Lottomatica and Cirsa Merger: What Does This Mean for the Global Gaming Industry?
Lottomatica and Cirsa Merger: What Does This Mean for the Global Gaming Industry?
Lottomatica and Cirsa have agreed to an all-share merger that will create the second-largest listed gaming and sports betting operator globally. Announced on Wednesday, the deal is expected to close in Q2 2027, forming a combined group with a pro forma adjusted EBITDA of approximately €2 billion ($2.3 billion). This blockbuster consolidation will give the new entity undisputed market leadership in Italy and Spain, along with strong positions in Portugal, Mexico, and Colombia, targeting a combined addressable market of up to €34 billion.
What Are the Key Financial Details of the Merger?
Cirsa’s implied pro forma value, before synergies, corresponds to a multiple of roughly 6x its expected 2026 EV/EBITDA, which will range between €800 million and €820 million, based on the operator’s most recent earnings. The combined company is expected to hold a dual listing on the Milan and Spanish stock exchanges.
| Financial Metric | Value |
|---|---|
| Pro forma adjusted EBITDA (combined) | ~€2 billion ($2.3 billion) |
| Cirsa’s expected 2026 EV/EBITDA | €800 million – €820 million |
| Addressable market | Up to €34 billion |
| Pre-tax cash synergies per year (from opex & interest cost savings) | ~€115 million |
| Timeline for synergy realization | Third full year post-completion |
How Will the Ownership Structure Work?
Lottomatica will absorb Cirsa through an EU cross-border statutory merger, with Lottomatica remaining as the surviving entity. After the deal closes:
- Current Lottomatica shareholders are expected to own 67.5% of the share capital.
- Cirsa shareholders will own the remaining 32.5%.
- Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each of their Cirsa shares.
- Blackstone, Cirsa’s largest shareholder, is expected to become the largest shareholder of the combined company, holding around 24% of the share capital.
Who Will Lead the Combined Company?
Guglielmo Angelozzi, Lottomatica’s chairman and CEO, will serve as chairman and CEO of the new entity. Laurence Van Lancker, currently Lottomatica’s deputy CEO and CFO, will also assume the same role in the combined company. Meanwhile, Antonio Hostench (Cirsa CEO) and Antonio Grau (Cirsa CFO) will continue leading their teams at Cirsa.
Following closing and approval by Lottomatica’s general shareholders’ meeting, the board will consist of the existing 11 Lottomatica directors, plus two new directors nominated by Blackstone.
Where Would the Combined Company Rank Globally?
Ang laki ng impact nito sa industriya, mga kaibigan. The combined company would surpass Bally’s, Intralot, Entain, and Allwyn to become the second-largest listed global operator by adjusted EBITDA, trailing only Flutter Entertainment.
Key revenue figures from FY2025:
- Lottomatica: €2.26 billion
- Cirsa: €2.34 billion
EBITDA breakdown by segment:
- Online sports: 48%
- Distributed gaming: 27%
- Casinos: 25%
Approximately 80% of EBITDA will come from Italy and Spain, while 97% of total EBITDA will originate from markets where the company is the market leader.
Van Lancker emphasized that this merger combines both companies’ strengths to create a larger, more diversified business with “greater scale and enhanced capabilities” to accelerate growth. The enlarged group could deliver up to €4 billion in capital returns over the three years following deal completion.
What Has Cirsa’s Acquisition Strategy Looked Like?
Cirsa has aggressively expanded through acquisitions in recent years. Key moves include:
- Portugal: Acquired a majority stake in Sociedade Figueira Praia, S.A., owner and operator of Casino Figueira (land-based casino market).
- Paraguay: Acquired online slots operator Slots del Sol.
- Peru: Acquired leading operator Apuesta Total in 2024.
As of June 2025, Cirsa has completed over 130 acquisitions since 2015. Ganyan kalakas ang kanilang expansion drive.
What Did the CEOs Say About the Deal?
Guglielmo Angelozzi (Lottomatica chairman and CEO):
“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.”
Antonio Hostench (Cirsa CEO):
“I am delighted to embark on this exciting journey together. The combination of Cirsa and Lottomatica creates a world-class diversified gaming leader with leading positions across its core markets and significant opportunities to accelerate profitable growth.”
Laurence Van Lancker (Lottomatica deputy CEO and CFO):
The merger combines strengths to create a larger, more diversified company with “greater scale and enhanced capabilities” to accelerate growth and create value.
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