Lottomatica Group Finalizes Acquisition of SKS365, Enhancing Its Market Position in Italy
Published: April 25, 2024 | Author: Ron Clarke
In a significant move that strengthens its foothold in the Italian betting market, Lottomatica Group announced the completion of its acquisition of SKS365, a prominent operator known for its Planetwin365 and PlanetPay365 brands. This strategic acquisition, which includes a retail network of 1,000 sports betting shops across Italy, was finalized by Lottomatica’s subsidiary GBO SpA, marking a pivotal development in the gaming and betting industry landscape in Italy.
The acquisition, which was originally agreed upon in November 2023, was completed at an enterprise value of €639 million, encompassing 100% of SKS365 Malta Holdings Limited’s share capital. This move is viewed by industry experts as a significant expansion of Lottomatica’s brand portfolio and a major step towards accelerating its growth profile in both the physical and digital betting arenas.
Guglielmo Angelozzi, CEO of Lottomatica, expressed his enthusiasm about the acquisition, highlighting that the integration of SKS365’s valuable brands would not only enhance Lottomatica’s market presence but also prepare the company for future growth phases.
Following the acquisition, Alexander Martin, CEO of SKS365 since December 2019, announced his departure from the company. Martin led SKS365 through periods of significant growth and operational enhancements, contributing to its strong financial performance and robust market position.
Lottomatica’s acquisition faced stiff competition from other major players in the industry, including Playtech, which had shown interest in SKS365 but ultimately did not proceed with the acquisition.
Lottomatica has been on a strong upward trajectory, with the company reporting a 17% increase in revenue to €1.63 billion for the fiscal year 2023, surpassing the expectations set during its IPO. The company, which went public on the Euronext Milan in April of the previous year, also showed robust quarterly performances, leading to a reevaluation of its financial projections for 2024. The updated fiscal guidance, expected to be released soon, will reflect the contributions from SKS365, further detailing the expected impact on revenue and EBITDA.
This acquisition not only signifies Lottomatica’s aggressive expansion strategy but also highlights the dynamic nature of the gaming and betting industry, where consolidation is increasingly becoming a pathway for companies seeking to bolster their market positions and expand their operational capabilities across different platforms.
