Lottomatica and Cirsa have announced a significant merger that will establish the second-largest listed gaming and sports betting operator in the world. The all-share agreement, revealed on Wednesday, is slated for completion in the second quarter of 2027. This merger will create a combined entity with a pro forma adjusted EBITDA estimated at about €2 billion ($2.3 billion).
Before synergies are taken into account, Cirsa’s implied pro forma value correlates to a multiple of roughly 6 times its anticipated 2026 EV/EBITDA, which is expected to be in the range of €800 million to €820 million, as indicated by the company’s latest earnings report.
As stated in a joint press release, the merged company is expected to achieve “undisputed leadership positions” in both Italy and Spain. It will be listed on both the Milan and Spanish stock exchanges.
The addressable market for the combined entity is projected to reach up to €34 billion when factoring in all available markets, which include Portugal, Mexico, and Colombia. Lottomatica's established online and omnichannel capabilities are anticipated to enhance Cirsa's growth in the online gaming sector.
Lottomatica's chairman and CEO, Guglielmo Angelozzi, remarked that this merger would cultivate a more diversified business, presenting significant growth opportunities. He stated, "With the combination of Lottomatica and Cirsa, two extremely successful companies, we create the undisputed leader in Italy and Spain, among the best gaming markets globally, complemented by leadership positions in other very high growth geographies."
Cirsa's CEO, Antonio Hostench, expressed enthusiasm for this partnership, emphasizing that it would forge a world-class diversified gaming leader with strong footholds in key markets and notable potential for profitable growth.
Under the terms of the merger, Lottomatica will absorb Cirsa through an EU cross-border statutory merger, continuing as the surviving entity. Upon finalization of the deal, Lottomatica shareholders are projected to hold about 67.5% of the new company's share capital, while Cirsa's shareholders will control 32.5%. Cirsa shareholders will receive 0.668 new Lottomatica shares for each share they hold.
Blackstone, Cirsa’s largest shareholder, is anticipated to emerge as the primary shareholder of the combined operation, retaining roughly 24% of the share capital following the merger. The merger is also forecasted to generate around €115 million in pre-tax cash synergies annually from operational and interest cost savings, expected to be realized by the third full year post-completion.
Leadership of the merged entity will see Angelozzi as chairman and CEO, while Lottomatica's deputy CEO and CFO, Laurence Van Lancker, will take on the same positions in the new company. Hostench and Cirsa CFO Antonio Grau will continue to lead Cirsa's operations.
Once the deal is finalized and approved by Lottomatica’s general meeting of shareholders, the board will consist of the 11 existing directors from Lottomatica, with two additional directors appointed by Blackstone.
The merger's presentation outlined ambitions to create a “global gaming champion.” Lottomatica recorded revenue of €2.26 billion in its fiscal year 2025, while Cirsa’s revenue for the same period was €2.34 billion. As a result of the merger, the new entity will surpass competitors such as Bally’s Intralot, Entain, and Allwyn, positioning itself as the second-largest listed global operator, trailing Flutter Entertainment in combined adjusted EBITDA.
Approximately 80% of the combined entity's EBITDA is expected to stem from operations in Italy and Spain, with 97% coming from markets where it holds a leading position. Online sports betting is projected to comprise 48% of adjusted EBITDA, followed by distributed gaming at 27% and casino operations at 25%.
Van Lancker stated that the merger aims to merge the strengths of both companies, resulting in a larger and more diverse organization that can drive growth and enhance value. The merged group could potentially deliver up to €4 billion in capital returns within the three years following the deal's completion.
Cirsa has pursued an aggressive acquisition strategy over recent years, including its latest foray into the land-based casino market in Portugal with the acquisition of a majority stake in Sociedade Figueira Praia, S.A., the operator of Casino Figueira. Cirsa previously entered the Paraguayan market by acquiring the online slots operator Slots del Sol and acquired the leading Peruvian operator Apuesta Total in 2024. As of June 2025, Cirsa has completed over 130 acquisitions since 2015.
