Gamenet Acquisition & Valuation
Gamenet was acquired by Apollo Global Management for $829M in October 2019, a 1.2x multiple on $712M of revenue.
Gamenet revenue at acquisition
$712M
Last twelve months · Oct 2019
Gamenet revenue multiple at acquisition
1.2x
EV/Revenue · Oct 2019
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
RomeWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$712M (Oct 2019)
Valuation
$829M (acquired Oct 2019)
Sectors
Gamenet Acquisition
Gamenet was acquired by Apollo Global Management for $829M on 24 October 2019.
The acquisition price implies a 1.2x revenue multiple on $712M of revenue.
Gamenet 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.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 24 Oct 2019 | PE buyout | $829M | 1.2x |
Sources: en.wikipedia.org, en.wikipedia.org
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
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Lottomatica Scommesse | 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 Country | | |  | |
| HQ City | Rome | Rome | Innsbruck | Rome |
| Deal Date | 8 Dec 2020 | 7 Dec 2020 | 24 Jul 2018 | 26 May 2016 |
| Valuation | $1.1B | $1.1B | $286M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Gamenet Competitors
Gamenet competitors include listed companies like Tokyotokeiba, ZEAL Network, Tsuburaya Fields Holdings and Accel Entertainment, and private ones like VNLIFE and Zupee.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Japan | Publicly listed | $264M | $137M | $808M | 2.9x | |
 Germany | Publicly listed | $245M | $77M | $944M | 3.3x | |
| Japan | Publicly listed | $1.1B | $124M | $960M | 0.7x | |
 Hanoi | Private | - | - | $1B | - | |
 United States | Publicly listed | $1.3B | $184M | $1.1B | 1.0x | |
 Gurgaon | Private | $43M | - | $600M | 14.0x |
Gamenet Public Comps
Gamenet is no longer listed, but its public comps include Tokyotokeiba, ZEAL Network, Tsuburaya Fields Holdings, Rank Group, Accel Entertainment, DigiPlus Interactive, Sports Toto, Winvia Entertainment, Codere Online and Kambi Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $264M | $137M | 2.9x | 2.9x | 5.7x | 5.4x | |||
| $245M | $77M | 3.8x | 3.3x | 12.0x | 11.1x | |||
| $1.1B | $124M | 0.8x | 0.7x | 7.1x | 6.1x | |||
| $1.1B | $156M | 0.7x | 0.7x | 5.0x | 4.3x | |||
| $1.3B | $184M | 1.0x | 1.0x | 7.5x | 6.1x | |||
| $1.3B | $222M | 0.2x | 0.3x | 1.4x | 1.6x | |||
| $1.5B | $112M | 0.5x | 0.5x | 6.1x | 6.3x | |||
| $229M | $23M | 1.7x | 1.3x | 16.6x | 7.7x | |||
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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 was acquired by Apollo Global Management in October 2019. |
| Who acquired Gamenet? | Gamenet was acquired by Apollo Global Management in October 2019. |
| How much was Gamenet acquired for? | Gamenet was acquired for $829M in October 2019, a 1.2x revenue multiple. |
| Which companies are comparable to Gamenet? | Companies comparable to Gamenet include Tokyotokeiba, ZEAL Network, Tsuburaya Fields Holdings, VNLIFE, Accel Entertainment 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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