International Game Technology soars after being part of the winning bid for the Italian lottery

International Game Technology PLC (NYSE:IGT) announced on Monday that a consortium it leads was awarded the bid for the Italy Lotto License by the Agenzia delle Dogane e dei Monopoli. The nine-year license term secures the business until November 2034. The LottoItalia consortium included International Game Technology PLC (NYSE:IGT), Allwyn, Arianna 2001, and Novomatic Italia.

The consortium's bid was composed of a €2,230 million upfront license fee, payable in three installments between the time of award and April 2026. The consortium currently expects the first two installments of €500 million and €300 million to be made in 2025, with the balance made in 2026.

"The €2,230 million investments in upfront fees reflect the significant value of the new license and IGT is confident that the investment will enhance our revenue and profit potential," noted International Game Technology.  

CEO Vince Sadusky. He highlighted that the innovation pipeline with fresh launches planned for commencement of the new license is expected to drive Lotto wager growth. "In addition, we plan to significantly grow our iLottery sales and leverage that momentum to expand into the Italian B2C iCasino, sports betting, and other digital gaming business," he added.

Shares of International Game Technology (IGT) soared 9.2% in premarket trading following the development.

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