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About Tiger Stacks
Lottomatica generated revenue of €2.26 billion in its FY2025, while Cirsa’s FY2025 group revenue reached €2.34 billion.
The combined company would overtake the likes of Bally’s Intralot, Entain and Allwyn to become the second-largest listed global operator, behind only Flutter Entertainment in terms of combined adjusted EBITDA.
Some 80% of its EBITDA is expected to come from Italy and Spain, with 97% of its total EBITDA coming from markets in which it is the market leader.
What is Tiger Stacks?
According to the court’s statement, the judges rejected challenges from gaming hall operators and said the city’s public decision was legally sound.
The ruling preserved a revenue measure the city says was designed to bring in up to €1 million according to the court’s own summary.
Andreas Braun, owner of four arcades in Wiesbaden, filed an objection and constitutional complaint against the tax rate in April last year according to local reporting. He argued that the tax rise had provided a ‘strangling’ effect to business and that it consumed operator profits.
How to play Tiger Stacks
A 1% selective consumption tax (ISC) on the value of every online bet has been in force since 1 July 2025, after the original policy was scrapped from proposed regulations in July 2021.
Atucha warns that regulations are often perceived as operator-friendly at the start before governments begin looking to squeeze licensed sectors, likening the process to “boiling a frog”. He has observed similar scenarios in other LatAm markets, with tax increases occurring in Brazil, Colombia and Mexico in the last couple of years.
Rossi believes the ISC in Peru is an example of a government implementing new taxes without truly understanding how the industry works, and the potential impacts on channelisation to licensed offerings.
