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Angelozzi, who is set to lead the combined company as CEO, told analysts on the post-announcement call that the deal was expected to be a “low-risk proposition” given the consistent growth demonstrated by both Lottomatica and Cirsa in recent years.
Between H1 2024 to H1 2026, Lottomatica and Cirsa have grown their revenues at CAGRs of 13% and 11% respectively.
“The combined entity will be able to deliver the same rate of growth and the same rate of shareholder distribution, but with a larger pro forma free float and liquidity,” Angelozzi outlined.
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The KVA’s statement mirrors a broader European regulatory trend where authorities are increasingly scrutinising how major internet platforms facilitate traffic to unlicensed gambling services.
In Sweden, Spelinspektionen recently flagged affiliates and social media as key channels for black market advertising and how affiliate networks redirect search traffic towards unlicensed operators.
Regulators have so far focused mainly on monitoring paid advertising. In Germany, the GGL credited an updated Google ad policy with reducing black market visibility. Yet, it acknowledged that illegal operators could still achieve visibility in organic search through SEO manipulation.
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The gap comes as Phnom Penh prepares to host its major anti-scam conference on 23-24 September, part of the wider government campaign against online scam networks.
Initially framed as “Together Towards Disrupting the Chain and Ending Online Scams” by AKP in August, the conference now carries the theme “Acting Together towards Breaking the Chain and Eradication of Online Scams” on its official website.
Prime Minister Hun Manet has publicly characterised the crackdown as an effort to “clean our house” and restore Cambodia’s reputation internationally.
