Lottomatica acquired by Gamenet Group

ITALY Gambling & Betting EV €500M–1.5bn

Context

IGT’s Italian B2C businesses has been acquired by Gamenet Group, a subsidiary of the Apollo-backed Gamma Bidco. Strategically, this acquisition marks the creation of the undisputed market leader in the Italian gaming sector, effectively doubling the group’s size and significantly enhancing its competitive moat across online and retail channels. The rationale for the deal centers on achieving significant cost synergies—projected at up to 50 million EUR annually within 24 months—and the vertical integration of high-quality B2C assets. Despite the market uncertainty of the COVID-19 pandemic, the transaction demonstrates a strong conviction in the resilience of the Italian regulated gaming market and the scalability of Gamenet's platform.

Lottomatica, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of below 5x, representing a discount to the average observed in the Retail & Consumer sector (13.1x in 2020).

-> Deep-dive in Retail & Consumer market trends

Target

Lottomatica’s B2C divisions represent the Italian retail and online gaming operations of International Game Technology (IGT). The business operates as a leading multi-channel provider in the Italian gaming market, with a dominant presence across online gaming, sports betting, and gaming machines. Its operational infrastructure includes a comprehensive network of Amusement with Prize (AWP) machines and Video Lottery Terminals (VLTs) distributed throughout Italy. The company’s business model is built on high-volume transaction processing and a diversified gaming portfolio that caters to a broad consumer base through both digital platforms and physical points of sale. By leveraging recognized brand equity and a robust technological framework, the firm maintains a high degree of market share in the regulated Italian betting sector. The company's value proposition is centered on providing a secure and regulated gaming experience, supported by a sophisticated data-driven approach to customer management and odds-setting.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

below 5x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2019

2018

Other operations with Lottomatica

Other operations with Lottomatica
Date	Acquirer	Target	Country	Sector
09/2026	LOTTOMATICA	CIRSA	SPAIN	Gambling & Betting

Similar deals in Gambling & Betting

Similar deals in Gambling & Betting
Date	Acquirer	Target	Country	Sector
09/2026	LOTTOMATICA	CIRSA	SPAIN	Gambling & Betting
07/2026	BANIJAY GROUP	JOA	FRANCE	Gambling & Betting
05/2026	FERTITTA ENTERTAINMENT	CAESARS ENTERTAINMENT	UNITED STATES	Gambling & Betting
06/2025	FLUTTER ENTERTAINMENT	SNAITECH	ITALY	Gambling & Betting
01/2024	GROUPE FDJ	KINDRED GROUP	SWEDEN	Gambling & Betting
11/2023	GROUPE FDJ	PREMIER LOTTERIES IRELAND (PLI)	IRELAND	Gambling & Betting
09/2022	GROUPE FDJ	ZETURF GROUP	FRANCE	Gambling & Betting
06/2018	BLACKSTONE	CIRSA	SPAIN	Gambling & Betting
10/2017	BLACKSTONE	JOA	FRANCE	Gambling & Betting

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €450–900M

EBITDA range: €150–250M

EV/Revenue range: 1x - 3x

EV/EBITDA range: below 5x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Lottomatica by Gamenet Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Gamenet Group’s acquisition of 100% of Lottomatica, an Italian company specialised in Gambling & Betting, in 2020.

How was the acquisition of Lottomatica by Gamenet Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the below 5x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Lottomatica’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Lottomatica generated annual revenue estimated in the €450–900M range and EBITDA in the €150–250M bracket (FY 2019). Detailed financial figures are available to members.

How does the valuation of Lottomatica compare to benchmarks in the Retail & Consumer sector?

The estimated multiple of below 5x sits below the sector median of 13.1x recorded in 2020, indicating an attractive entry multiple for Gamenet Group or reflecting specific complexities. The descriptive comparison is based on 14 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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