Lottomatica's Italian revenues slide as shareholders approve rebrand
Power 50 business to change name to GTECH S.p.A and stock symbol to 'GTK' to reflect rebranding
Lottomatica has seen double-digit revenue decline from its Italian online offering, the Milan-listed egaming firm announced in its results for the three months ended 31 March.
The 18% decline, to 21.2m, came as amounts wagered online slipped from 590m in Q1 2012 to 504m. However group revenues across online and offline rose 2% year-on-year to 798m due largely to growth from the Spielo International division.
Spielo International now accounts for 14% of group revenues, compared to 9% in the first quarter of 2012, though it is still dwarfed by the Italian operations (58%) and the GTECH lottery division (29%).
The figures come as the group begins the integration of its businesses “on a global basis”, with the group set to be renamed GTECH S.p.A following shareholder approval and the company’s stock symbol to change to GTK on 3 June.
Lottomatica’s gaming machines arm Spielo International was merged with egaming software business GTECH G2 in October 2011, with Walter Bugno – CEO of the combined entity – pledging to “become known as an extremely reliable supplier” and “reclaim the positions we had”.
Last week the division, whose online element is now known as Spielo G2, extended its deal with Svenska Spel to provide the Swedish monopoly operator with an online poker product until 2017.
Describing this week’s results as “solid”, Group CEO Marco Sala spoke of Lottomatica’s “significant progress toward implementing our new operating model.”
“Under [the new model] we will act as a single, unified customer-facing company that can meet the evolving needs of our customers in an effective and efficient manner,” Sala added.