Lottomatica has agreed to an all-share merger with Cirsa valued at €2.8bn. The combined entity will retain the Lottomatica name and become the second most profitable public operator in gambling and betting, with forecast adjusted EBITDA of around €2bn over the last twelve months. Only Flutter ranks higher, targeting $2.66bn for 2026.
Lottomatica holds a 30% share of the Italian market excluding lotteries and has moved its business online. Cirsa holds 12% of the Spanish market but struggled online: its Sportium joint venture with Ladbrokes closed in 2019 valued at just €140m. Lottomatica now plans to deploy its digital know-how in Spain.
Official synergy guidance stands at €115m over three years, €101m from operating costs. Regulus Partners called that figure "strikingly modest". Analysts suggest the real effect could be higher if management pursues it: applying the Italian playbook to Spanish online could yield up to €350m in additional revenue. Spend per capita is €47 in Italy and €35 in Spain, and Spanish regulation is lighter.
Lottomatica shareholders will own 67.5% of the merged operator, Cirsa 32.5%. Blackstone, majority owner of Cirsa, will hold 24% and two seats on a thirteen-member board. Lottomatica CEO Guglielmo Angelozzi will lead the combined company; Cirsa management will stay in place for the Spanish division. Listings will remain on Italian and Spanish exchanges. Close is expected in Q2 2027 after regulatory clearance.
