Gamenet Revenue, Valuation, Funding & Investors

Gamenet is valued at $829M as of October 2019, a 1.2x multiple on its last reported $712M revenue.

Last Gamenet valuation

$829M

Secondary · Oct 2019

Gamenet revenue

$712M

Secondary · Oct 2019

Key investors in Gamenet

Gamenet Overview

About Gamenet

Gamenet is a Rome-headquartered operator in Italy's gaming industry, dominating slot machines and video lottery terminals. Listed on the Milan Stock Exchange, the company manages concession networks across retail locations and online channels. It provides gaming equipment, management services, and compliance solutions to licensed venues nationwide.


Founded

2006

HQ

ItalyRome

Status

Privately held

Customer focus

B2C

Revenue model

Commission

Revenue

$712M (Oct 2019)

Valuation

$829M (Oct 2019)

Gamenet Valuation

Gamenet is currently valued at $829M, based on its secondary sale in October 2019.

The $204M round was led by Apollo Global Management.

Gamenet valuation by funding round

Gamenet valuation by funding round
DateStageValuationRevenue Multiple
Oct 2019Secondary$829M1.2x

Gamenet Revenue

Gamenet's latest recorded revenue is $712M, as of its secondary sale in October 2019. At a $829M valuation, that implies a 1.2x revenue multiple.

Gamenet revenue by funding round

Gamenet revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2019$712M$829M1.2xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Gamenet Funding History

Gamenet has 1 recorded secondary share sale and no primary funding rounds.

Gamenet funding rounds

Gamenet funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2019SecondaryApollo Global Management (lead)$204M$829MGamenet Group S.p.A. is one of Italy's largest gaming companies, operating approximately 30,000 slot machines, 8,570 video-lotteries, 69 gaming halls, and over 1,700 betting points as of 2019. The company evolved from a pure AWP operator since its founding in 2006 into a multi-product gaming operator through strategic acquisitions like Goldbet for €275 million in 2018. In 2017, Gamenet listed on the Italian stock exchange. In October 2019, Apollo Management IX LP agreed to acquire a 51.33% stake in Gamenet for approximately €190 million at €12.5 per share, implying a full company valuation of €370 million. This included purchasing 20% from Intralot Italian Investments for €75 million and 28.67% from TCP. The offer price later increased to €13 per share by November 2019, with Apollo acquiring additional shares via accelerated book-building, reaching a 67% stake initially and ultimately 96.58% by February 2020 through a tender offer, leading to delisting. Apollo funded the transaction with its cash and committed debt financing. Prior to Apollo's investment, Trilantic Europe, the previous majority owner, executed growth initiatives including acquisitions and an IPO, growing employees from 73 to 726 by 2019. Trilantic fully exited in late 2019 via sales to Apollo at €13 per share, a 19% premium to the September 30, 2019 closing price and 73% over the IPO price. Post-acquisition, Gamenet (later rebranded under Lottomatica) pursued expansion and transformation under Apollo's ownership.

Who has invested in Gamenet?

1 investor has backed Gamenet across its funding rounds, including Apollo Global Management.

Lead investors include Apollo Global Management.


Gamenet Investors

Investors in Gamenet by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Gamenet

Gamenet has acquired 4 companies to date.

Last acquisition by Gamenet was on December 8th 2020. Gamenet acquired Lottomatica Scommesse for $1.1B.


Latest Acquisitions by Gamenet

Lottomatica Scommesse
Lottomatica Videolot
GoldBet
Intralot Group (Italy operations)
Description
Lottomatica Scommesse is a Rome-based provider of sports betting, lottery terminals, and retail gaming services in Italy. It operates thousands of agencies offering soccer, horse racing bets, and video lottery machines under brands like Snai. The division supports commercial services for tote betting and fixed-odds wagering nationwide. Integrated within Lottomatica Group since 2019, it processes millions in daily wagers.
Lottomatica Videolot is a Rome-headquartered supplier of video lottery terminals and online gaming including poker, blackjack, slots, and scratch cards in Italy. It manages over 40,000 VLT machines in bars and gaming halls connected to the AAMS network. The platform delivers progressive jackpots and live dealer games via desktop and mobile. Acquired by Lottomatica Group in 2011, it focuses on regulated iGaming compliance.
GoldBet is an Italian betting operator holding a state concession for sports wagering and casino games. Licensed by AAMS, it offers online platforms for soccer, basketball, and live events alongside slots and tables. Operating since 2016, GoldBet maintains retail points in Italy and streams events via GoldBet TV. The company complies with national regulations for responsible gaming.
Intralot Group maintains Italy operations supplying advanced gaming systems, transaction processing, lottery content, and sports betting management. The provider equips operators with turnkey solutions compliant with AAMS regulations across retail and online channels.
HQ CountryItalyItalyAustriaItaly
HQ City
Rome
Rome
Innsbruck
Rome
Deal Date8 Dec 20207 Dec 202024 Jul 201826 May 2016
Valuation$1.1B$1.1B$286Mundisclosed
EV/Revenue
EV/EBITDA

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Gamenet Competitors

Gamenet competitors include listed companies like Tokyotokeiba, Accel Entertainment, Better Collective and ZEAL Network, and private ones like VNLIFE and Zupee.

Public and private companies comparable to Gamenet
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TokyotokeibaJapanJapanPublicly listed$268M$139M$830M2.9x
Accel EntertainmentUnited StatesUnited StatesPublicly listed$1.3B$184M$930M0.9x
Better CollectiveDenmarkDenmarkPublicly listed$388M$100M$693M2.4x
VNLIFEVietnamHanoiPrivate--$1B-
ZEAL NetworkGermanyGermanyPublicly listed$252M$79M$1B3.4x
ZupeeIndiaGurgaonPrivate$43M-$600M14.0x

Gamenet Public Comps

Gamenet is still privately-owned, but its public comps include Tokyotokeiba, Accel Entertainment, Better Collective, DigiPlus Interactive, ZEAL Network, Tsuburaya Fields Holdings, Rank Group, Kambi Group, Codere Online and Sports Toto.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tokyotokeiba$268M$139M3.0x2.9x5.7x5.5x
Accel Entertainment$1.3B$184M0.9x0.9x6.8x5.6x
Better Collective$388M$100M2.5x2.4x9.8x7.7x
DigiPlus Interactive$1.3B$223M0.4x0.4x2.4x2.5x
ZEAL Network$252M$79M3.9x3.4x12.3x11.6x
Tsuburaya Fields Holdings$1.1B$126M0.9x0.8x7.8x7.0x
Rank Group$1.1B$156M0.7x0.7x4.8x4.1x
Kambi Group$187M$55M2.5x2.3x8.4x7.1x

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Common questions about Gamenet

When was Gamenet founded?Gamenet was founded in 2006.
Where is Gamenet headquartered?Gamenet is headquartered in Rome, Italy.
Is Gamenet publicly listed?No, Gamenet is a private, VC-backed company.
What is Gamenet's valuation?Gamenet was last valued at $829M in its secondary sale in October 2019.
Who are Gamenet's investors?Gamenet's investors include Apollo Global Management.
What is Gamenet's revenue?Gamenet's latest recorded revenue is $712M (October 2019).
What is Gamenet's revenue multiple?Gamenet's latest valuation implies a 1.2x revenue multiple ($829M valuation on $712M of revenue).
Which companies are comparable to Gamenet?Companies comparable to Gamenet include Tokyotokeiba, Accel Entertainment, Better Collective, VNLIFE, ZEAL Network and Zupee.
How many companies has Gamenet acquired?Gamenet has acquired 4 companies, including Lottomatica Scommesse, Lottomatica Videolot, GoldBet and Intralot Group (Italy operations).
What was the largest acquisition by Gamenet?The $1.1B acquisition of Lottomatica Scommesse in December 2020 is the largest acquisition Gamenet has made to date.

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