The revenue for Lottomatica’s first quarter reached EUR422.2m ($459.6m/PS366.2m), an increase of 19.8% during a period that broke records.
The total revenue of EUR424.8m was up 19.4% from Q1 2022.
Gugliemo Angleozzi, CEO at Lottomatica said that the record-breaking performance of the company during the first quarter was a sign of a good start to the new year.
Angelozzi said, “We began the year with record-breaking performance and continued it in April. This laid the foundation for a strong performance in 2023.” “Revenues increased across all operating segments, contributing to growth in adjusted EBITDA. The online operating segment broke previous records for market share and performance indicators in all of our brands.”
“I would like to thank all of my colleagues for the extraordinary results achieved through their dedication and commitment”.
Q1 Results
Lottomatica reported that its online segments had reached a record-breaking level during the third quarter.
Online sports betting accounted for 110.0m EUR of the operator’s total revenue. This division generated an 18.1% share of the market. Lottomatica stated that these results have been adjusted to reflect the pro forma effect of Betflag’s acquisition in Nov 2022.
Online revenues reached EUR124.0m in the third quarter, up 39.3% on an annual basis. Online gaming generated a market share of 18.9% in the third quarter.
Lottomatica’s gaming franchise revenues increased by 10.6% to EUR188.0m during the period.
The cost of service for the quarter came in at EUR247.0m. This represents a 16.9% annual increase, resulting in a substantial blow to the total. This was by far the largest cost for the quarter.
Depreciation of tangible assets and write-downs totaled EUR38.0m, the second highest cost. This represents a 5.3% decrease in annual costs. Financial costs totalled EUR37.4m and personnel costs EUR24.4m.
The cost of other operating costs and charges was EUR6.9m. The total costs for the quarter were completed by the devaluation of financial assets and receivables at EUR637,000.
After financial income of EUR12,000, and income from the valuation of equity investments of EUR104,000, pre-tax profits reached EUR70.2m (an increase by 31.8%).
After income tax of EUR23.8m (up from EUR18.5m), the profit for the period increased by 33.8% to EUR46.4m.
