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Lottomatica Insists Cirsa Merger Is Low Risk as CEO Talks Up Spain and Italy Opportunities

By jili tutorial · September 4, 2026

Lottomatica Insists Cirsa Merger Is Low Risk as CEO Talks Up Spain and Italy Opportunities

CEO Calls Merger a Low-Risk Proposition

Lottomatica CEO Guglielmo Angelozzi described the company’s merger with Cirsa as a “low-risk proposition” during an investor call on Wednesday. The deal, announced the same day, will combine the two listed gaming giants to create the second-largest global gaming and sports betting operator by revenue. The merged entity is expected to generate a pro forma adjusted EBITDA of approximately €2 billion ($2.3 billion).

Angelozzi, who will lead the combined company as CEO, told analysts that the deal involves minimal risk due to the consistent growth both firms have shown in recent years. From the first half of 2024 to the first half of 2026, Lottomatica and Cirsa recorded revenue compound annual growth rates (CAGRs) of 13% and 11%, respectively.

“The combined entity will be able to deliver the same rate of growth and the same rate of shareholder distribution, but with a larger pro forma free float and liquidity,” Angelozzi said. “So you get the same stable and predictable growth and you get the capital returns. You get no additional risk, and you get the benefits of the new markets and the online opportunities on top of the synergies, which are also pretty significant. That’s why this makes a lot of sense to us.”

Cirsa CEO Antonio Hostench echoed this confidence, adding: “On our side, we see this as a great opportunity because as Guglielmo said, there is almost no overlap between the companies. We see ourselves creating one of the biggest groups in the world in gaming terms. And we’ll be sharing the long-term plan that Lottomatica has, which is very attractive. The risk is minor, and we feel very well protected. Joining this long-term plan will be a plus to our people.”

No Need for a Turnaround

Lottomatica will absorb Cirsa through an EU cross-border merger, with Lottomatica surviving as the legal entity. In response to a question about previous cross-border M&A deals that failed to meet expectations, Angelozzi explained why this case is different.

“First of all, in many cases the M&A involved second-tier assets, where the promise was to completely change the nature and competitive position of the asset — often a turnaround. In this case, it’s a completely different situation. You have a group, not a single company in a single country. Cirsa has been a solid group for 10 years, delivering results. There is no turnaround to be made. It’s already very well managed and is number one in its markets.”

Opportunities in Both Spain and Italy

The combined company will be listed on stock exchanges in both Spain and Italy, where Cirsa and Lottomatica are already market leaders. In the first half of the year, Italy accounted for 57% of the combined group’s pro forma adjusted EBITDA, while Spain contributed 23% and the rest of the world 20%. Once the deal closes, about 80% of EBITDA is expected to come from those two countries.

According to the deal’s investor presentation, online betting and gaming is the combined group’s largest vertical, representing 48% of pro forma adjusted EBITDA in H1. Distributed gaming followed at 27%, and casinos at 25%.

Angelozzi highlighted Spain and Italy as “among the best globally” in terms of market quality. He noted particular opportunity in Spain, where Cirsa holds an estimated 6% of the online market — a more fragmented and less developed segment than in Italy.

“These two markets have been growing and will continue to grow very nicely for online, Spain even more than Italy,” he said.

Complementary Brands and Regulatory Outlook

Asked about the fact that Cirsa also has a presence in Italy and whether this could cause regulatory discomfort or revenue attrition, Angelozzi expressed confidence.

“On the Italian antitrust side, we don’t think we are in a risky situation because Italy is not the core of this deal and this doesn’t change the level of concentration in the country. We will still be below 40% in each relevant market. So we don’t see that as an issue. We do not expect revenue attrition. These are complementary brands and complementary models. We have a history of managing a multi-brand business in Italy, and we already have several brands that run in our business and are complementary.”

Kyle Goldsmith, a LatAm-facing senior reporter with iGB, contributed to this report.