IZI Group Hits €1bn Turnover Milestone: A Record Year for Malta's Gaming Giant

The Maltese gaming industry is celebrating a historic result. IZI Group, operator of the Maltese National Lottery and the prestigious Dragonara Casino, has closed the financial year ending June 30, 2026, with record-breaking figures. For the first time in the company's history, both total turnover and player winnings exceeded the one billion euro mark. This success is no accident but rather the result of a disciplined strategic development program consistently pursued in recent years.

The company has managed to significantly broaden its operational base. While many European providers struggle with regulatory hurdles, IZI Group appears to have found a niche where land-based business and digital offerings go hand in hand. The role of National Lottery plc was particularly noteworthy, acting as the engine of growth. This clearly demonstrates that traditional lottery products remain a cornerstone of regulated gambling in 2026, provided they are distributed through modern channels.

Numbers and facts

A look at the balance sheet reveals the scale of the growth. Total turnover climbed to €1.172 billion, representing a 27.4 percent increase compared to the previous year 2025. Player winnings rose accordingly by 28.4 percent to €1.060 billion. Gross Gaming Revenue (GGR) grew by 18.3 percent to an impressive €110.9 million.

Even more impressive are the profitability indicators. EBITDA rose by 29.1 percent to €37.3 million, while operating profit surged by 63.8 percent to €19.4 million. Pre-tax profit nearly doubled compared to the previous year, reaching €14.4 million.

“These results exceed all our targets and reflect the continued strength of our core businesses, the investments we have made in our people, technology, products and distribution capabilities, and the disciplined execution of our strategy.” - Johann Schembri, Founder and CEO of IZI Group

Background

In recent years, IZI Group has invested heavily in its infrastructure in Malta. A central component of this strategy was securing the concession for the National Lottery and operating the Dragonara Casino. To finance this expansion, IZI Finance completed the issuance of a €30 million unsecured bond with an interest rate of 5.5 percent during the current financial year. This bond matures in 2036 and provides the group with the necessary financial flexibility for future innovation steps.

A significant portion of the revenue also flows directly back to the Maltese government. In total, the group paid €41.8 million in concession fees, gaming taxes, and contributions to social causes. This represents approximately 37.7 percent of GGR. Thus, the company underscores its importance as a local economic factor and taxpayer while simultaneously meeting the strict governance standards of the Malta Gaming Authority (MGA).

Why it matters for German players

For German players, the development of IZI Group is an interesting signal, as Malta remains the hub of the European iGaming world. However, German customers must be cautious. IZI Group's offerings, particularly in the interactive sector, are primarily focused on the Maltese market and international licenses. In Germany, a very narrow legal framework has been in place since the Interstate Treaty on Gambling 2021 (GlüStV 2021) came into force. Only providers listed on the so-called Whitelist of the Joint Gaming Authority of the Federal States (GGL) are allowed to legally offer their services here.

German players in licensed casinos benefit from strict protective measures. These include a cross-provider deposit limit of €1,000 per month and a stake limit of a maximum of €1 per round on virtual slot machines. Furthermore, the LUGAS system ensures monitoring of these limits and the exclusion of barred players via the OASIS database. Anyone playing with a provider like IZI Group, which does not hold a German license for online slots, is on legally thin ice and does not enjoy the protection of German regulation. It is therefore advisable to always check whether a casino carries the official GGL seal of approval.

What it means for GGL-licensed casinos

The record numbers from Malta show how profitable regulated gambling can be when the regulatory framework offers planning certainty. German GGL-licensed providers can often only dream of such margins, as the tax burden and restrictive stake limits in Germany slow down growth. Nevertheless, the example of IZI Group proves that transparency and compliance with standards lead to long-term success.

“Importantly, this growth has been achieved while maintaining our commitment to responsible gaming, integrity and the highest standards of governance.” - Johann Schembri, Founder and CEO of IZI Group

For German providers, this is an incentive to further develop their digital portfolios and find efficient distribution channels that comply with player protection. The next phase for IZI Group will focus on product innovation and expanding its digital offering. This could also serve as a model for the German market, provided the GGL allows more room for innovation in the future without neglecting consumer protection.