Revenue during the 12 months to 31 December 2024 hit €2 billion (£1.65 billion/$2.1 billion). This is 23% ahead of the €1.63 billion reported by Lottomatica in the previous financial year.
Detailing its results today (4 March), Lottomatica said revenue was some way ahead of the initial €1.8 billion to €1.85 billion range stated at this point last year. It is in line with the restated guidance published in July 2024.
As for the reasons behind growth, this was primarily due to a 50% rise in online revenue to €780.2 million. This was driven by the acquisition of SKS365, which completed in April 2024, and significantly expanded the group’s online offering.
Total online bets were also 51% higher year-on-year at 24.49 billion. Lottomatica was helped by several major sports events in 2024, including football’s Euro 2024 that took place in June and July.
As for other segments, revenue from the sports franchise increased 25% to €460.8 million, with bet volume also rising 27% to 3.58 billion. Gaming revenue edged up by 3% to €767.7 million, with wagering volume level year-on-year at 11.09 billion.
Net profit up despite higher costs at Lottomatica
Turning to spending, costs were higher almost across the board. The main outgoings were service costs (€1.21 billion), personnel (€135.5 million) and depreciation, amortisation and impairment (€244.4 million), all of which were higher year-on-year.
However, such was the impact of revenue growth that this more than offset the increase in costs. As such, pre-tax profit topped €180.9 million, up 32% from 2023’s total.
Lottomatica paid €77.1 million in tax and also discounted €5.2 million in profit from non-controlling interests. As such, it ended 2024 with a net profit of €98.6 million, a rise of 45%.
In addition, adjusted EBITDA climbed 22% to €706.9 million for the year. This is much higher than initial guidance of €625 million to €645 million and in line with July’s restated forecast of €700 million to €730 million.
“2024 marked an outstanding year for our group, in which we consolidated our leadership position across all segments and brands,” Angelozzi said. “We exceeded expectations set at the beginning of the year and subsequent upgrades.
“We continued to grow both organically and through M&A, with the acquisition of PWO and executing our bolt-on strategy.”
High hopes for 2025
Looking to the current year, Lottomatica has set out certain expectations. For revenue, it is forecasting between €2.32 billion and €2.37 billion, with the midpoint being 17% higher than 2024.
As for adjusted EBITDA, this is expected to range from €840 million to €870 million. Here, the midpoint would represent a year-on-year rise of 21%.
“Our objectives for 2025 are to strengthen our leadership position in all segments through product and technology innovation, further develop the omnichannel model while managing efficiently the retail to online transition that is occurring in the market,” Angelozzi said.
Original article: https://igamingbusiness.com/finance/full-year-results/lottomatica-surpasses-expectations-2024/
