Goldman Sachs
May 11, 2026
Italy Gaming Intra-Quarter Growth and Market Share Trends
Sector ReportEquitiesMacro Economic IndicatorsConsumer Discretionary
The report tracks April data for the Italian gaming market, highlighting strong 18% GGR growth in iGaming and mixed performance in sports betting due to win margin compression. Lottomatica and Flutter maintain leading market positions, while Entain shows softer trends.
Key Takeaways
- 1.iGaming industry growth remained robust in April, with Gross Gaming Revenue (GGR) increasing by 18% year-over-year.
- 2.Sports betting handle growth was solid (+9% online, +5% retail), but GGR declined significantly (-11% online, -35% retail) due to lower win margins and tough comparisons.
- 3.Market share trends were mixed, with Lottomatica and Flutter showing year-over-year gains in most verticals, while Entain's share trended lower.
Table of Contents
- Online Casino
- Online Sports Betting
- Retail Sports Betting
- Appendix: Mapping Italy exposure in our gaming coverage
- Lottomatica Investment Thesis
- Flutter investment thesis
- Entain investment thesis
- Disclosure Appendix
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Authors
Ben AndrewsPoppy Boyd-TaylorShivam ShahLeo Mose
Securities
LTMC.MIFLUTENT.L
Themes
Structural growth in Online GamblingMarket Share Dynamics (Omnichannel vs. Online-only)Win Margin Volatility
Regions
EuropeItaly