To start with it's feck all to do with Lazio, it does not even say Lazio, it's a made up word that reminded the writer what Latin commentators sound like.
Roughly translated it means 'Goaltastic or Greatgoal'
Golaccio!!!'
Ok well I was about 8 when I first heard it and I've only heard it one time. Apologies, sincere apologies for getting it wrong sir.
I really am sorry.