Italy Gaming Monthly (Jul‘26)

Research evidence excerpt

J P M O R G A N

Europe Equity Research

10 August 2026

Italy Gaming Monthly (Jul’26)

iGaming GGR up 15%, OSB up 33%, Retail SB up 58%

y/y

We share the most recent Italy Gaming data published by AGIMEG, an online news

agency covering the country’s regulated gaming sector, offering insights into the

monthly GGR (Gross Gaming Revenue) growth and market share trends by

operator and across products – OSB (Online Sports Betting), iGaming and Retail

SB (Sports Betting). The SB data below is excluding Virtuals unless stated

otherwise.

Italy’s overall Online GGR reached €439m in July, up 20.2% y/y, driven by

iGaming up 15.3% y/y and OSB up 32.7% y/y. Retail SB was separately up 58%

y/y.

Lottomatica. Online GGR for July came in at €134m, up 20.3% y/y (vs up

17.1% in June), with iGaming up 18.0% y/y (vs up 14.9% in June) and OSB

up 26.1% y/y (vs up 23.0% in June). Retail SB was up 67.2% y/y (vs up 24.7%

in June).

Flutter. Online GGR for July came in at €128m, up 31.1% y/y (vs up 25.4%

in June), with iGaming up 20.2% y/y (vs up 14.1% in June) and OSB up 58.5%

y/y (vs up 55.3% in June). Retail SB was up 56.9% y/y (vs up 22.9% in June).

Entain. Online GGR for July came in at €35m, up 12.0% y/y (vs up 12.2% in

June), with iGaming up 12.8% y/y (vs up 19.7% in June) and OSB up 10.4%

y/y (vs down 2.8% in June). Retail SB was up 42.3% y/y (vs up 18.4% in June).

European Leisure, Hotels & Gaming

Estelle Weingrod AC

(44-20) 7742-8502

J.P. Morgan Securities plc

Karan Puri

(44-20) 7742-8342

J.P. Morgan Securities plc

Avni Garg

(91-22) 6157-3431

J.P. Morgan India Private Limited

Specialist Sales contact details:

Olivia Petronilho - Specialist Sales European Consumer

(44-20) 3493-3709

GGR growth and market share trends by product and operator are shown in

charts/tables on page 3 onwards. Our data file is available upon request.

Table 1: Monthly GGR (absolute and y/y growth) by operator and product

Italy totals

Lottomatica (€m)

y/y (%)

Flutter (€m)

y/y (%)

Entain (€m)

y/y (%)

Others (€m)

y/y (%)

Total Italy (€m)

y/y (%)

Jul-26

94.5

18.0%

84.2

20.2%

23.5

12.8%

101.7

9.9%

304.0

15.3%

iGaming

Jun-26

87.2

14.9%

75.3

14.1%

23.8

19.7%

96.4

12.3%

282.7

14.2%

YTD

653.2

19.8%

558.9

17.9%

163.7

…