CORRECTED - UPDATE 1-Lottomatica Q1 net profit rises 22 pct

(in 5th paragraph, corrects title of Stefano Bortoli to chief financial officer from chief executive) (Adds details, background)

MILAN, May 6 (Reuters) - Lottomatica (LTO.MI: Quote, Profile, Research), the world's largest lottery operator, on Tuesday said first-quarter net profit rose 22 percent on higher sales.

Net profit before minorities rose to 55 million euros ($85.18 million), the Rome-based company said in a statement. After minorities net profit rose to 45 million euros from 35 million euros a year ago.

Sales rose 3 percent to 449 million euros on higher sports gambling and instant lotteries in Italy, Lottomatica said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) declined to 205 million euros from 212 million euros. EBITDA margin fell to 46 percent of sales from 49 percent, Lottomatica said.

"We are in line to reach the targets established in the 2008-2010 strategic plan," Chief Financial Officer Stefano Bortoli said in the statement.

Last month Lottomatica said it expects profits to almost double over the next three years on higher sports betting and instant lottery sales.

(Reporting by Mathias Wildt; Editing by David Cowell)