BTIG cuts Cirsa to 'neutral', sees no rival bids to challenge Lottomatica's takeover

By Reuters News11:47 (UTC), 25 September 2026 Updated

** BTIG downgrades Spanish gaming firm Cirsa CIRSA.MC to "neutral" from "buy", saying it does not expect Lottomatica's LTMC.MI takeover offer to face any rival bids

** Italy's Lottomatica agreed in early September to buy Cirsa in a €2.8 billion ($3.2 billion) all-share deal to create the world's second-largest listed gaming and sports betting firm after Flutter FLUT.N

** BTIG says investors seeking exposure to the deal should instead own Lottomatica, as the market is not fully reflecting the benefits of the combined group

** It says Lottomatica's targeted cost benefits of €315 million to €415 million appear achievable

** The combined group could increase its share of the Spanish online gaming market from about 6% today to roughly 20% by 2030, the broker adds

($1 = 0.8770 euros)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.