Tracking intra-quarter growth and market share trends

Research evidence excerpt

Tracking intra-quarter growth and market share trends

Equity Research

9 July 2026 | 2:51PM BST

ITALY GAMING

We update our trackers of the Italian monthly industry data for Online Sports Ben Andrews, CFA

+44(20)7774-5489 |

Betting, Retail Sports Betting and iGaming based on publicly available disclosure ben.andrews@gs.com

Goldman Sachs International

from the local regulator. These trackers offer high-frequency, intra-quarter insights

Poppy Boyd-Taylorinto the key drivers of the performance of operators in our gaming coverage with +44(20)7774-2994 | poppy.boyd-

exposure to Italy, including: the structural growth of the Italian online gambling taylor@gs.comGoldman Sachs International

market, market share trends for different operators (including omnichannel vs. Leo Mose

online-only operators), channel shift to online and the impact of sports results. +44(20)7051-2439Goldman Sachs International| leo.mose@gs.com

Key takeaways from the latest data:

1. iGaming industry growth re-accelerated slightly in June and continues to track at

solid double-digit levels, with GGR up +14% yoy in June.

2. June is typically a seasonally softer month for sports betting, though GGR

expanded strongly yoy underpinned by double-digit growth in market handle in

June, likely boosted in part by the World Cup. In online, GGR growth was +30%

yoy, and retail GGR was up +23% yoy.

3. The online market share picture in June was softer for Lottomatica, though with

2Q26 overall tracking slightly ahead of 1Q26 (boosted by bolt-on M&A).

Lottomatica’s June iGaming market share was 30.9% (broadly stable yoy) and

OSB market share was 29.3% (c.-2pp yoy). Flutter’s OSB market share was

tracking up c.+5pp yoy in June with a strong Sisal performance, while iGaming

market share was stable yoy.