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Lottomatica will issue a €65.4m dividend after recording solid revenue and market share gains in its full-year 2023 financial report.

The leading Italian gaming and lottery operator reported €1.63bn in revenue for 2023, up 17% from the previous year.

While the business has not yet revealed its detailed revenue figures for Q4, it suggested growth during the quarter was 14% compared to the same period the previous year.

Meanwhile, the company announced significant market share gains during the year.

As of Q4, Lottomatica represents 21.4% of the total online market in Italy, a 3.4% rise from Q4 2022. This was driven by online sports betting and iGaming growth of 4.2% and 3.7% respectively.

The operator is now the largest player in the Italian market. The company’s principle competitor, Flutter Entertainment-owned Sisal, now holds 20.3% of the market according to Lottomatica estimates.

For 2023, Lottomatica announced EBITDA of €595.7m, representing a 17% increase from 2022. Net profit meanwhile grew 29% to €215.9m during the period.

CEO Guglielmo Angelozzi hailed the strong year for the group, highlighting that its current financial metrics were above those promised at the time of the May IPO.

The company has seen its share price rise more than 34% since its listing on Euronext Milan last year.

Lottomatica looks to cement online leadership in 2024

“We continued to grow both organically, increasing market share for the fifth quarter in a row, and through M&A, signing the acquisition of SKS365 and executing our bolt-on strategy,” Angelozzi said.

“Our objectives for 2024 are to strengthen our leadership position in both the online and sports franchise segments through product and technology innovation, further develop the omnichannel model while managing efficiently our portfolio of brands and focus on the integration of SKS365.”

The rosy results led to Lottomatica announcing a dividend of €0.26 per share, or €65.4m.

Excluding the impact of the SKS365 acquisition and related synergies, Lottomatica is expecting €1.8bn-€1.85bn in revenue for 2024.

This is predicted to result in EBITDA between €625m-€645m, 53% of which will be generated by online operations.

The company added it will provide an updated guidance once the SKS365 acqusition closes during H1 2024.

During the earnings call, Angelozzi fielded a question on the company’s capital allocation strategy going forward.

While highlighting plans to continue following the firm’s current dividends policy, Angelozzi added that 2024 would be a good year to put money into the business.

“We’ve focused on growth and returns and there’s still a very good year for us to continue to invest in our business and there’s extremely good market opportunities that we plan to capitalise on.”

Further M&A could also be on the agenda for the year ahead, with the business reiterating it plans to continue its bolt-on strategy in 2024.

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