Italian Gambling Firm Lottomatica Reveals Improved Q1 Earnings and Billion-Euro Bond Sale

Lottomatica Reveals Improved Earnings and Billion-Euro Bond Sale
Lottomatica Reveals Improved Earnings in its latest quarterly report. The Italy-based gambling company has posted an upturn in both net profits and revenues for the initial quarter of the year.

In the first quarter, Lottomatica’s net profit reached 46.4 million euros ($51.1 million), a significant increase from the 34.6 million euros reported in the same period last year. Revenue also experienced a boost, climbing to 424.8 million euros from 355.7 million previously.

2023 Forecasts Remain Steady

The firm has held steady with its 2023 forecasts, predicting revenues between 1.57-1.7 billion euros. Adjusted earnings before interests, taxes, depreciation, and amortization (EBITDA) are expected to fall within the 550-570 million euro range.

Launch of Billion-Euro Bond Sale

Lottomatica didn’t just stop at releasing its Q1 results.

On Tuesday, Lottomatica initiated a bond sale, offering securities valued at 1.115 billion euros, with a maturity date set for 2028. As Reuters confirmed, the lead memo positions the price of the senior secured fixed rate bond around the mid 7% mark. Meanwhile, the senior secured floating rate bond carries a guidance of 425-450 basis points above Euribor, with offers standing at 98-98.5 cents on the euro.

The newly issued bonds serve two key roles. They’ll enable the redemption of notes due in 2025 and balance the costs of Lottomatica’s recent listing. Impressively, this listing marks this year’s largest Initial Public Offering in Europe.

CEO Guglielmo Angelozzi commented:

“Our strong start to the year extended into April, setting a robust foundation for 2023.” Angelozzi emphasized the broad-based revenue growth across operating segments, with the online segment setting new performance records. He noted that these achievements were enabled by migrating and onto their technology and product platforms last summer.

With the recent IPO and rating upgrades by Standard & Poor’s and Moody’s, Angelozzi stated, “We are ready to start an exciting new phase of our sustainable growth journey.”

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Elly Smith

Elly Smith

Elly Smith is a journalist working full time for She is passionate about covering trends and new tech the iGaming industry.