European Gambling: Lottomatica, Cirsa Q2 previews and Italy market data

Research evidence excerpt

European Gambling: Lottomatica, Cirsa Q2 previews and Italy market data

Equity Research

22 July 2026

European Gambling

Lottomatica, Cirsa Q2 previews

and Italy market data

Lottomatica should deliver a steady Q2, with robust European Leisure

underlying momentum, sports-led online mix shift and NEUTRAL Unchanged

resilient retail supporting FY guidance. Cirsa's Q2 print will European Leisure

Pravin Gondhalelikely be a modest positive catalyst, helped by retail

momentum, Slots Spain strength and world-cup driven +44pravin.gondhale@barclays.com(0)20 3134 5524

online boost. Barclays, UK

Jaina Mistry, CFA

+44 (0)20 7773 3321

Lottomatica (OW, PT €31) Q2 preview (28 July) jaina.mistry1@barclays.com

Q2 view: We expect Lottomatica to deliver a steady Q2 print on 28 July, supported by robust Barclays, UK

underlying momentum. We forecast Q2 revenue of €578m (+6% y/y)1 and EBITDA of €226m Karan Khona

(+12% y/y). +91 (0)22 6175 1634

karan.khona@barclays.com

Market data: sports betting strength drove mix shift. Based on the AGIMEG market data we Barclays, UK

track, Lottomatica delivered +15% online GGR growth in Q2, with iSports up +10% and iGaming

up +18%. Sports Franchisee retail GGR rose +11% y/y, compared with +12% online GGR growth

in Q1, when iSports declined -4% and iGaming grew +23%. The moderation in iGaming growth

versus Q1 mainly reflects World Cup-led strength in sports betting, with iGaming momentum

expected to recover post-tournament.

FY guidance: delivery remains supported. We think current guidance already captures World

Cup benefits to sports betting in July and easier H2 sports betting staking comps. Together with

a post-tournament recovery in iGaming and synergy benefits from PWO workforce restructuring