Lottomatica's third-quarter profit rises as online market share grows (updated)
30/10/2024 07:22
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Oct 30 (Reuters) - Betting company Lottomatica LTMC.MI
on Wednesday reported a 30% jump in third-quarter adjusted core
profit, partly driven by an increase in online market share.
Lottomatica said its total online market share increased by
almost a third in the quarter. The company also upgraded its
targeted synergies from online betting provider SKS365, an
acquisition it completed in April, to 75 million euros ($81.17
million) from 65 millions previously.
The Italian gambling market is the largest in Europe, but
online penetration lags that of other European countries,
Berenberg analysts said in a note last week.
They said that Lottomatica could grab the opportunities
presented by the expected "online channelisation" through its
omni-channel offering.
The betting company, which offers products such as
lotteries, sports betting, virtual betting and horse race
betting, said its adjusted core profit (EBITDA) for the period
was 165.8 million euros, as revenues in the online sector jumped
by 62% to 205.3 million euros.
It confirmed a previously upgraded full-year guidance of
adjusted EBITDA between 700 and 730 million euros and revenues
between 2.03 and 2.08 billion euros.
($1 = 0.9240 euros)
(Reporting by Michela Stasio and Alessandro Parodi in Gdansk;
Editing by Christian Schmollinger and Jane Merriman)
((Michela.stasio@thomsonreuters.com;
alessandro.parodi@thomsonreuters.com))