion in 2025. Online penetration stands at just 28%, against 61% in the UK. Jefferies expects online GGR to grow 9% annually through 2030. A new licensing regime cut the operator count from 81 to 52, favouring large omnichannel players.
Flutter completed SNAI's migration to its proprietary platform in April. CEO Peter Jackson reported a brief dip in share, but metrics recovered sharply in June: active players rose 30%, and accumulator bets proved popular during the World Cup. Sisal has outpaced Lottomatica on growth in seven of the past eight quarters under Flutter.
Lottomatica is holding firm. CEO Guglielmo Angelozzi said the online market grew 12% in the second quarter and 19% in June, with the company continuing to gain share. Online revenue rose 24%, and EBITDA margin reached 58% in the first half. Management stressed that profitable growth, not share at any cost, remains the priority.
