S&P has upgraded Lottomatica Group's credit rating to 'BB' in response to its strong performance.

S&P Global Ratings has upgraded the credit rating of Italy-based gaming operator Lottomatica Group SpA from 'BB-' to 'BB' due to the company's strong performance and the decreasing influence of financial sponsor Apollo. The rating agency also raised the rating of the company's €1.97 billion senior secured bonds to 'BB', while the recovery rating remained at '3'.

Lottomatica has demonstrated robust operational performance, supported by long-term growth in the Italian online gaming market and successful integration of previous acquisitions, reporting €2.01 billion in revenue for 2024, a 23% increase year-on-year. With Apollo reducing its stake to 31.6% by March 2025, a more predictable financial policy is anticipated. The stable outlook reflects expectations of continued growth in revenue and EBITDA, with a projected adjusted leverage remaining at or below 3x, backed by strong free operating cash flow.