The European gambling stocks of Lottomatica SPA and CIRSA SA have received strong endorsements to withstand global headwinds and outperform market consensus.

In Italy, the Milan Borsa has notified investors that Lottomatica will be listed as a FTSE MIB enterprise as of 22 September. The index serves as the primary benchmark for Italian equities, comprising the top 40 most valued and liquid companies contributing to the capitalisation of Italian markets.

Lottomatica currently stands out as a stellar performer on the Borsa, having surged by 150% to €23 per share since its return to the Milan Exchange in May 2023, where it was initially priced at €9 per share.

Global private equity fund Apollo Global, the former majority owner, has played another winning hand in the market, fully exiting its shareholding and generating approximately €3.5bn in proceeds since the re-listing.

Since its public return, Lottomatica has significantly diversified its shareholder base, attracting a range of major institutional investors, including Fidelity (10%), Capital Research (5%), Morgan Stanley (4.6%), and Norges Bank (3%).

Lottomatica’s outlook has further improved with the launch of a new €5bn Italian online gambling market, which has presented a major growth opportunity for the company to stamp its market leader status. 

A further regulatory shift will also see the Italian government lift its longstanding ban on gambling advertising and sponsorships, in place since 2018/2019, by implementing a revised advertising code — providing licensed operators with renewed brand exposure and market presence.

The company retains a heritage portfolio of dominant land-based brands of Goldbet, Betflag, Planetwin365. Yet, to secure digital growth, Lottomatica must make strategic investments to compete in a highly competitive field of 80 licensed operators — comprising 54 Italian and 27 foreign firms.

Investors are now closely watching a one-to-one race between Lottomatica and Flutter Entertainment, which has an Italian portfolio of Sisal, Betfair, and SNAI. Both are vying to become the leading omni-channel operator in Italy, unifying retail and online operations.

Holding the number-one position in Italy carries weight beyond prestige — Italy remains one of the few Western markets that has not introduced higher gambling taxes, making it a stable and attractive environment for long-term investment. 

Funds place CIRSA on Gold Platform

In Spain, the newly listed CIRSA SA presents both parallels and contrasts to Lottomatica’s market trajectory and investor consensus.

After years of speculation, CIRSA finally went public on 9 July 2025, listing at €15 per share. While the stock has remained relatively flat, hovering around its IPO price, recent analyst endorsements have reignited investor interest.

Leading investment firms Bernstein and Renta4 have both described CIRSA as a “gold mine” with strong upside potential, highlighting its robust fundamentals and expansive growth strategy.

These firms believe CIRSA is best positioned to become the leading omnichannel operator in the Latin American market, a region undergoing rapid regulatory and commercial transformation.

CIRSA is also seen as a natural consolidator in fragmented gaming markets, including its home market of Spain, where scale and operational efficiency remain key to long-term success.

The endorsements align with the prospectus of majority owner Blackstone, who underlined CIRSA has delivered 67 consecutive growth quarters since 2005 and achieved a 10-fold increase in EBITDA generation since its majority investment in 2018.

Valuation targets from major funds support the optimistic outlook, with Morgan Stanley and Goldman Sachs both projecting a share price range of €20 to €25, suggesting considerable upside from current prices.

However, new regulatory developments could influence the trajectory. Just this week, Colombia announced that its 19% VAT on gambling will become a permanent measure, potentially impacting profit margins in one of CIRSA’s key markets.

Meanwhile, all eyes are on Brazil, where CIRSA stands to gain significantly should the Senate approve land-based gambling legislation by the end of 2026 — a move heavily lobbied for by the federal government.

For now, Blackstone holds a commanding 78% stake in CIRSA, placing the private equity giant in a familiar position: deciding whether to stick or twist as the company prepares for the next phase of growth.

As European gambling moves to close a difficult close to 2025, awaiting key regulatory judgements one constant remains – gambling investments will continue to deliver substantial returns for trillion-dollar funds of Apollo and Blackstone as the masters of the market entries and exits