Lottomatica Records Revenue Increase in All Sectors in Q1 2023
LISTEN TO THIS ARTICLE:Italian gambling firm Lottomatica has published its Q1 report for 2023. Results are a record-breaking revenue of €424.8m ($461.3m), 19.4% higher than Q1 2022’s results.
The operator’s gaming franchise accounted for the most significant part of the total revenue, with €188.0m, up by 10.6%. The second-highest revenue came from the company’s online division, which got the most significant increase at €124.0 million, a record 39.3% year-on-year.
Lottomatica reported that its online sports betting offering generated the least amount of €110.0m of the total revenue.
However, the company experienced a loss of €247.0m to the cost of services during the first quarter, an increase of 16.9% compared to Q1 2022’s operating costs.
Depreciation and write-downs of tangible assets also led the company to incur a €38.0m loss. However, it decreased by 5.3% compared to the same period last year.
Other operating expenses include financial charges at €37.4m, personal costs of €24.4m, additional fees of €6.9m, and devaluation of receivables and financial assets at €637,000.
The company also recorded €12,000 from financial income and €104,000 from the valuation of equity investments bringing its pre-tax profit to €70.2m, up by 31.8%.
After removing income taxes of €23.8m, Lottomatica’s profit for Q1 2023 was €46.4m, up by 33.8%.
We started the year with a record performance, continued in April, laying the foundations for a solid performance in 2023,” said Angelozzi. “Revenues increased in all operating sectors, contributing to the growth of adjusted EBITDA, with the online operating segment breaking previous records in terms of market share and performance indicators across all our brands.
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