Merger between Leading Companies from the Gambling Industry – Lottomatica and CIRSA

Lottomatica Group and Spanish gambling company CIRSA have agreed to a merger between the companies in which Lottomatica will combine with CIRSA through an all-share merger in which CIRSA will be absorbed into Lottomatica. The merger was announced on 2 September 2026 and it is intended as a cross-border merger between two big European gambling companies.

As noted in the filing for the Spanish regulator, CNMV, the company will be the second biggest public gaming and sports betting operator in the world with estimated pro forma adjusted EBITDA of around €2 billion. The resulting company will be especially big in terms of Italy and Spain, as well as operate in other numerous countries.

According to the proposed structure, the current owners of Lottomatica will own around 67.5% of the shares, while those owning CIRSA will have 32.5%. Blackstone, which currently controls CIRSA, will remain the largest shareholder with a stake of about 24%.

Furthermore, the companies expect to gain around €115 million pre-tax synergies annually. It will happen within the third full year since completion of the merger. The fact deserves special attention because it will indicate what percentage of the potential synergies from the combination the companies will actually be able to extract.

The merger will require the approval of the shareholders and regulators, as usual. The votes of the shareholders are expected in Q4 2026, while the regulatory approval will follow in Q1 2027. The completion is scheduled for Q2 2027, at which time the shares of Lottomatica will also be listed in Spain and Italy.

In the aftermath of the announcement, the investors seemed to be rather careful. As reported by Reuters, the shares of Lottomatica fell 9.5% in early Milan trading. It shows that even though the investors believe in the possible gains of a larger international company, they understand the difficulties of making such a deal.

In terms of the gambling industry, the merger serves as one more example of large players trying to grow outside of their home market. The process of regulation and the €115 million synergy target will be the key factors to monitor during the process of completing the deal next year. For more information about gambling and online casinos visit the DashTickets website.

Last updated: 3/09/2026